As the host of the Group of 20 (G20) 2016 summit and a responsible developing country, China is obliged to and capable of achieving positive results at the summit alongside other G20 members, China's vice foreign minister said on Friday.
China will promote the formulation of an economic blueprint on creative industries at the G20 summit, including structural reform and the new industrial revolution, said Li Baodong, vice minister of foreign affairs, at the Think 20 Summit: Building New Global Relationships, jointly held by the Chinese Academy of Social Sciences, Shanghai Institutes for International Studies and Chongyang Institute for Financial Studies of Renmin University of China.
G20 is the most representative group of the world's major economies. China holds the G20 presidency this year, and 66 G20 conferences will be held in 20 Chinese cities, with Hangzhou as the main host.
Languishing economies around the world are affecting global governance, making the issue a priority for the group of the world's 20 major economies, Argentinian analyst Jorge Castro, director of the Buenos Aires-based Strategic Planning Institute, was quoted by the Xinhua News Agency as saying on Thursday.
"Building an innovative, revitalized, interconnected and inclusive world economy" will be the goal, and host China, which has already embraced innovation as the path to economic renewal, is expected to lead the way, Castro said.
"The gathering in September of the G20 ... will show China's initiative in stressing innovation and the need to increase coordination to tackle a structural crisis that has led to the stagnation of the world economy," said Castro.
Li noted that China will continue putting forward the reform of international financial institutions, improving international monetary system, enhancing cooperation in infrastructure investment, financial management, international taxation and anti-corruption, news site people.com.cn reported.
G20 finance ministers and central bank governors met on July 23 and 24 in Chengdu, Southwest China's Sichuan Province, in the lead-up to the summit. "The global economic environment is challenging and downside risks persist," the officials said, citing fluctuating commodity prices, low inflation in many economies and market volatility, as well as conflicts around the globe and the resulting refugee crisis and terrorism, and Brexit.
"In light of recent developments, we reiterate our determination to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth," they said.
China is expected to set out high-level principles to retrieve ill-gotten money and economic fugitives and to draft an anti-corruption action plan for 2017 and 2018 in a bid to eradicate corruption that checks the world economic growth, Li said.
The vice minister added that at the G20 summit, China will join other countries to oppose trade protectionism, consolidate the multilateral trade system, formulate guidance for global trade and fill the void left by international investment management.
