B20 recommendations embody openness and inclusiveness

Delegates at the B20 Summit take photos against an image of the West Lake in Hangzhou on Sept 3, 2016. [Photo/China Daily]

The recommendations of the Business 20, a supporting facility for the G20 composed of representatives of the international business community, feature a number of "Chinese factors" aimed at promoting a more vigorous global economic recovery this year, said business leaders and officials in Hangzhou.

The China-led initiatives, such as the G20 SMART innovation plan, the global infrastructure connectivity alliance plan, initiatives for improving the global investment policy environment and establishing an electronic world trade platform, known as the eWTP, would help boost a global economic recovery, said Sun Xiao, policy director of the B20's China organizing committee.

The B20's SMART innovation proposal focuses on innovative growth, a major topic at the G20 Summit in Hangzhou. It aims to create more room to facilitate collaboration between the public and private sectors, and the sharing of knowledge, resources and technologies to promote technological innovation to accelerate global economic development and employment.

"The SMART initiative would strengthen cultural and educational exchanges among the G20 members, develop multilateral long-term visa and fast-track visa clearance for innovators and entrepreneurs within the G20, and establish G20 funds to promote technological innovation," Sun said.

The final version of the B20 policy recommendations to the G20, the B20's core work, was completed in July after extensive negotiations and consultations among the international business community over the past seven months.

The policy paper is now being publicized among G20 governments, business chambers and associations, companies and international organizations.

The B20 has aligned its priorities with the theme and vision of the G20 Summit through five taskforces, with respective focuses on financing growth, trade and investment, infrastructure, small and medium-sized enterprise development, and employment, along with a special forum on anti-corruption.

The taskforces are made up of 533 representatives from industrial and commercial enterprises, business chambers and associations, international organizations and think tanks.

Representatives from the Chinese business community took an active part in drafting the policy paper－156 Chinese enterprises participated in the B20 taskforces, 30 percent of the total. Among them, 15 Chinese entrepreneurs served as chairs and co-chairs of the B20 taskforces, including the chairmen of Sinochem Group and China National Machinery Industry Corp.

Diane Wang, co-chair of the B20 SME Development Taskforce and CEO of Chinese cross-border B2B e-trade company DHgate said: "The B20 recommendations embody the concepts of openness, transparency and inclusiveness. They target the priority issues for the global economy and are geared toward strong, sustainable and balanced global growth."

The B20 organized a total of 50 taskforce meetings over the past seven months, including special workshops and B20-G20 interaction events, and visited 14 G20 members and guest countries, bringing together more than 3,900 business leaders and government officials for consultations and discussions to collect feedback and input for the B20's policy recommendations.

Feng Yaoxiang, spokesman for the China Council for the Promotion of International Trade, said the B20 recommendations reflect the common concerns of the world business community and have received wide support.

"International business communities believe that China, as a responsible economy, has performed its leading and accountable role in the preparatory process of the 2016 B20 Summit, with the principles of consensus building and innovation building," said Feng.