“The countdown has begun: in five days China will play host to the heads of state and government of the G20, a kind of worldwide club that concentrates 85 percent of global GDP, 80 percent of (global) trade and two-thirds of the population of the planet”, the author wrote.
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This year’s G-20 Hangzhou Summit is expected to focus primarily on global economics and finance.
Invited to the Hangzhou summit are such developing countries as Chad, chair of the African Union; Laos, chair of the Association of Southeast Asian Nations; Senegal, chair of the New Partnership for Africa’s Development; Thailand, chair of the G77; Egypt and Kazakhstan.
The Chinese G20 summit will also emphasize improving global economic and financial governance. “The Chinese summit could well be the rebirth of not just of the G20, but the rebirth of real cooperation”, commented the former Canadian Prime Minister Paul Martin who is also hailed as “the father of the G20”. Today’s Asia is the new global economic centre of gravity. It is expected to help reinforce the foundation of global recovery.
Under Beijing’s leadership the G20 will prioritize inclusive and interconnected development.
The summit will also decide on the prioritized areas, guidelines and index system of the structural reform, deepen worldwide financial architecture reform and optimize the global financial security network, in order to promote the re-balancing of the world economy.
As the world’s largest emerging market, China puts economic development first.
Europe will be pinned down by what the Little Englanders like Boris Johnson have done to it for years and years and, whether Hillary Clinton takes the USA presidency or not, Donald Trump has mobilised forces that could take the United States down a similar road. As repayment, China surpassed Germany, the United Kingdom and France to become the third-largest shareholder in the International Monetary Fund and the World Bank – after the United States and Japan. Chinese President Xi Jinping and Indonesian President Joko “Jokowi” Widodo will join the leaders of other G20 members and worldwide organizations to discuss matters of vital importance for global economic cooperation. A formal seat at the table and minor numerical adjustments to quotas and voting rights are of more symbolic than substantial importance. China also aspires to be a space superpower.
Many believe that some of the measures in the framework of China’s 13th five-year plan in the field of socio-economic development in 2016-2020 correspond to the economic situation in the world and can give a boost to global economic growth.
“If the G20 is serious about consulting civil society groups, its leaders will have to tour China’s prisons, not the conference venue in Hangzhou”, Richardson said. And that’s where China’s efforts have been heavily directed.
“We have introduced the issue of development into the G20 mechanism as a key topic for the first time”.
In the area of financial reform China has also been proactive.
Meanwhile, Ujvari, whose research area concentrates on global governance and the approaches of key worldwide actors to multilateral issues, suggested China align innovations with former commitment make by G20 members. In an era where global markets are increasingly hard to govern, no one can guarantee that these efforts through China’s presidency will bear fruit. This is only the beginning of a process.
Chinas leadership realised indigenous innovation is a far more arduous and a longer path to pursue to achieve global technological superpower status, according to Naubahar Sharif, associate professor at Hong Kong University of Science and Technology and an expert on Chinas innovation policies.
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Dr Ye Yu is a senior fellow at the Shanghai Institute for International Studies.
