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Spotlight on China The Hangzhou Summit holds great promise, because it connects history with the future, and the East with the West A s the G20 Hangzhou Summit draws close, China and the whole world are looking at the West Lake with growing expectations. As China’s G20 sherpa, I am personally involved in the entire preparation process for the Hangzhou Summit, and I feel keenly that there is a lot one can expect from this summit. The Hangzhou Summit comes at a crucial moment for the world economy and the G20 itself. Given the anaemic growth and pronounced risks and uncertainties facing the global economy, the International Monetary Fund has once again cut global growth forecasts for 2016 and 2017. Under such circumstances, the G20 needs to harness its own advantages and demonstrate leadership, taking an important step in Hangzhou to transform from a crisis response mechanism that coordinates shortterm policies to mechanism for long-term governance that shapes medium- to long-term policies. It needs to encourage major economies to step up macroeconomic policy coordination, advance reform and innovation, and provide a sustained driving force for strong, sustainable and balanced growth. The Hangzhou Summit is something to look forward to, because its outcomes will have a far-reaching impact on the world economy. Over the past year, parties concerned have exchanged ideas and built consensus on the theme “Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy” put forth by Chinese President Xi Jinping. For the first time, the Summit introduced innovation as an agenda item and the G20 Blueprint on Innovative Growth will be jointly developed to open up a new pathway for the long-term and healthy growth of the world economy. The Summit is committed to improving global economic governance, encouraging deeper cooperation in the reform of the international financial system, energy, anti-corruption and other fields, and increasing the resilience of the world economy. The Summit will revitalise global trade and investment, strengthen the multilateral trade regime and inject new dynamism into economic globalisation. The Summit will focus on development issues and encourage the members to formulate the G20 Action Plan on the 2030 Agenda for Sustainable Development and the Initiative on Supporting Industrialisation in Africa and Least Developed Countries so that more people will benefit from economic growth. The Hangzhou Summit will also issue a leaders’ communiqué, thus producing a real and Li Baodong Vice Minister of Foreign Affairs and G20 sherpa, People’s Republic of China tangible impact on the world economy. The Hangzhou Summit gives people a lot to look forward to, because it is closely linked to China’s development. For one thing, China, holding the G20 presidency, will continue to bring confidence and vitality to the world. In the first half of this year, the Chinese economy grew by 6.7 per cent, one of the highest growth rates among the major economies. Despite the complexities of the world economy, China’s economy remains stable and is moving steadily forward. This sound momentum, combined with the outcomes of the Hangzhou Summit, will boost the confidence of the markets. In the meantime, hosting the Hangzhou Summit will create new opportunities for China’s endeavour to comprehensively deepen reform and participate in global economic governance, and facilitate the historical process of implementing the 13th Five-Year Plan and attaining the first of its “two centenary goals”. It will also enable China to be more deeply engaged in international economic cooperation, contribute more Chinese wisdom to the international society and provide more public goods to global economic governance. The Hangzhou Summit holds great promise, because it connects history with the future, and the East with the West. Its logo, featuring 20 lines arranged in the shape of a bridge, depicts the G20 as a bridge connecting China with the rest of the world, and a bridge of friendship that brings people of all countries closer together. Leaders of all countries and representatives of international organisations will feel the pulse of a modern Hangzhou, experience Chinese culture, draw inspiration from the ancient wisdom of the East and explore ways to invigorate the world economy. We hope that people of all countries, by following the Hangzhou Summit, will have a taste of the unique culture of southeastern China, a glimpse of the profound Chinese civilisation and an experience that only Hangzhou can offer. There is a lot people can expect from the Hangzhou Summit, but expectations do not materialise on their own. Realisation of those expectations calls for the partnership among various parties of the G20, the concerted efforts of representatives from business, academia, women, youth, labour, civil society and other areas, and more importantly, active support from people of all countries. I am convinced that, with everyone working together, this autumn, we will witness history and embrace the future in Hangzhou. G20 58 G20 China: The Hangzhou Summit • September 2016 G7G20.com
Spotlight on China SPOTLIGHT ON CHINA The G20 Hangzhou Summit: a lot to look forward to China will continue to bring confidence and vitality to the world, writes Li Baodong G7G20.com September 2016 • G20 China: The Hangzhou Summit 59
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