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G20 2016: Toward an inclusive global economy
September 4, 2016, 12:35 am

China will use the G20 meet in Hangzhou to showcase sustainable development in this city [Xinhua]

China will use the G20 meet in Hangzhou to showcase sustainable development in this city [Xinhua]

The G20 summit opens today, attempting to bring back the spotlight on the global economy and strengthening trade ties in a climate that sees the international sphere huddle over security concerns.

This year’s summit is hosted by China in the southeastern city of Hangzhou, and many analysts have said that it is Beijing’s chance to host one of the most significant gatherings of world leaders in its history.

This is the first time China hosts this global meet and it is only the second time that the G20 is hosted in Asia.

What is the G20?
The G20 was formed in 1999 as a forum for the governments and central bank governors of 19 nations and the EU to come together for economic cooperation and international financial stability.

These countries include Argentina, Australia, Brazil, Canada, China, the European Union (EU), France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

All BRICS nations are members of the G20.

The first meeting of the G20 was held in 2009 in a bid to find measures to curb the negative effects of the global financial crisis.

Who is attending this year?
In addition to the heads of state from the G20, leaders from Chad, Egypt, Kazakhstan, Laos, Senegal, Singapore, Spain and Thailand are invited to attend this year’s summit in Hangzhou, China.

What is on the agenda?
This year, the summit is operating under the theme of moving “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy”.

“We should strive to build an innovative, invigorated, interconnected and inclusive global economy and explore new ways to drive development and structural reform,injecting impetus into the growth of individual countries and energizing the global economy,” said Chinese President Xi Jinping in a message.

According to local Chinese media, Beijing is determined to steer the agenda away from contentious topics and instead to focus on the economy. However, it is expected that issues such as the South China Sea dispute, or recent tensions between North and South Korea will arise.

How can the G20 Summit benefit the global economy?
The G20 accounts for almost two thirds of the world’s population, and an economic cooperation mechanism between its members is bound to have a significant impact on the global economy.

“We want to facilitate G20’s transition from a crisis-response mechanism to one focusing on long-term governance so as to better lead world economic growth and international economic cooperation,” Chinese FM Wang Yi said in a statement in late May.

The leaders are also expected to push for the implementation of the 2030 Agenda for Sustainable Development.

Shada Islam, director of policy at Brussels-based think tank Friends of Europe, told Xinhua that the G20 should prioritize forging new impetus to create sustainable channels for global economic growth.

The BRICS Post with inputs from Agencies