Business / Economy

G20 summit displays China's ability in chairing global governance forum

(Xinhua) Updated: 2016-09-01 11:27

BRUSSELS - Shada Islam, director of policy at the Brussels-based think tank Friends of Europe, recently told Xinhua that the upcoming G20 summit in Hangzhou offers China a unique opportunity to showcase its skills as chair of the world's prime global governance forum.

"In fact, hopes are high that China will be able to steer the meeting, so that discussions can focus on key challenges such as the compelling need to accelerate world economic growth, ensure free trade, boost investment in infrastructure, continue the fight against climate change, tackle terrorism and implementation of the sustainable development goals," said the expert.

According to Islam, the world needs today from the G20 both the articulation of a vision for global growth and concrete outcomes, all eyes are therefore on China to deliver leadership on both these levels.

"G20 is admired as an important forum for a global conversation on key issues of common concern, but it needs a boost to its credibility and relevance. The Hangzhou summit offers an opportunity to do just this, while also building trust with the international community," Islam said.

The first priority, according to the expert, must be to forge new impetus to promote robust, sustainable and balanced growth of the global economy through innovation, structural reform of the financial sectors, policy coordination and implementation of the 2030 Agenda for Sustainable Development through greater development cooperation.

"It would be a great breakthrough if the Hangzhou summit could lay the groundwork to facilitate the G20's shift from a crisis response mechanism to a long-term governance mechanism through enhancing its decision-making, implementation and influence," she added.

Islam also said that as part of efforts to bolster global governance, G20 leaders should step up joint efforts to fight the scourge of terrorism which affects all countries, regardless of religion, size or geography.

"This requires cooperation to clamp down on financing channels for terrorism, information exchange and freezing of terrorists' assets, greater cooperation and exchange of best practice as regards countering violent extremism and radicalization is also vital," she said.

"A strong signal on these and other points will send a much needed message of solidarity from the Hangzhou summit," the expert said.

The 2016 G20 Summit will be held on Sept 4-5 in China's eastern city of Hangzhou under the theme of "towards an innovative, invigorated, interconnected and inclusive world economy."

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