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G20 comes to China — When nova meets tradition

Updated: Aug 29,2016 7:02 PM     Xinhua

BEIJING — When this year’s G20 summit, scheduled for Sept 4-5, opens in the eastern city of Hangzhou, it is hoped representatives will discuss how to transform the meeting from a mechanism of crisis response to one of long-term governance.

Observers are interested to see what progress a centuries-old civilization, such as China, can bring to the emerging mechanism.

Hangzhou, once described as “the most splendid city in the world” by Marco Polo, is now known as a center for innovation in China, and is home to some of China’s most robust enterprises, including Alibaba.

The time is ripe to discuss how new ideas can update the process, as the world economy is in a crucial transition period with both opportunities and challenges.

The host is ready to share its time-honored wisdom and up-to-date solutions with the world.

As an old Chinese saying goes, to fix a problem, one should target its root and source.

With this in mind, China chose “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy” as the theme for this year’s summit.

Attendees of the summit will discuss solutions to the crux plaguing the world economy — waning momentum generated by the last round of scientific and industrial revolution and diminishing growth potential under the traditional economic system and model of development.

Economists have pointed out that the old approach of stimulating growth merely through fiscal and monetary policies has become increasingly less effective.

Fully aware of the bottleneck of the old growth model, China is turning to innovation-driven development with concepts of innovation, coordination, green, opening up and sharing.

The country also wants to advocate a new model of international development partnership that is more diverse, open and effective.

China’s pursuit of win-win cooperation and common development is evident in its many cooperative projects.

The Belt and Road Initiative, the Asian Infrastructure Investment Bank and other moves by China show a new mindset — the ultimate aim being a new future-oriented model of global economic governance.

Another nova-tradition meeting at the summit will be the rising presence of emerging economies and developing countries.

The summit will have the best representation of developing countries in G20 history.

China has invited representatives from developing countries, including Chad, chair of the African Union; Laos, chair of ASEAN; Senegal, chair of the New Partnership for Africa’s Development; Egypt; and Kazakhstan.

A number of G20 outreach dialogues, held under China’s initiative, have ensured that voices from the world’s least-developed countries, landlocked countries and small island states have been heard.

The international community is expecting that this year’s G20 summit will re-energize the world economy, and China, an old nation that is treading its own path toward rejuvenation and renewal, is a hopeful place.