G20 china_web

Editors’ introductions
KEY TAKEAWAYS
China’s economy influences the
entire global industrial chain
The G20 is under pressure to address
global risks and explore growth
Wang
Wen
Executive Dean
Chongyang Institute
for Financial Studies
Introducing
China to
the world
The combination of China’s economic growth and the G20’s
global inclusiveness can inspire a more open world economy,
write Wang Wen and Jia Jinjing
Wang Wen is the Executive Dean
of the Chongyang Institute for
Financial Studies, which was
founded in 2013 at the Renmin
University of China. He is also
Standing Director of World
Socialism Research at the Chinese
Academy of Social Sciences and a
Visiting Professor at the Liberal Arts
School at the Capital University of
Economics and Business in Beijing.
www.rdcy-sf.ruc.edu.cn
After 10 summits, the G20
has become a “commitment
system” for continuously
promoting global economic
governance. China, holding
the presidency of the 2016 G20 summit,
is expected to integrate continuity and
innovation, implement the outcomes
of previous summits, and propose new
initiatives for cooperation. In particular,
it is expected to formulate ideas for
giving new impetus for economic growth
through reform and innovation for a
sluggish world economy.
China’s status as the locomotive of
global economic growth requires it to
advocate the innovative, invigorated,
interconnected and inclusive development
of the global economy. From 2008 to
2014, China contributed more than 30 per
cent of the world’s economic increase.
Its contribution from 2012 to 2014 was
a staggering 44 per cent. Even with the
current growth rate of about seven per
cent, its annual growth reaches $800
billion, exceeding that before the
financial crisis.
China’s economy influences the entire
global industrial chain. Its hosting of the
2016 G20 summit will have far-reaching
significance for medium- and long-run
global growth.
At the Antalya summit in November
2015, Chinese President Xi Jinping
declared the theme for the 2016 Summit
to be “jointly striving for an innovative,
invigorated, interconnected and inclusive
world economy.” Four priorities promote
this goal. First, growth will be spurred by
innovation and reform and by seizing new
opportunities. Second, global economic
and financial governance will enhance the
representativeness of emerging markets
and developing countries and the ability
of the global economy to counter risks.
Third, efforts will be made to build an open
world economy and promote international
trade and investment. Fourth, inclusive
and interconnected development will be
promoted, the United Nations 2030 Agenda
implemented and poverty eradicated.
Revolution and transformation
On innovative growth, a new normal
exists, with old and new issues intertwined
in increasingly complicated ways. The
financial turmoil of 2015 indicated that
addressing systematic problems of global
concern remains a tough task. A new round
of technological revolution and industrial
transformation is beginning. Emerging
markets and developing countries are
accelerating their industrialisation.
The G20 is under pressure to address
global risks and explore new engines for
growth. The international community
should establish a global innovation
system, step up global governance and
transform global development to facilitate
production on a global scale. It should also
strengthen international cooperation on
production capacity and forge an inclusive
80 G20 China: The Hangzhou Summit • September 2016 G7G20.com