China Central Television (CCTV) recently released a promotional video for the 11th G20 Leaders’ Summit slated for September 4 to 5 in picturesque Hangzhou, capital of east China’s Zhejiang Province.
China has been making full-fledged preparation to deliver a successful meeting.
Initiated in 1999, the Group of Twenty consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. The G20 Leaders’ Summit was launched in 2008 at the eruption of the international economic crisis, prior to which meetings of Finance Ministers and Central Bank Governors were held each year to discuss international fiscal and monetary policies, financial institutional reform and world economic growth.
Apart from G20 member states, some guest countries and international organizations also attend the summit. They include the United Nations, the International Monetary Fund, the World Bank, the World Trade Organization, the Financial Stability Board, the International Labor Organization, and the Organization for Economic Co-operation and Development.
Over years of development, the G20 Summit has become one of the most important international economic forum by focusing on tackling short-term risks through close cooperation and effective coordination to achieve more sustainable growth and prolonged prosperity.
It is against a complex background featuring intertwined contradictions, displaced international order, surging terrorism and extremism and sluggish world economic recovery that China assumes the 2016 G20 presidency.
In particular, the unfurling economic predicament triggered by the U.S. subprime crisis has been further complicated by geopolitical jeopardy. Terrorist attacks by the Islamic State have almost turned Europe into another Middle East and caused significant losses to many countries. The Ukraine crisis further estranged the U.S.-led West and Russia, damaging multilateral trade cooperation. Brexit has dealt a vehement blow to the already stressed-out economic landscape across Europe. Turkey’s abortive coup has had huge negative impact upon regional economic climate.
Hosting the G20 Summit constitutes both an opportunity and a challenge for China. On the one hand, it will help give the rising Asian powerhouse more discourse power on the world stage while on the other it is an arduous task for the country to improve the G20 mechanism in a comprehensive way.
Themed “toward an innovative, invigorated, interconnected and inclusive world economy,” the forthcoming summit will discuss three critical documents on inclusive finance. The documents, respectively on high-level principles, a new indicator system and funding services for small and medium-sized enterprises (SMEs), are expected to promote the use of digital technology, seek a balance between innovation and risks and call for establishing a proper regulatory framework. An upgrade of the current indicator system is also a significant part as the inclusive finance sector is undergoing constant change. New indicators such as digital payment will be included. The documents will also prioritize the improvement of SMEs credit and bankruptcy systems and encourage financial institutions to make loans backed by movable property.
As an emerging economy that has been rising in the existing world economic system, China is fully familiar with the operation of the current institutions and also the inevitable inequalities and injustice. Despite the challenges and difficulties ahead, there is every reason to believe that world’s second largest economy is willing and capable to usher global economic governance into a new stage in an open, just and inclusive way.
It is convinced that the G20 Hangzhou Summit will help build up confidence and inject new vitality in world economic growth. More on: http://www.cctvplus.com/news/20160830/8030989.shtml#!language=1
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