Three significant developments from the G20 Hangzhou summit

On September 5, the eleventh G20 summit concluded in Hangzhou, China.At the Hangzhou summit, a record total of 29 agreements were signed,creating three significant milestones.

First, the Hangzhou summit pointed the way and instilled a new dynamism into the world economy. The world economy is recovering, but faces multiple risks and challenges. These hurdles include insufficient growth momentum, lack of demand, repeated volatility in the world financial markets and sluggish international trade and investment. How will the world economy meet these challenges and be guided back to the fast track of recovery? The spotlight was on Hangzhou.

The Hangzhou summit, lived up to the world’s expectations, passing the G20 Blueprint on Innovative Growth, which proposed a series of action plans with scientific and technological innovation at their core, while also encouraging sustainable and healthy economic growth for the world. The blueprint, for the first time, focused on the mid- and long-term momentum of global growth, identifying structural reform priorities, guidelines and indicators. The Hangzhou summit also developed two historic documents, namely, G20 Strategy for Global Trade Growth and G20 Guiding Principles for Global Investment Policymaking. The latter is the world’s first multilateral investment policymaking framework, and thus fills a gap in  the field of global investment governance.

Second, the G20 Leaders’ Communique Hangzhou Summit marked a historic milestone. In the communique, China, as the host country, contributed its wisdom, put forward its proposals and shared its experiences. The document will build worldwide consensus, bring together global forces, and cater to the needs of humanity.

Third, the Hangzhou summit provided G20 countries with consensus, an action plan and the overall framework for global growth.The concepts of innovative, coordinated, green, open and shared development proposed by China in its 13^th Five Year Plan—as well as the Belt and Road Initiative—are reflected in the Global Infrastructure Connectivity Alliance Initiative, and are China’s great contributions to the common development of mankind.

 (This article is from People’s Daily Overseas Edition, and the author is director of the Institute of Finance and Economics at Tongji University, and special research fellow with the Research Centre for the Theoretical System of Socialism with Chinese Characteristics, Shanghai.)

 

Three significant developments from the G20 Hangzhou summit

On September 5, the eleventh G20 summit concluded in Hangzhou, China.At the Hangzhou summit, a record total of 29 agreements were signed,creating three significant milestones. First, the Hangzhou summit pointed the way and instilled a new dynamism into the world economy. The world economy is recovering, but faces multiple risks and challenges. These hurdles include insufficient growth momentum, lack of demand, repeated volatility in the world financial markets and sluggish international trade and investment. How will the world economy meet these challenges and be guided back to the fast track of recovery? The spotlight was on Hangzhou. The Hangzhou summit, lived up to the worlds expectations, passing the G20 Blueprint on Innovative Growth, which proposed a series of action plans with scientific and technological innovation at their core, while also encouraging sustainable and healthy economic growth for the world. The blueprint, for the first time, focused on the mid- and long-term momentum of global growth, identifying structural reform priorities, guidelines and indicators. The Hangzhou summit also developed two historic documents, namely, G20 Strategy for Global Trade Growth and G20 Guiding Principles for Global Investment Policymaking. The latter is the worlds first multilateral investment policymaking framework, and thus fills a gap in the field of global investment governance. Second, the G20 Leaders Communique Hangzhou Summit marked a historic milestone. In the communique, China, as the host country, contributed its wisdom, put forward its proposals and shared its experiences. The document will build worldwide consensus, bring together global forces, and cater to the needs of humanity. Third, the Hangzhou summit provided G20 countries with consensus, an action plan and the overall framework for global growth.The concepts of innovative, coordinated, green, open and shared development proposed by China in its 13th Five Year Planas well as the Belt and Road Initiativeare reflected in the Global Infrastructure Connectivity Alliance Initiative, and are Chinas great contributions to the common development of mankind. (This article is from Peoples Daily Overseas Edition, and the author is director of the Institute of Finance and Economics at Tongji University, and special research fellow with the Research Centre for the Theoretical System of Socialism with Chinese Characteristics, Shanghai.)