April 23, 2019

What Does G20 Hangzhou Summit Bring to World Economy?

By Dr. Qu Xing, Ambassador of the People’s Republic of China, to the Kingdom of Belgium.

This year’s G20 Summit held in Hangzhou, China from 4 to 5 September has carried high expectations for effective prescriptions to global economy from all parties. Being carried out under complex circumstances as the world economy is undergoing deep adjustment and sluggish recovery with increasing unstable and uncertain factors, the summit has achieved great success with adoptions of the G20 Leaders’ Communiqué of the Hangzhou Summit and 28 specific outcome documents. The following outcomes of this summit will certainly have long-term and strategic significance to the strong recovery and sustainable growth of world economy.

Firstly, the summit has focused on the agenda of innovative growth and jointly formulated the G20 Blueprint on Innovative Growth as well as three action plans for innovation, new industrial revolution and digital economy, aiming at breaking a new path for global economic growth.

Secondly, the summit has formulated documents on structural reform to push forward the quota and governance reform of international financial institution, and build an equitable and efficient global economic and financial governance, so as to enhance the resilience of the world economy.

Thirdly, for the first time, G20 summit gives priority to development in global macro policy framework. With development becoming a banner to guide the summit, the G20 Hangzhou Summit has the widest participation of developing countries in its history.

Fourthly, the summit is committed to revitalizing international trade and investment as key engines of growth, and approved the G20 Guiding Principles for Global Investment Policymaking, which is the first multilateral framework for investment principles in the world. It pledges to curb protectionist and isolationist trade policies, promote trade and investment facilitation and liberalization, and achieve the optimal allocation of global resources.

Fifthly, the summit has reached a consensus to tackle climate change with strong and effective support and action. China and the United States jointly deposited their instruments of approval to the Paris Agreement to United Nations Secretary-General Ban Ki-moon on the eve of the summit, demonstrating their leadership in promoting global green development.

The G20 was born at a time of crisis and grows up amidst difficulties. We hope and believe that its Hangzhou Summit will become a fresh starting point for it to transform from a crisis-responding mechanism to one focusing on long-term governance, so as to build an innovative, invigorated, interconnected and inclusive world economy.

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Photography by Zhou Zijun, Embassy of China in Brussels.

 

 

 

 

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