Business / Hangzhou G20

G20 members urged to implement China's proposals: Think tank expert

By Liu Zheng in Hangzhou ( Updated: 2016-09-05 16:06

China has made efforts to take a more active role in developing the world economy and the other members of the G20 should take bold action to meet their commitments, said a CIGI fellow at the economic governance think tank.

Tom Bernes, distinguished fellow and former executive director of the Center for International Governance Innovation (CIGI) told China Daily that there are a number of ways to achieve economic growth but the most important point, which was mentioned by President Xi Jinping in his speech addressing the B20 attendees, was we need draw up serious action plans to accomplish stronger growth.

"Without stronger growth, we were not be able to achieve the other objectives, whether it's reducing carbon emissions by improving global equality, or achieving green finance."

"China, over the last couple of years, has begun to take an important role in global economic governance," said Bernes, citing examples such as the proposal and the establishment of the AIIB and organizing the G20 Summit.

He also noted that given the G20 used to respond well to the 2008 global financial crises, the current challenge of the summit is whether it will make the transition of being helpful and coordinating well during a non-crisis situation.

"This year, China has brought a number of ideas including green finance, sustainable development and innovative economy, and we need to see the other members step up to the plate and be prepared to implement these," said Bernes.

According to Bernes, China is going through structural reform and the other countries need adjust. Politically, this is difficult and the payoffs are not always quick but economic research has shown that, reform to product markets, for instance, and globalization is beneficial to the whole world in terms of increased growth.

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