CHINA will host world leaders for the Group of Twenty (G20) summit in 2016, Australian Prime Minister Tony Abbott said yesterday at the conclusion of two days of talks in Brisbane.

    Turkey takes over the presidency from Australia and will host the event in Antalya next year, but in a communique the group of the world’s biggest economies said China would be home to the G20 in 2016.

    “Australia looks forward to working with Turkey over the next year and it is my very great pleasure to announce that China will be the G20 host in 2016,” Abbott told a press conference at the conclusion of talks.

    Chinese President Xi Jinping said that China is confident to fulfill its roles as the chair of the 2016 G20 summit and a member of the three-member management troika of 2015 and 2017.

    Unlike some other international organizations, the G20 has no permanent staff of its own. The G20 chair rotates between members and is selected from a different regional grouping of countries each year.

    The chair is part of a revolving three-member management troika of past, present and future chairs. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group’s operations and organizes its meetings.

    The role of the troika is to ensure continuity in the G20’s work and management across host years.

    On Saturday, Xi said China’s economy will maintain strong, sustainable and balanced growth.

    China will provide more demand and investment opportunities for the global economy as it undergoes structural reforms that foster opportunities for growth, he said.(SD-Xinhua)

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