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How will China's G20 presidency contribute the world?

(People's Daily Online)  Sissy Zhang  2016-09-22 16:32


THE 11th G20 Summit, which will be held in Hangzhou, China, is the international summit with the highest level, the largest scale and the most profound influence hosted by China in recent years. With the unprecedented participation of developing countries in the history of the Group of 20 (G20), the summit will be more inclusive.
 
PARTICIPATION BY THE MOST DEVELOPING COUNTRIES

“As the largest developing country, it is China’s responsibility to safeguard and expand the rights and interests of developing countries,” says Chinese Foreign Minister Wang Yi.

Besides G20 members, China has invited Laos, which holds the Association of South-East Asian Nations chairmanship; Chad, holders of the presidency of the AU; Senegal, which has the presidency of the New Partnership for Africa’s Development; and two representative major developing countries, Kazakhstan and Egypt.

FIRST TIME TO PRIORITISE DEVELOPMENT ISSUES IN MACRO POLICY CO-ORDINATION

Innovative growth, reform and development will be key topics. “For the first time we will prioritise development issues in macro policy co-ordination.” said Wang. “We will encourage G20 members to show leadership in developing action plans to implement the 2030 Agenda for Sustainable Development, to catalyse inclusive and interconnected development all over the world.”

This year is the first year for carrying out the 2030 Agenda for Sustainable Development. The Chinese view holds that if G20 members, as major world economies, can take a lead in the agenda implementation, they will play important exemplary and guiding roles.

The core of the action plan is to combine the G20’s work with the 2030 Agenda for Sustainable Development in order to work out practical measures for infrastructure investment, industrialisation, energy, food security and other areas of primary concerns.

MORE FRUITFUL THAN PREVIOUS G20 SUMMITS

Wang said the summit was likely to achieve nearly 30 concrete results, which would make it the most fruitful one to date.

China will generate sustainable and balanced growth of the world economy through advocating innovation. It will come up with new proposals to resolve difficulties faced by economic and financial sector.

Wang said the nation was working with various parties to strive to achieve 10 results from the G20 Hangzhou Summit:

• Develop a blueprint of innovative growth.

• Formulate action plans to implement the UN 2030 Agenda for Sustainable Development.

• Identify priority fields, guiding principles and an index system for structural reform.

• Draft strategies for global trade.

• Set guiding principles for global investment policies.

• Deepen the reform of international financial architecture.

• Establish three-in-one co-operation on anti-corruption.

• Launch a co-operation initiative to support Africa and the least developed countries’ industrialisation.

• Draw up entrepreneurship action plans.

• Promote the enforcement of the Paris Agreement on climate change.

UNIQUE CHINESE CHARACTERISTICS

As Chinese Vice-Foreign Minister Li Baodong said, China hopes to achieve the following goals: Give play to the leading role of the G20 and demonstrate strategic foresight and ambition in order to chart the course and explore impetus for the world economy; enhance international economic co-operation and carry forward the partnership spirit of helping one another in times of trouble; and introduce new ways for mechanism construction and forge co-operation platforms to provide a solid guarantee for the G20 to transform from a crisis-response mechanism into a long-acting governance mechanism.

(The story was originally published on Business Report on September 2nd, 2016.)