China's transformation from a manufacturing-driven and export-led economy to one underpinned by services and domestic consumption is firmly underway. And that's good news not just for China, but also for the future of the global economy.
G20 summits are assessed on two things: financial stability and economic growth, which form the G20's core agenda.
A Hangzhou charter for fair growth and responsible capitalism would give the G20 Leaders Summit a much-needed sense of purpose, according to an economist with a London think tank.
Editor's note: Chinese leadership during G20 presidency can help rescue group from irrelevance, international governance expert says. Barry Carin is a senior fellow of the Center for International Governance Innovation, based in Waterloo, Canada. He held several senior Canadian government positions and also taught at universities. He has been a participant and close observer of the G7, G8 and G20, including working on China's G20 presidency and the preparation process for this summit. He spoke with China Daily on Aug 11.
Experts expect the renminbi to remain stable against a basket of currencies as there is no long-term basis for depreciation.
The issuance of bonds denominated in Special Drawing Rights for the first time in China is a good starting point for promoting the expansion of SDR use among the G20 members, analysts said.
At a time when technology-driven microfinance services have become a key strategy to achieve financial inclusion, more efforts to improve the financial infrastructure are needed, experts say.
The global financial safety net can hardly meet expectations, as "asymmetric and fragmented problems" loom large, International Monetary Fund Managing Director Christine Lagarde has said.
On Aug 4, 1971, the Turkish ambassador in Paris Hasan Esat Isik and the Chinese ambassador Huang Zhen, signed a protocol establishing diplomatic relations between the two countries. Now, 45 years later, China is Turkey's largest trading partner in the Asia Pacific and second largest in the world.
After the 2001 financial crisis, the Turkish economy grew steadily thanks to a series of important structural reforms that have led to an improved financial system. Turkey "has been affected relatively less by the global crisis", according to a recent report by the Investment Support and Promotion Agency of Turkey.
"We believe 3M's innovation culture built on 3M Science and Turkey's economic dynamism is a perfect match. 3M's global manufacturing and technological legacy, combined with the skills and dedicated work of our Turkish employees will continue to strengthen 3M and the Turkish economy. We thank ISPAT for its valuable assistance and guidance throughout our decision and investment processes."
The Belt and Road Initiative, the Silk Road Economic Belt and 21st Century Maritime Silk Road, a new type of international cooperation mechanism launched by China, is contributing to "more efficient global economic and financial governance", one of the key issues being discussed at the G20 Leaders Summit in Hangzhou in East China's Zhejiang province.
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Raymond Zhou
Op Rana
Berlin Fang
Zhu Yuan
Huang Xiangyang
Chen Weihua
