G20 summit aims to spur new economic growth

BEIJING - China hopes the Group of 20 (G20) summit in Hangzhou in September will spur new global economic growth, a Chinese official said Monday.

China will put forward a blueprint for innovation-driven growth at this year's summit in Hangzhou, capital of East China's Zhejiang province, to find new drivers of global growth, Vice Foreign Minister Li Baodong said at a press briefing.

Innovation, introduced on the G20 agenda for the first time, is "the key for boosting global economic potential," said Yao Zhizhong, a professor with the Chinese Academy of Social Sciences.

China also hopes to promote structural reform, improve global economic and financial governance, strengthen financial, tax, energy and anti-corruption cooperation and revitalize trade and investment at the summit, Li said.

The summit is also expected to focus on developing countries, implementation of the 2030 Agenda for Sustainable Development and support for Africa's industrialization.

The summit will have the best representation of developing countries in G20 history. China has invited a record number of developing countries, including Chad, chair of the African Union; Laos, chair of the Association of Southeast Asian Nations (ASEAN); Senegal, chair of the New Partnership for Africa's Development (NEPAD); Egypt; and Kazakhstan.

China has said it will push for the adoption of a global trade growth strategy to reverse the downward trend in global trade growth and lay out guiding principles for global investment policies to facilitate cross-border investment.

"The summit will further focus on dealing with pressing risks facing the global economy and financial market," Zhu Guangyao, China's vice finance minister, said at the press briefing.

China has called on G20 members to refrain from competitive devaluation and facilitated discussions on the foreign exchange market within the G20 framework, the first time in G20 history, to build confidence in the market, said Yi Gang, vice governor of the People's Bank of China (PBOC).

On financial reform, the summit will produce outcomes on establishing an open and prudent financial system, setting up a macroprudential policy framework and developing inclusive finance, Yi said.

Since assuming the G20 presidency, China has done a lot to promote international economic governance reform, including restarting the International Financial Architecture Working Group to improve international financial governance.

China has put green financing on the G20 agenda for the first time to mobilize more investment in environmentally friendly projects. The G20 has set up a research team on the issue based on a proposal by China.

"The summit will release the first report on G20 green financing, specifying its definition, purpose, scope and challenges," said Yi.