Common vision, shared aspirations

Given the sluggish growth in the world economy and growing divergence in economic performances and policies, difficulties and complicating factors have been on the increase in the global economic landscape. In this context, how would China set priorities for the Hangzhou Summit? And what is your underlying thinking?

We can see that global growth remains sluggish, major economies' monetary policies are diverging further, trade and investment are hovering at a low level, international financial markets are more volatile, commodity prices are getting lower, unemployment is still serious, and many countries are beset by inequalities and imbalances. Under such circumstances, all parties hope that the G20 will renew its success by acting to reinvigorate the world economy, chart the course for world economic development, and contribute even more to the strong, sustainable and balanced growth of the world economy.

To that end, China has proposed four key priorities under the theme of the summit, that is, "breaking a new path for growth", "more effective and efficient global economic and financial governance", "robust international trade and investment", and "inclusive and interconnected development". To break a new path for growth, the focus is to advance reform and innovation and to create and seize new opportunities to enhance the potential for medium-to-long term growth in the world economy. To improve global economic and financial governance is about increasing the representation and voice of emerging markets and developing countries, and making the world economy more risk-resilient. To promote international trade and investment is aimed at fostering an open world economy and reinvigorate global growth. To improve inclusive and interconnected growth calls for implementation of the 2030 Agenda for Sustainable Development and will strengthen the momentum of world economic growth.

These priorities are consistent with the need of the world economy and the direction of China's development, and demonstrate the spirit of innovation. China hopes to work with other G20 members in an enhanced partnership of win-win cooperation to meet challenges in the post-crisis era. We shall build on the outcomes of the previous summits and exert the G20's leading role in a more effective manner to strengthen the foundation for world economic recovery and growth, with a view to bringing about a new round of growth and prosperity for the world economy.

The theme and main topics that China has formulated for the summit touch upon different aspects of international economic cooperation. People are all keen to know what outcomes the summit will achieve. What is China's expectation on this?

This is a good question. I would like to talk about China's expectations for the summit by running through the priority topics we have identified for the summit.

As is clear to all, the biggest problem for the world economy now is lack of growth drivers. Where can we find them? More and more people of insight understand that the key lies in innovation, reform and adjustment. In the years following the international financial crisis, the short-term policies adopted by major economies for crisis response have played an important role. Yet fiscal stimulus and monetary easing alone can hardly be the solution for root causes of the world economy. To realize sustainable, sound and stable growth, the ultimate way is to unlock the medium-to-long term growth potential of the world economy through reform and innovation. The world is now on the eve of a new round of scientific and industrial revolution, and innovation is of crucial importance for facilitating leapfrogging progress in productivity and strong economic growth. China has decided to make "breaking a new path for growth" a priority of the Hangzhou Summit. What we advocate is innovation in the broad sense. We call for innovation in science and technology and, beyond that, in development concepts, institutions and mechanisms, business models and a whole range of areas. China hopes that the summit will reach consensus on innovation, structural reform, new industrial revolution and digital economy.

If promoting growth is the G20's central task, then improving governance should be another main objective of this group. Since the global financial crisis, the G20 has played an important role in improving the international financial system and increasing the voice and representation of emerging markets and developing countries, which was well received by the international community. China hopes that the G20 members will build on what was achieved to further enhance the reform of international financial institutions, improve the international monetary system and strengthen cooperation on financial regulation, international taxation, green finance, energy governance and anti-corruption, with a view to making the global economic governance structure more balanced, its mechanisms more reliable, and its actions more effective.

To reinvigorate the two growth engines of trade and investment so as to provide stronger driving force for world economic growth is another main objective of the G20 this year. But for some time now, international trade growth has been slowing down, falling behind the average growth of the world economy for several years in a row. Protectionism is on the rise, and the multilateral trading system has encountered difficulties and setbacks. China decides to push for regular meetings of trade ministers and the creation of a trade and investment working group in charge of relevant work. The reason is that we want to highlight trade and investment on this year's agenda so as to reverse the current situation.