File photo taken on May 24, 2016 shows an aerial view of expressways linking Hangzhou Xiaoshan International Airport at night in Hangzhou, east China's Zhejiang Province. Hangzhou is the host city for the 2016 G20 summit on Sept. 4 and Sept. 5. (Photo: Xinhua/Huang Zongzhi)
Innovation has been given more weight in economic growth under China's G20 presidency, Guven Sak, managing director of the Economic Policy Research Foundation of Turkey (TEPAV), has said.
Economic growth is being made more diversified through structural reforms focusing on innovation, Sak told Xinhua ahead of the G20 summit scheduled on Sept. 4-5 in China's eastern city of Hangzhou under the banner "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy."
China's idea represents a shift from the infrastructure investment by public and private sectors so far in the G20 contribution to economic growth, said the expert from TEPAV, an Ankara-based think tank that had led an outreach group during the G20 summit last year under Turkey's presidency.
The Chinese presidency is trying to make innovation, in addition to the transfer and diffusion of technology, important elements to enable the achievement of growth goals, the expert observed.
Sak said the Chinese presidency would also give weight to a debate on sustainable development.
The debate, covering fields such as the environment, society and economy, is important to developed and developing countries alike, he said, adding that during the Chinese presidency, the development agenda is going to improve.
In the past, people sacrificed growth for a sustainable environment, Sak recalled. Now, he said, thanks to innovation, the development of technology and the industrial revolution, the situation has changed.
Those technological achievements realized through innovation can lower carbon emissions, thus helping realize environmental targets, Sak said, noting that's why it is good that China emphasizes innovation during its presidency.
Meanwhile, Sak believed that the global growth issue will get new meaning under the Chinese presidency.
"In the Chinese presidency year in 2016, the G20 is making itself more relevant to developing countries, and the global growth issue will get new meaning under the Chinese presidency."
In a way, innovation for developing countries means the transfer of technologies from developed countries to them, he said.
This, plus developing new technologies, can help countries achieve a win-win situation, not only in sustainable development, but also in global economic growth, said Sak.
He expects the Hangzhou G20 summit to further address the topic of Internet technology, which was briefly mentioned in the communique issued last year under Turkey's G20 presidency.
"I think this year, it is possible now to discuss more firmly about the new technology revolution that's taking shape and its possible impact on the objectives of the G20," he said.
Moreover, Sak proposed the G20 summit establish a mechanism to facilitate the transfer of Internet technology to developing countries.
