Editor`s notes: The article published at “G20 China: The Hangzhou Summit” in September 2016, a magazine which was compiled by the G20 research group at Toronto University. Wang Wen is Executive Dean of Chongyang Institute For Financial Studies at Renmin University of China, and Jia Jinjing is Director of Macroeconomic Research Department of Chongyang Institute For Financial Studies at Renmin University of China.
After 10 summits, the G20 has become a “commitment system” for continuously promoting global economic governance. China, holding the presidency of the 2016 G20 summit, is expected to integrate continuity and innovation, implement the outcomes of previous summits, and propose new initiatives for cooperation. In particular, it is expected to formulate ideas for giving new impetus for economic growth though reform and innovation for a sluggish world economy.
China’s status as the locomotive of global economic growth requires it to advocate the innovative, invigorated, interconnected and inclusive development of the global economy. From 2008 to 2014, China contributed more than 30 per cent of the world’s economic increase. Its contribution from 2012 to 2014 was a staggering 44 per cent. Even with the current growth rate of about seven per cent, its annual growth reaches $800 billion, exceeding that before the financial crisis.
China’s economy influences the entire global industrial chain. Its hosting of the 2016 G20 summit will have far-researching significance for medium- and long-run global growth.
At the Antalya summit in November 2015, Chinese President Xi Jinping declared the theme for 2016 Summit to be “jointly striving for an innovative, invigorated, interconnected and inclusive world economy.” Four priorities promote this goal. First, growth will be spurred by innovation and reform and by seizing new opportunities. Second, global economic and financial governance will enhance the representativeness of emerging markets and developing countries and the ability of the global economy to counter risks. Third, efforts will be made to build an open world economy and promote international trade and investment. Four, inclusive and interconnected development will be promoted, the United Nations 2030 Agenda implemented and poverty eradicated.
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