The G-20 summit will be held for the first time in China next month. The theme of the summit this year has been revealed as “Building an innovative, invigorated, interconnected and inclusive world economy.”
CCTV’s Su Yuting has Insight.
This year’s G-20 Hangzhou Summit is expected to focus primarily on global economics and finance. It is also set to take on the concept of “sustainable development.”
The G-20 Summit will be held for the first time in China in 10 days. The theme of the summit this year has been revealed as “Building an innovative, invigorated, interconnected and inclusive world economy.”
The world’s economic recovery has been slow. In Western countries, super-easy monetary policies have stagnated reforms. In developing countries, imports are declining and manufacturing sectors are shrinking. Global trade growth will remain subdued this year at 2.8 percent, according to the World Trade Organization, and this will be the fifth consecutive year with growth below 3 percent.
How to establish more effective ways to resist financial risks and promote free trade will likely be brought on this year’s G-20 summit agenda.
“In recent years, there have been plenty of problems in the world economy, and all the countries in the world, including G-20 members, are eager to find solutions,” Su Xiaohui of China Institute of International Studies said. “Other countries know China can be a leader in addressing the world’s economic problems. So they would like China to host this event, and provide the opportunity for other countries to deal with these problems.”
As the world’s largest emerging market, China puts economic development first. Experts said the summit will be a chance for member nations to formulate an action plan on the implementation of the 2030 Agenda for Sustainable Development.
Apart from pushing forward global trade and financial regulatory reforms, China is expected to focus on issues such as energy efficiency and infrastructure improvement.
“China is providing new ideas like innovation and green finance,” Su said. “What China is trying to do is link the idea of development to environmental protection.”
This year’s G-20 summit will be a meeting between traditional financial organizations and emerging economies. Experts say, as the world faces economic headwinds, China will play an increasingly significant role in boosting global economic growth and improving financial governance.
Jack Perkowski on G-20 Hangzhou Summit
For more on G-20 Hangzhou summit outlook and the significance of China hosting the event, CCTV America’s Elaine Reyes was joined from Philadelphia by Jack Perkowski, managing partner at JFP Holdings.