G20 Hangzhou summit opens, starting new journey for world's future growth

11:23 | 05/09/2016 Global Economy

The Group of 20 summit opened on September 4 in China's eastern city of Hangzhou amid multiple risks and challenges, aiming to find a therapy that can bring the world economy back to a healthy growth trajectory.

G20 Hangzhou summit opens, starting new journey for world's future growth

Chinese President Xi Jinping presides over the opening ceremony of the Group of 20 (G20) summit in Hangzhou, capital of east China's Zhejiang Province (Photo: Xinhua)

The therapy will be an integrative approach to address both the symptoms and root causes, and propel the world economy onto a path of robust, sustainable, balanced and inclusive growth, said Chinese President Xi Jinping when addressing the opening ceremony of the summit.

Xi said the summit would focus on topics essential to the world economy, including macro-economic policy co-ordination, innovation-driven growth, more efficient world governance, robust trade and investment, and inclusive and interconnected development.

There are high hopes for this year's summit, as it seeks a transformation from crisis response, which focused on short-term policies, to one of long-term governance, which shapes medium- to long-term policies.

With the theme of "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy," the summit has put the issue of development front and center of the global macro policy framework for the first time.

It is also the first time that the G20 has an action plan for implementing the 2030 Agenda for Sustainable Development, and carries out co-operation to support the industrialisation of African countries and least developed countries.

With two-thirds of the world's population, G20 contributes about 90% of the world's total gross domestic product and 80% of the world's trade volume./.

 

Source: NDO

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