The G20 Hangzhou summit, with its broad achievements, will help chart a clearer future course for the troubled world economy, State Councilor Yang Jiechi noted on Sept 6.
The summit, which concluded on Sept 5, adopted a communiqué that clarified the development direction, targets and measures of the group’s cooperation, together with a string of specific action plans.
“The outcomes of the summit, many of which are of pioneering significance in the history of the G20, are expected to make the global economy regain its vitality,” Yang told reporters in an interview.
The summit showed a spirit of partnership for major economies to jointly face up to the complicated challenges and their confidence in weathering the hard times, he said.
By offering the solutions of innovation and reform, the summit adopted the G20 Blueprint on Innovative Growth and formulated pragmatic action plans such as the G20 Action Plan on the 2030 Agenda for Sustainable Development, to deliver the consensus.
Leaders discussed prominent issues affecting the global economy, including climate change and refugees.
“The Hangzhou summit has made major breakthroughs in extent and depth of outcomes, which sets a new global standard,” Yang said.
As the G20 presidency country, China has proposed its solution and wisdom for global economic growth.
In a speech on Sept 3, President Xi Jinping assured global business leaders with a vision that China, having reached a new historical starting point, will integrate itself into a new global growth blueprint.
Despite concerns over China’s economic slowdown, President Xi said at the Business 20 (B20) summit that China has the confidence and ability to maintain medium-high rate of growth.
“His remarks strengthened confidence in China’s development and growth, and sent a strong signal that China will bring more opportunities to the world while ensuring its own development,” Yang said.
In the speech, President Xi listed a number of priorities in global economic governance, including ensuring equitable and efficient global financial governance and fostering open and transparent global trade and investment governance.
Exclusive arrangements, closed governance mechanisms and fragmentation of rules shall be rejected, President Xi said.
The president’s elaboration on global governance showed China is devoted to contribute its concepts and wisdom to the world economic growth, Yang reckoned.
Yang said China will continue to push forward the comprehensive development of the Belt and Road Initiative.
With members representing more than 85 percent of global economic output and two-thirds of the world’s population, G20 has an undeniable influence on managing the global economy.
With Hangzhou as a fresh starting point, Yang expects the group to play a more constructive role in future world growth.