G20 Hangzhou summit leaves economic legacy with landmark China solutions

Update:18 Sep 2017

HANGZHOU, China, Sept. 5, 2016 /PRNewswire/ -- On a hug […]

HANGZHOU, China, Sept. 5, 2016 /PRNewswire/ -- On a huge LED billboard at Times Square in New York City, a series of promo videos for the G20 Hangzhou summit are being shown. According to Xinhua Gallery Media Co., Ltd., the tenant of the billboard, these videos are updated daily from Sept. 1 to Sept. 6 to present the latest information about the summit.


The two-day G20 Hangzhou summit is short, but its influence on the world economy will be felt far and wide.


G20 Hangzhou summit leaves economic legacy with landmark China solutions

G20 Hangzhou summit leaves economic legacy with landmark China solutions

Since China took over the G20 presidency last year, it has been striving to make an impact on the themes, nature and, most importantly, end results of the summit. China will not settle for the G20 being a mere talking shop; it wants to see positive action and is doing everything in its capacity to get the right results for the world economy.


The G20 held its first leaders' summit after the global financial crisis and has played an important role in economic crises response ever since. IMF Managing Director Christine Lagarde observed that not since the early 1990s has the world economy been so weak for so long, and the international community is hungry for therapies.


The Hangzhou summit marks a transition in the G20. No longer just focusing on short-term crisis response, it is emerging as a long-term global economic governance system, moving away from mindlessly repeating the clichés of consensus, instead engaging in real cooperation and policy coordination.


With a deep understanding of the challenges facing the world economy, Chinese President Xi Jinping is making a bold call for an innovative global economy that generates growth; an open economy seeking to expand the scope of development; an interconnected economy that forges an interactive dynamism; and an inclusive economy that creates the foundations for mutually beneficial outcomes for all.


The Hangzhou summit is set to break new ground: for the first time, green financing will be included on G20 agenda, mainly thanks to China's efforts. From now on, the financial sector will be expected to globally contribute to more environmentally friendly economic growth.


But all this is more than just words. A few days ago, China announced plans to establish a green finance mechanism that will facilitate the economy's transition to sustainable growth -- it was the first country worldwide to make such a move.


China, also for the first time, has gathered G20 trade ministers to push for more investment policy coordination and has proposed the first multilateral investment framework, as rising protectionism hinders global growth.