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The development of G20 and the future of global economy

( Updated: 2015-11-15 11:53

The year of 2015 is extraordinary. President Xi Jinping has flied to Antalya, Turkey to attend the 10th G20 Leaders' Summit. After that, China will be the host country of G20 on December 1. During the 13th Five-Year Plan (2016-20), China is determined to accomplish the goal of building a moderately prosperous society in all respects. 2016 will not only be the beginning year of the 13th Five-Year Plan, but also the year of China for G20. This coincidence is profoundly significant to China.

Now, the world economy is still in a period of profound changes. The conditions of major economies are positive, but the trends and policies are different. Not a long time ago, IMF lowered its projection of world economic growth to 3.1 percent this year. It is the lowest level since the international financial crisis happened. Facing various challenges, the international community is expecting that leaders on the G20 summit find a way out so as to strongly promote the recovery and development of world economy.

The Prospect of Antalya Summit

In the summit, Turkey, the host country, is aiming to "help enable inclusive and robust global growth through collective action with a view to lifting the potential of the global economy." By the three pillars of "Inclusiveness, Implementation and Investment", it will not only promote the implementation of existing promises and drive economic growth by investment, but also pay attention to the inclusiveness of development.

2015 is a year of global development. The UN Development Summit has set the 2030 Agenda for Sustainable Development. As the biggest developing country around the world, Chinese government always attaches importance to development issues. We believe that G20 has the ability and the responsibility to provide developing countries with more opportunities in order to build a more inclusive global economy.

Antalya summit will also make progress in the implementation of the strategy of comprehensive growth, which was set by the Brisbane summit. At the same time, the summit will make some achievement in the field of investment.

Promising G20 Cooperation

The G20 mechanism has experienced constant extension of its agenda, depth of discussion, consensus and influence. Now, G20 is at a crucial juncture from the perspective of crisis response to long-term governance.

The first one is that G20 will need to get a breakthrough in the model of innovative growth, and inject new motivation into the development of global economy. Facing the complicated challenges, G20 must aim to tap potentials for the mid- and long-term growth of world economy.

The second one is that with the enhancement of G20, its governance framework will be improved, and global financial control should be more efficient, because healthy governance is a systematic insurance for the growth of global economy and the stability of financial market.

The third one is that G20 will play a constructive role in promoting global trade, the growth of investment and an open global economy.

The fourth one is that G20 will achieve win-win cooperation for all counties regarding the development issues, which are always the major concerns of international community. With the ending of UN Development Summit, all sides are hoping that G20 will set an example for the 2030 Agenda for Sustainable Development.

The fire burns high when everybody adds wood to it. We believe that the G20 members will be united as one group to promote a strong, sustainable and balanced global economy.

By Zhang Jun, the Director-General of the Department of International Economic Affairs, Ministry of Foreign Affairs of PRC

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