The upcoming G20 summit slated to be held in the Chinese city of Hangzhou, will focus on international cooperation in the face of economic risks and challenges to achieve sustainable and balanced growth, officials said. Vice Foreign Minister Li Baodong said this summit hopes to give the G20 group a leading role in charting the right direction for the world economy. The group members will also strengthen their partnership to deal with risks and challenges, the Global Times reported on Tuesday.
The 11th summit will be held from September 4-5. Vice Finance Minister Zhu Guangyao said that the financial crisis’ impact still lingers and impedes growth, resulting in the slow and uneven recovery around the world. Therefore, the G20 summit’s goal is to facilitate a policy consensus. Countries that still have fiscal space should take more measures, he added.
President Xi Jinping will attend and chair the G20 summit with the theme, ‘Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy’, the Global Times quoted Ministry of Foreign Affairs spokesperson Lu Kang as saying on Monday. The G20 summit will also for the first time issue a report on green financing, said People’s Bank of China deputy governor Yi Gang.
“The report will be drafted by the G20 Green Finance Study Group, which was established under the Chinese G20 presidency to show China’s concern for green and sustainable development,” said Zhang Haibing, director of the Institute for World Economy Studies at the Shanghai Institutes for International Studies, told the Global Times.
“In keeping with global demand, the move could be seen as a very positive response to the global fight against climate change.” From China’s perspective, since the Chinese yuan’s inclusion in the Special Drawing Rights takes effect in October, domestic financial regulators may need to make certain adjustments to the foreign exchange policies, Huo Jianguo, vice chairman of the China Society for WTO Studies told the Global Times on Monday.