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President Xi to star at G20 Summit

Editor: Li Kun 丨CCTV.com

11-13-2015 15:58 BJT

By Hou Jun, a Ph.D. candidate majoring in International Relations at Research Institute of International Relations, China Foreign Affairs University

As the global economy is facing profound adjustments and economic growth is slowing down, the Group 20 (G20) Summit serves as a major economic cooperation platform.

 

China is the world's second largest economy and continues to boost economic growth and to strengthen global governance. Chinese President Xi Jinping's attendance at the G20 Summit in Turkey embodies Beijing's support for the mechanism.

Promote global economic governance

Although the G20 has played a pivotal role to overcome the global economic crisis, its effectiveness has suffered in recent years. In 2010, the G20 Summit in Seoul reached a consensus on reallocating quotas for the International Monetary Fund (IMF), but US Congress had objected, which damaged the reputations of the IMF and G20.

Meanwhile, the RMB (Chinese currency) may soon join the Special Drawing Rights (SDRs). If emerging nations have taken greater responsibilities in the global economy, they deserve larger speaking rights. Beijing should promote its status on the global economic governance structure.

Boost "Belt and Road" initiative

Beijing endorses an open global economy. Since the growth rates of the world's economy have faced downstream pressures, opening more free trade zones to exchange goods and remove trade barriers would be necessary.

China's "Belt and Road" initiative reflects the "joint action to achieve inclusive and stable growth," the theme of the summit. Xi plans to tout the "Belt and Road" initiative and request more cooperation from the international community to achieve win-win results. 

Elaborating on China's reform and new development measures

Beijing is experiencing deep reform and economic transformation with annual GDP (gross domestic product) growth rates holding steady at some seven percent. Xi Jinping will elaborate on China's reform and new development in accordance with the 13th Five-year Plan to explain the nation to the outside world.

China can inspire confidence in the global economy at the summit. The international community can also explore more cooperation chances to achieve inclusive development.

G20 Summit in Hangzhou City 2016

2016 marks the first year to implement the 2030 development targets of the United Nations and to promote the climate change agenda. China will be the host country of 2016 G20 Summit and the outside world is expecting China to lead the global economic recovery.

The "father of G20" and former Canadian Prime Minister Paul Martin said the 2016 summit in Huangzhou, a picturesque city in east China will bring a rebirth of opportunities for G20 members. Xi will outline China's overall planning for the upcoming summit and communicate with other member states. His trip will be an "opening ceremony" for next year’s meeting.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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