Think tanks hail China's contribution to G20 governance

John Ross, a senior researcher at Chongyang institute, said that China's willingness to host the G20 Summit shows that it hopes to set the global agenda. The experience of China's economic success is obviously important to the developing economies, and if most developing economies can achieve similar economic success as China has, then the problem of global poverty can be solved.

Wei Benhua said that finance ministers and central bank governors approved recently the recommendations on improving the international financial architecture from International Financial Architecture Working Group, covering capital flows, the international financial safety net, governance reform of IMF and the World Bank, especially sovereign debt drawing rights and other important issues, which provide a good foundation for the future implementation of the consensus. The group has been stalled for a while, and it is under China's strong appeal that it resumed its position, and China has played a positive role in its promotion.

Sergey Drobyshevskiy, managing director of the Russia's G20 Expert Council, added that currently, as developing and developed countries are all faced with the problems of slow economic growth, the world needs to search for a new economic model and China's experience can be used as a reference.

According to media reports, the proposition that China should host G20 Summit was first publicly presented by Chen Yulu, then president of Renmin University and Chong Finance Research Institute and now deputy governor of People's Bank of China. On November 15, 2014, President Xi Jinping announced in Brisbane, Australia, that China will host the G20 Summit in 2016, echoing the voices from think tank on "China should actively bid for the G20 summit in 2016".

With the Chongyang Institute for Financial Studies as the major platform, Renmin University has continuously focused on the G20 issues through offering constructive suggestions and participating in the preparatory work for the G20.

Hosted by Renmin University, the Institute has successively held three G20 think tank (T20) summits from August, 2013, which released the first global G20 think tank joint statement, established the world's first "G20 annual think tank mechanism", and published China's first G20 blue book. In the past four years, more than 1,000 global think tank scholars have attended the institute's T20 think tank forums, including former US president Jimmy Carter, former Canadian prime minister Paul Martin, former Spanish prime minister Jose Luis Rodriguez Zapatero, G20 coordinators and leaders of multiple international organizations.

Wang Wen concluded that over the past three years, the Chongyang Institute has had opportunity to get involved in the G20 and global economic governance process, thus helping China play a greater role in international economic affairs.

It will continue in its efforts to expand the cooperation with think tank of the G20 members, actively respond to the call for building "new type of think tank with Chinese characteristics", and explore opportunities in internationalization, with an aim to help China gain strong voice on international affairs and shape the image of China as a great nation.