In 2016 China will host the G20 Summit. The leadership is believed to show both the international community’s strong confidence in China and China’s sincere wish to contribute to the international community.
Today, the international economic cooperation has reached a crucial juncture. Many countries suffer from various unfavorable factors such as anemic global growth, increasing volatility in financial markets and high levels of unemployment. Due to growing divergence in economic performance and policy priorities among major economies, macroeconomic policy coordination has become difficult.
Now all eyes are on G20 – and on China – with questions and doubts: Can we strengthen the foundation for global recovery and growth and leave the crisis behind us? Can we seize the opportunities presented by technological breakthroughs and usher in a new round of global growth?
Theme of the 2016 G20 Summit
This year’s goal is the achievement of more sustainable growth and prosperity. This requires deeper cooperation, better coordinated policies and stronger actions. China is ready to work together with all members TOWARDS AN INNOVATIVE, INVIGORATED, INTERCONNECTED AND INCLUSIVE WORLD ECONOMY.
- Innovation is an important driving force for global sustainable growth. The G20 should forge new growth engines by promoting innovation-driven development and encouraging innovation in science and technology, in business models, etc.
- An invigorated world economy requires the participation of all stakeholders. The G20 should stimulate greater dynamism for growth through domestic structural reforms, international economic cooperation, and global economic governance.
- In a globalized world, the interconnectivity between growth and development in different countries has become so close that we either stand or fall together. That sense of community should enable the G20 to build an open world economy, cooperate to address common challenges, and strengthen all-dimensional connectivity among economies to achieve mutual benefits.
Key Agenda topics – a selection
China believes that the G20 should continue to uphold the spirit of a partnership of win-win cooperation, to enhance macroeconomic policy cooperation, to address potential risks, and to increase synergies in promoting growth. Meanwhile, it is crucial to adopt an innovation-driven development strategy, deepen structural reforms and increase total-factor productivity, and add new impetus to strong, sustainable and balanced growth.
Lifting Mid-to-Long Term Growth Potential
- First, the G20 needs to enhance cooperation on innovation, including innovation in science and technology, in development concept, institutional arrangements and business models, to explore new growth engines of the world economy.
- Second, the G20 needs to continue structural reforms to lift total-factor productivity and potential output, and expand growth boundaries.
- Third, the G20 needs to advance the emerging new industrial revolution, taking full advantage of new technologies and new organizational models.
- Fourth, the G20 should also promote broader diffusion of the fruits of innovation, so as to improve the capacity of mankind in addressing common challenges.
Promoting Accessible, Affordable and Sustainable Energy Supply
- At present, 1.1 billion people in the world have no access to electricity. The G20 should implement the Principles of Energy Collaboration and strengthen cooperation on energy access, renewable energy and energy efficiency to ensure green, balanced and sustainable development.
Improving Food Security and Nutrition
- According to the Food and Agriculture Organization of the United Nations, world’s food production needs to be increased by 60% from 2005 to 2050 to meet global demand. The G20 should implement previous commitments on food security, promote innovation of agricultural science and technology, increase agricultural investment and lift food production capacity.
Mobilizing Climate Finance
- The COP21 is expected to foster global cooperation to tackle climate change after 2020, while enhancing pre-2020 ambition. G20 members should implement the outcomes of the COP21 on climate financing and provide political impetus on how to meet the demand of developing countries for climate financing.
The G20 Summit in 2016 will be held September 4th & 5th in Hangzhou, China. Four Sherpas’ Meetings will be held before the Summit for preparation, and one after the Summit on follow-up. Four meetings will be held for Finance Ministers and Central Bank Governors, and six for finance deputies. Finally, the G20 trade/employment/energy/agriculture ministers meetings as well as relevant working group meetings will be held to promote cooperation in respective areas and prepare deliverables for the Summit.