China to Play Host for the G20 Summit in Hangzhou Next Year
China will be hosting the 2016 Group of Twenty summit in Hangzhou which is best known for its scenic West Lake. With the theme Building an innovative, invigorated, interconnected and inclusive world economy. According to President Xi Jinping during a working lunch in the just finished 10th G20 summit that China’s preparations will be focused on innovating upon growth patterns, financial governance, to improve global economy, promote inclusive and interconnected development and boost international trade and investment.
China need to increase the representation and the voice of emerging market economy and develop countries should enhance the capabilities of the world economy and resist the risk. Xi explained China’s selection of the theme and priorities although the world economy has walked out of crisis the recovery still remains fragile and the growth is underpowered. The trends and policies of major economies is increasingly divergent, and China is in need of new sources of growth that will push for a new round of prosperity for the world economy.
Reforms of global economic governance did not progress in the recent years, and G20 members need to take the necessary actions. That will lead to international economic cooperation. Xi also called for efforts to help the group in shifting from a mechanism of crisis response to a long term governance so to consolidate it status as a main forum for global economic governance. China will take a transparent, open and inclusive attitude in preparing and further enhance communication and coordination with G20 members to maintain, develop and build the group in a sound way.