Business / Hangzhou G20

OECD chief hails China's effort to focus G20 summit on growth

(Xinhua) Updated: 2016-09-03 14:59

HANGZHOU - The world economy has suffered eight years of crisis and it is of great importance that China, as rotating president of the Group of 20 (G20) major economies, has focused on growth recovery, said Angel Gurria, secretary-general of the Organization for Economic Cooperation and Development (OECD).

The G20, the premier platform for international economic cooperation, has been committed to 2 percent more growth from 2014 to 2018, a goal laid down at the 2014 summit in Australia, but "we are only halfway there," Gurria told Xinhua in an interview on Friday here ahead of the 11th G20 summit.

From dozens of possible issues to discuss at the G20 gathering, China has placed growth high on the agenda, noted the OECD chief, describing the effort as a big achievement.

"That's very important because, frankly, this is the greatest challenge," said Gurria, citing high levels of unemployment and growing inequality across the world. "You have to think about what is the real issue."

The OECD, he added, has been working closely with Beijing from the very beginning of China's G20 presidency.

Commenting on the theme of this year's G20 summit, which includes innovation as a theme, Gurria said innovation is precisely the tool needed to reverse the lack of growth and drop in productivity.

The umbrella concept of innovation, which usually refers to the use of latest technology and inventions, will not only boost growth, but also bring more jobs and better paying ones at that, he added.

"The bridge between those things sometimes looks like it's a contradiction. It's precisely how to make the best use of innovation," he said.

Speaking of his expectations for the upcoming two-day G20 summit, which is to open on Sunday, Gurria said he believes it will be a success.

"We now have a very solid agenda I think that China has put together," he said, stressing in the meantime that "a lot of homework" needs to be done because such goals as development and trade never finish.

What is important at each G20 summit, he added, is capturing a good diagnosis of the moment and not losing continuity as the presidency rotates.

Moreover, the OECD chief highlighted the importance of consensus in order to effectively resolve many global economic woes in such areas as trade, investment, finance and commodity prices.

"We can disagree on some things, but the fundamentals have to be addressed collectively," he said.

The OECD was formed in 1961 and includes 35 member countries today. It organizes dialogues and studies every year to provide suggestions for better governmental policies.

Hot Topics

Editor's Picks