China an apt example of sustainable growth

The G20 summit in Hangzhou, East China's Zhejiang province, offers a unique opportunity to world leaders to discuss and decide on a coordinated strategy to address the multiple challenges facing the world, such as the projected decline of world GDP growth to below the long-term average, slowing down of global trade and dwindling investment flows.

Given that economic and geopolitical headwinds are shaking their economies and regions, G20 leaders need to cooperate more than ever to ensure sustainable growth. As G20 chair for this year, China has done a remarkable job in preparing for the Hangzhou summit.

In recent years, China has evolved from being an "innovation sponge" - absorbing and adapting existing technologies and knowledge from around the world - to a global innovation leader in areas such as consumer electronics, high-speed railways, space technology and construction equipment. The country spends more than $200 billion per year on research, second only to the United States, produces close to 30,000 doctoral students in science and engineering, and leads the world in patent applications (1.1 million last year).