China wants G20 to show ambition to boost global economy

18 Jan '16

2 min read

China, which will host the G20 summit in the eastern city of Hangzhou in September, has called upon the Group to show ambition, determination and insight to make the bloc play a greater role in boosting world economic growth, improving global economic governance and increasing people's welfare.

"China expects this year's summit to promote the leading role and the ambition of the G20 in the global economy. We should work to transform the G20 from a crisis-managing mechanism to a long-term governance platform," State Councilor Yang Jiechi said at the opening ceremony of the first G20 sherpa meeting in Beijing, the state-run Xinhua news agency has reported.

NITI Aayog Vice Chairman, Arvind Panagariya attended the sherpa meeting presided over by Yang.

Prime Minister Narendra Modi is expected to participate in the summit.

The G20 is a major forum for global economic and financial cooperation that brings together the world's major advanced and emerging economies, representing around 85 per cent of global GDP, 80 per cent of world trade, and two-thirds of world population. China formally took over the G20 presidency on December 1, 2015. The theme of the Hangzhou summit is "building an innovative, invigorated, interconnected and inclusive world economy."

Preparations for the summit will focus on innovation in growth patterns, improving global economic and financial governance, boosting international trade and investment, and promoting inclusive and interconnected development.

Yang also briefed the participants on China's economic prospects, saying the Chinese economy will maintain a generally sustainable and stable growth trend through reform, innovation and more emphasis on quality.

"China will actively participate in international economic cooperation and governance to inject impetus into domestic reform and mid-to-high economic growth," Yang said. (SH)

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