The annual confab of the world’s 20 largest economies has a mixed record on producing meaningful policy results, but Ma said the summit is a “great opportunity” for politicians to listen to business leaders. That would be a marked change from China’s outsider role at the first G-20 summit in 2008 that grew out of that year’s global financial crisis.
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Bounnhang said he was pleased and honored to be invited to attend the G20 summit in China.
CNBC’s in-house advertising agency CNBC Catalyst has created a campaign for the Chinese State Council Information Office (SCIO) for the G20 summit this week.
As leaders of the world’s major economies are to gather in Hangzhou, all eyes are on China to see what the economic powerhouse can offer in global governance to revive the world economy.
The upcoming meeting will leave a “footprint” in the history of the G20 as being an efficient mechanism dealing with economic problems facing the world, Chen said.
Yet equally important are efforts to reform global economic governance.
Li Chengyan (李成言), Director of the Research Center for Government Integrity Building at Peking University, believes that members of the G20 should adhere to the same legal standards for prosecuting corruption charges to achieve comprehensive action against corruption, Xinhua reports. Observers say China’s political stability may give it an edge in playing a bigger global role over major powers like the US, Germany and France, which are heading for elections over the next year, and Britain which is dealing with the Brexit aftermath.
But Tan of CFIRI said the voice and representation of such countries in the existing global financial system was largely dictated by their domestic economic prowess; hence, they had to further develop their own economies in order to be better represented in discussions on worldwide financial matters.
The Chinese proposals today are similar to those that Chinese leaders proposed at G20 summits for years: reform in global financial institutions, innovation in growth patterns, coordinated macro policy and an open world economy.
Kazakhstan and China signed four documents on cooperation within the negotiation of Kazakh President Nursultan Nazarbayev with his Chinese counterpart Xi Jinping in the city of Hangzhou, Kazakh president’s press-service reported.
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Although there was no Plaza Accord-style agreement over exchange rates, Zhu said G20 members have agreed upon two communication channels to talk about exchange rates – one by member countries and the other to go through the International Monetary Fund.
