Business / Hangzhou G20

China seeks more cooperation with Germany under G20 framework: Chinese ambassador

(Xinhua) Updated: 2016-08-30 07:31

BERLIN - The G20 has become a representative, equitable and effective mechanism for global governance. Holding the presidency this year, China would like to strengthen cooperation with Germany, the host next year, and make joint efforts to revive the world economy, said Chinese Ambassador to Germany Shi Mingde on Monday.

"Good cooperation between China and Germany under the G20 framework is important for the success of the mechanism," Shi said in an interview with Xinhua ahead of the G20 summit in China's eastern city of Hangzhou.

"On the issue of global economic and financial governance, China and Germany have lots of common grounds," he said, citing both countries' preference for real economy, and support for structural reforms.

"Both sides believe that sustainable recovery of the world economy could not depend solely on fiscal stimulation and easy monetary policies," Shi added.

China chose "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy" as the theme for this year's G20 summit, and set innovation, structural reforms, trade and investment, and sustainable development as the main topics.

"The Hangzhou summit is likely to achieve nearly 30 major results, which will make it the most fruitful one compared with previous summits," said Shi.

According to the ambassador, China and Germany have been communicating with each other intensively in preparation for the Hangzhou summit. Such coordination will continue with an aim to ensure successful G20 meetings in both this year and next.

"As the first international economic governance mechanism participated equitably by developed countries and developing countries, G20 offers a good dialogue platform for major economies," Shi said, "It enhances the coordination of its member states and improves the unification and sustainability of their policies."

He added that by hosting the G20 summit this year, China gets an opportunity to participate in global economic governance in a broader scale and higher level, and to make better contribution to the stability and development of the world economy.

"On both China and the whole world, the G20 summit this year will have very huge and deep influence," the ambassador said.

He noted that via structural reforms, China has shifted its economic driving force and improved the quality of its growth.

The Chinese economy grew at an average annual level of 7.3 percent from 2011 to 2015, compared to the world average of 2.4 percent.

"Despite the existence of some downward pressure, the Chinese economy retains potential for medium-high speed growth," Shi said, "At the moment when global recovery remains subdued, China helps support the stability of world economy."

Citing the Belt and Road initiative, BRICS Development Bank and the Asian Infrastructure Investment Bank, the ambassador said China is contributing its wisdom and solutions to global economic governance.

"In the future, China's role as an engine of global economic growth will be more enhanced," he said.

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