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Important news
在线翻译:
szdaily -> Important news
G20 summit to open new path for growth: experts
    2016-September-6  08:53    Shenzhen Daily

    THE 11th summit of the G20 is expected to open a new path for more efficient global economic governance and growth, international experts have said.

    The summit was held in the eastern Chinese city of Hangzhou with the theme, “Toward an innovative, invigorated, interconnected and inclusive world economy.”

    The greatest challenge for the G20 is to overcome economic difficulties that the world has encountered since the 2008 financial crisis erupted, Jose Angel Gurria, secretary general of the Organization for Economic Cooperation and Development, told Xinhua.

    For Neil Renwick, professor of global security at Britain’s Coventry University, a big priority for the G20 summit is “to get the group’s members back to medium and long-term strategic planning, rather than on-the-hoof crisis response.”

    The G20 Hangzhou summit “is essentially about consensus-building, establishing a workable middle way that can oil the wheels of the world’s crowded and complex financial and economic systems,” Renwick said in a recent article.

    “The meeting is concerned with stressing the importance of technological innovation, especially by promoting the digital economy, entrepreneurship and improved financial and economic governance through institutional reforms,” Renwick added.

    “As a business leader, I would expect the overarching theme at the B20 (Business 20) and G20 will be the need for increased global growth and subsequently, the actions and policies needed to deliver greater growth,” Mary Andringa, co-chair of the B20’s SME (small and medium-sized enterprises) Development Taskforce, told the People’s Daily.

    Andringa, chairperson of Vermeer Corp., said she hoped that G20 commitments would be made toward regulatory simplification, a more open and transparent business environment, and ratifying the trade facilitation agreement to simplify cross-border trade.

    G20 commitments should also be made toward improved frameworks for public-private partnerships to enable infrastructure investment, well-thought-out guidelines for the future of electronic trade coupled with increased investment in broadband deployment, and innovative ways to close skills-gaps and connect people to opportunities, Andringa said.

    Gurria has hailed China for placing the challenge to overcome global economic difficulties at the very center of this year’s G20 agenda.

    In the theme of the summit there are four priorities: “breaking a new path for growth,” “more effective and efficient global economic and financial governance,” “robust international trade and investment,” and “inclusive and interconnected development,” Renwick said.

    Renwick highlighted an inclusive world economy, pointing out that the G20 should come up with a meaningful definition of “inclusive” and actual plans and tools to make the world more so.

    “China’s goals for the G20 are a greater international focus on sustainable and inclusive development for all sections of the world’s population. It has put Africa, often neglected by the West, at the top of the agenda,” Michele Geraci, head of China Economic Policy Program and assistant professor in finance at the University of Nottingham, said in an article.

    The Chinese presidency of the G20 has been very successful as the country has been very clear about the need to boost free trade and increase the flow of investment around the world, said Argentine Ambassador to China Diego Guelar. (Xinhua)

 

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