G20 Hangzhou Summit to help find new path for world economic growth

Global governance

Under the agenda item of "more effective and efficient global economic and financial governance", the G20 aims to advance reform in global economic governance and increase the representation and voice of developing countries and emerging markets.

This year, China has relaunched the G20 International Financial Architecture Working Group to promote reforms of the International Monetary Fund and the World Bank, and have in-depth discussions on such issues as sovereign debt restructuring and a global financial safety net.

We are working to promote financial inclusion and to bring its benefits to developing countries and vulnerable groups. We are also working to enhance governance and cooperation in the energy and anti-corruption fields, formulate action plans on energy efficiency and renewable energy, and draw up the G20 High-Level Principles on Corrupt Fugitives and Related Assets Recovery, in order to foster a law-based, norm-abiding and sound international development environment.

Under the agenda item of "robust international trade and investment" and based on the outcomes of the World Trade Organization ministerial conference in Nairobi last year, the G20 will reaffirm its commitment to the multilateral trading system, work out a global trade growth strategy to promote financing for trade and lower trade costs, and strengthen the capacity building of developing countries for their participation in the global value chain. The G20 will push for setting guiding principles on global investment policies, which will fill the blank in international investment governance. It will also raise initiatives for promoting the investment environment in investment in low-income countries to attract investment.

It is worth noting that China has worked hard not only on agenda setting, but also on increasing the representation of developing countries at the G20 by inviting more developing countries than ever before to attend the G20 meetings this year, and conducting a series of outreach dialogues.

In April this year, as China's G20 Sherpa, I attended the United Nations General Assembly High-Level Thematic Debate on Achieving the Sustainable Development Goals, and held dialogues with the G77, Least Developed Countries, Small Island Developing States and Landlocked Developing Countries, the Global Governance Group, the Commonwealth and La Francophonie.

President of the UN General Assembly Mogens Lykketoft attached great importance to the preparatory work of the G20 Hangzhou Summit, and invited me to the president's working breakfast meeting, where I had a broad exchange of views with representatives of other countries, developing countries in particular, on the progress of preparation for the G20 summit and implementation of the 2030 Agenda for Sustainable Development.

China has also strengthened the two-way communication between G20 members and non-G20 members on such forums as the Boao Forum for Asia, the African Union and UN Economic and Social Commission for Asia and the Pacific, so that the G20 discussion will be more comprehensive and balanced, contributing to broader international cooperation on development.

During my conversations with all the parties, developing countries in particular, I gained a strong impression that the G20 is not about a group of 20 countries. It bears on the interests of the vast number of developing countries, and indeed all the countries in the world. The G20 has a broad agenda, which covers issues of interest to all parties. The outcomes of the G20 meetings are important, and concern the vital interests of all parties. The G20 shoulders major responsibilities, and has a lofty mission to revive the world economy. Therefore, the G20 Hangzhou Summit will be an open process for the whole world, making it a summit which pools together the wisdom and strengths of everyone. Developing countries, in this process, will always occupy a prominent position and carry a unique weight.

We believe that the importance the G20 places on the issue of development will enable this year's Hangzhou Summit to produce a unique consensus, send a stronger message and have a more profound impact. Let us all look forward to the coming September when the G20 leaders will hold strategic discussions, push forward the implementation of the international consensus on development, and inject new vitality into the world's economic growth.

The author is China's vice-foreign minister and Chinese Sherpa for G20 Affairs.