The 11th G20, Group of Twenty, Summit will be held in Hangzhou, Zhejiang on September 4 and 5 under the theme of “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy”. Leaders from G20 members, guest countries and international organisations will attend the Summit. Chinese President Xi Jinping will chair the Summit and attend an informal BRICS leaders meeting and other related events.
The summit is to be held in the light of the world’s economic slowdown as the International Monetary Fund (IMF) has lowered this year’s global economic growth target from 3.1 per cent to 2.9 per cent. Furthermore, terrorism, oil prices fall and refugees’ problems have added up to the suffering of the economy.
Li Baodong, China’s Vice Foreign Minister, said, “The upcoming G20 will discuss the member countries’ economic structural reform, international financial organisation reform, and cooperation in the energy and anti-corruption fields.” However, since the current international situation looks unpromising, the participants seem to have no choice but to discuss other issues as well.
According to Xinhaunet a Chinese news portal, eight years have passed since the global economic crisis; however, the economy has not recover. If IMF’s expectations turn out to be true, 2016 will be a second year that sees a less than 3 per cent global growth after last year’s 2.4 percent.
Furthermore, the developed economies are facing a weak recovery. Earlier this year, the IMF downgraded the forecast for the economic growth rates of the United States, the EU and Japan.
“Analysts say that a growing ageing population, wealth distribution inequality, technological monopolies, trade protectionism, the Syria refugee crisis as well as terrorism are believed to be the main reasons behind the low-growth trap», said Xinhaunet
The world is hoping that China, hosting country, helps to make out a plan to recover the world›s economy, and propose innovative ideas to achieve sustainable development, giving to China›s standing as the world›s second biggest economy.
Recently, B20, Business 20, of G20 has finished the final report of recommendations to present it to the summit’s members. In a press conference last week, Yo Beng, Deputy of G20 organising committee, stated that B20 has presented more than 400 recommendations to the summit. Finally, he stated 6 main topics that will be addressed in the summit; the topics are finance and enhancing growth, trade and investment, infrastructure, small and medium-sized enterprises, employment, and corruption.
