T20 to help produce new global vitality
For China Daily
China, which will play host to the G20 Summit scheduled for Sept 4-5 in Hangzhou, has worked hard to prepare for the event, and along with other concerned parties, enable the G20 to promote global economic growth, improve financial governance worldwide, advance international trade and investment, and implement the 2030 Agenda for Sustainable Development.
Think tanks and academia from the G20 member countries and others make an important contribution to the G20 dialogue via the T20, and one of the last major events in the run-up to the G20 Summit is the T20 Summit in Beijing on Friday and Saturday.
Its mission is to provide support for global economic development and improved international governance via academic exchanges and policy discussions.
This year's T20 Summit will hold a wide range of discussions around the theme of “building new global relations — new dynamics, new vitality and new prospects”, which dovetails perfectly with that of the upcoming 2016 G20 Summit — "innovative, invigorated, interconnected and inclusive".
As the world economic recovery is still in a low gear and facing a variety of risks, the International Monetary Fund has recently cut its global economic growth forecasts to 3.1 percent for 2016 and 3.4 percent in 2017.
One of the efforts to address the issue, the Beijing T20 Summit in cooperation with the Ministry of Science and Technology has also added a new forum on innovation to seek new growth spots in the world economy.
The disharmony between the complex situations worldwide and the current global systems of governance and capacity has contributed to the sluggish world economy that also correlates with its anemic growth.
Against such a backdrop, the G20 needs to advance reforms of the global governance mechanism, improve the systems of international trade, investment and financial governance, and help numerous countries increase their capacities to tackle global challenges, thereby giving the global economy a new lease of life.
As a major platform for international economic cooperation, the G20 not only focuses on the growth of its member economies, but along with other countries, tries to promote the development and prosperity of the global economy.
Thus experts at the T20 Summit will discuss such issues as how the G20 can play a leading role in advancing the 2030 Agenda for Sustainable Development, increase South-South and South-North cooperation under the G20 framework, and strengthen coordination between the G20 and other international mechanisms, in a bid to make G20 a real platform for global governance and sustainable development of the world economy.
Experts at this year's T20 Summit will share insights into such issues and have in-depth discussions to offer policy recommendations to the upcoming G20 and provide solutions to various problems facing the world.
The country holding the annual G20 presidency names a think tank within its territory to be responsible for the T20 events throughout that year.
The Institute of World Economics and Politics at the Chinese Academy of Social Sciences is the leading chair named by the Ministry of Foreign Affairs for this year’s T20 events.
Together with the Shanghai Institutes for International Studies and the Chongyang Institute for financial Studies of Renmin University of China, the Institute of World Economics has co-chaired nine meetings in China, the United States, Peru, Germany, Switzerland and India since taking the chair in November 2015.
After discussions on various issues listed on this year's G20 agenda, the previous fruitful sessions have generated rich research achievements that will be discussed at the upcoming summit, which marks the end of this year's T20 series of events. The author is a senior fellow and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.
“4I” refers to innovative, invigorated, interconnected and inclusive, which are the key words of the theme of the G20 Leaders’ Summit. It reflects China’s views on global governance that are based on both the present and the long term.
“4I” focuses on addressing the challenges facing the world economy, through which China hopes to help the world economy achieve inclusive and sustainable development.
“Innovative” means to seek a new growth engine for the world economy via technological progress and systematic innovation; “invigorated” means to enhance global economic vitality and improve national capacities to manage risks through reform of the global governance system; “interconnected” aims to promote coordinated growth of the world economy through international trade and investment; and “inclusive” aims to ensure that the benefits of global economic development are fairly shared among all countries and all peoples around the world.
China hopes that “4I” can shift the G20 from a short-term crisis response mechanism to one that pursues a long-term agenda, in a bid to resolve the long-term risks and challenges the world economy faces.
Through the efforts of China and other members, a series of achievements have been generated at this year’s G20 series events. I believe more agreements in more fields will be reached at the upcoming G20 Leaders’ Summit. I hope these agreements can be effectively implemented and promote the development of the world economy. What are your expectations for the ongoing T20 Summit in Beijing?
The T20 Summit is the most important of this year’s T20 series activities. Its themes are highly consistent with that of the upcoming G20 Leaders’ Summit, revolving around which, I believe, global think tanks and highlevel experts will provide analytical depth to the G20 discussions.
I hope the following issues can be fully discussed during the T20: the main challenges the world economy is currently facing, their possible trends and their impacts on the world economy; practical policies and suggestions to tackle the current risks and challenges facing the world economy; proposals and ideas on the future development of the G20, such as promoting cooperation between members and non-members of the G20; and improving the G20’s effectiveness and legitimacy. China is currently exploring new innovationdriven development approaches. What do you think of China’s innovation capacity? How do exchange opinions at a