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G20 Sub-forum Under Summer Davos Forum Annual Meeting Successfully Held

2016/06/27

On June 26, 2016, under the theme of "New Impetus, New Start: China's G20 Vision", the G20 sub-forum under the Summer Davos Forum Annual Meeting was held in Tianjin. Chinese Coordinator for G20 Affairs and Vice Foreign Minister Li Baodong, Turkish Coordinator for G20 Affairs Feridun Hadi Sinirlioğlu, Director of Institute of World Economic and Politics of Chinese Academy of Social Sciences Zhang Yuyan, Professor Li Daokui of Tsinghua University were invited as guests and discussed on the above theme.

Li Baodong delivered a keynote speech at the meeting, pointing out that the current world is on the eve of a new round of scientific and technological revolution as well as industrial reform. Meanwhile, with lingering downward pressure, the world economic growth is still weak and it is unsustainable to merely depend on financial and monetary policies to stimulate economy. As a main platform for international economic cooperation, the G20 has the responsibility to exclude the difficulty and anxiety and guide the way for the world economy. Through hosting the G20 Hangzhou Summit, the Chinese side hopes to focus on the core challenges and prominent problems facing the world economy, innovate growth patterns, and tap growth potential. The establishment of a more efficient global economic and financial governance will provide solid protection for the world economy. China hopes to promote international trade and investment to revive world economic vitality, advance inclusive and inter-connected development, and implement the 2030 Agenda for Sustainable Development.

Li Baodong expressed that all parties exchanged in-depth and extensive views on the framework of summit leaders' communiqué, achievement elements in various fields and others at the just-concluded third G20 Sherpa Meeting in Xiamen, reaching basic agreement and desirable results. China will continuously adhere to an open, inclusive and transparent hosting style, actively listen to advices from all sides, gather people's wisdom and efforts, work with all sides, and spare no effort in the final preparation work of the summit, so as to promote Hangzhou Summit to achieve positive results that will benefit the world for a long time.

Feridun Hadi Sinirlioğlu expressed that China's design of the summit results is quite ambitious, which not only inherits the Antalya Summit results, but makes innovation regarding the greatest challenges of world economy. Low-growth and low-output are the biggest issues of world economic development. The innovation-driven growth manner proposed by China is an effective prescription for the issue, grasping the future of world economic development. Under China's strong leadership, the preparation work of the Hangzhou Summit has achieved great progress at present. He is confident of the success of the summit.

Present guests also conducted discussion on such topics as the development of the G20 mechanism, influence on the world economy of "Brexit", and Special Drawing Rights basket of the International Monetary Fund and others, and answered questions.

G20 is an important mechanism for developed countries and emerging market countries to equally participate in global economic governance and a major forum for international economic cooperation. The 11th G20 Summit will be held in Hangzhou city, Zhejiang province, China from September 4 to 5, 2016.

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