Common vision, shared aspirations

Editor's note:

State Councilor Yang Jiechi (front, third from left) joins other officials from G20 economies at the First G20 Sherpa Meeting in Beijing on Thursday. The three-day gathering forms part of the runup to the G20 Summit in Hangzhou, Zhejiang province. FENG YONGBIN / CHINA DAILY

China will host the G20 Hangzhou Summit in 2016. President Xi Jinping has laid out China's vision for the summit. What are the objectives that China hopes to achieve at the summit? How are the preparations going?

China will hold the 11th G20 Summit in Hangzhou, Zhejiang province, on September 4 and 5. This summit will be the culmination of China's diplomatic agenda this year. It will be a milestone not only in the political and diplomatic sense, but will also have far-reaching impact economically and socially.

At the Antalya (Turkey) Summit in November, President Xi Jinping laid out the theme, priorities and the general idea of China's presidency. President Xi emphasized that the theme of the Hangzhou Summit, "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy", is designed in light of the development needs of all countries amid the current economic situation to promote stable growth in the short term by addressing the symptom and to drive growth in the long term through tackling the root cause. To be specific, "innovative" refers to innovation-driven development, including innovation in science and technology, as well as innovation in development concepts, systems and institutions, business models and structural reform, which will help find new sources of growth for the world economy. "Invigorated" means to lend impetus to the sluggish world economy by exploring new paths, tapping new forces and stimulating new vitality. "Interconnected" indicates a sense of community with shared interests and common future, calling for closer international economic cooperation, sharing of opportunities through connectivity and creation of synergy through sound interactions. "Inclusive" aims to narrow development gaps among countries, focus more on developing countries and all groups of people, and allow all people to benefit from the growth of the world economy.

On December 1 last year, the very day of China's assumption of the G20 presidency, President Xi delivered a message, further explaining China's vision and consideration for the summit. These messages from President Xi have shown the direction for the preparations for the Hangzhou Summit and have been warmly received by various parties.

As a premier forum for international economic cooperation, the G20 has played an important role in tackling the international financial crisis. In November 2008, the first G20 Summit was held in Washington. At that time, the world economy was on the brink due to the impact of the sub-prime mortgage crisis emanating from Wall Street . The G20 came to the fore at the critical juncture and, in the spirit of partnership and win-win cooperation at times of difficulty, took resolute and timely actions and steered the world economy away from the brink of precipice to a path of stability and recovery.

Today, as the world economy and international economic cooperation have come to yet another turning point, expectations are high for the Hangzhou Summit among various parties. China hopes that the G20 Hangzhou Summit this year will achieve the following objectives: First, to play a leading role, demonstrate ambition and chart the course for world economic growth. Second, to strengthen international economic cooperation and highlight the spirit of partnership and joint efforts in response to risks and challenges. Third, to innovate institutional building and create cooperation platforms to shift the G20 from a mechanism for crisis response to one of long-term governance. China will work with all parties for positive outcomes of the G20 Hangzhou Summit for the benefit of the whole world and future generations.

China attaches great importance to the preparations for the summit. We have set up a committee to coordinate the preparatory work. Thanks to the concerted efforts of relevant departments and provincial and municipal authorities, the preparations are going smoothly. Not long ago, the first Sherpa Meeting and the Finance and Central Bank Deputies Meeting were held successfully. Basic consensus was reached on the framework, priorities, key areas and roadmap of the work for this year, marking a major step forward. Programs of events and arrangements for venues, facilities, logistics and security are being fleshed out. These efforts have received full recognition from G20 members, guest countries and relevant international organizations. We have every reason to be confident about the success of the summit.