G20 CAN HELP BOOST GLOBAL ECONOMIC GOVERNANCE
To tackle the multiple challenges, the international community needs to push ahead structural reforms and strengthen global economic governance to change the prospect of world economic growth, and the G20 can play a role in this regard by balancing the benefits and appeals of various sides, experts say.
Girado believes that although all countries recognize the importance of boosting the overall recovery of the world economy, they have their own interests and different opinions on the prospect of the world economy.
It is increasingly difficult for them to take common actions, which calls for a coordination of trade and investment policies, Girado said.
And some experts in France believe that all countries can cooperate extensively under the G20 framework, by jointly cracking down on transnational tax evasions so to reduce the loss of public finances, and jointly cracking down on money laundering and cutting off the funds of terrorist groups so as to more effectively reduce the risk of terrorist attacks.
Bhima Yudhistira Adhinegara, a researcher at Indonesia's Institute for Development of Economics and Finance, said that the G20 may help advance global trade cooperation, and Indonesia especially hopes that the G20 can push ahead for a solution to trade barriers.
The G20 will need to seek a common economic policy to help solve the economic problems of all its members, said Adhinegara.
HANGZHOU SUMMIT HIGHLY ANTICIPATED
Both Chinese and foreign experts believe that the G20 summit in Hangzhou will generate important achievements as China is a key engine for world economic growth, a participant in global economic governance and a builder of world economic order.
Experts anticipate that the G20 summit will focus on major issues in the world economy and finance, help the G20 become a long-term governance mechanism instead of just providing crisis responses, and make new contributions to boost and enhance world economic growth.
Abraham Vergara Contreras, a professor with the Ibero-American University of Mexico, told Xinhua that the greatest challenge facing the world economy today is the lack of confidence in global economic recovery, and the G20 summit in Hangzhou will be a rare opportunity for world leaders to discuss how to restore the market's confidence in economic development.
