According to the Associated Press, China will propose to the leaders of Group of 20 a joint initiative to revive weak global growth. The summit takes place in Hangzhou, China on September 4-5.
The Group of 20 (G20) summit brings together representatives of the world’s countries with the 20 largest economies.
A response to protectionism
China’s proposal comes is response to rising protectionist sentiment in the United States and Europe.
Details of Beijing’s proposal have not been made public as yet, but the proposal will offer reforms aimed at strengthening the global financial system and promoting technological innovation.
Fosters inclusive growth
Deputy finance minister Zhu Guangyao has said the proposal will stress “inclusive growth” to spread economic benefits widely and shore up support for free trade. He warned that governments should be on “high alert” to “antiglobalization” sentiments. “If the people cannot feel the benefits, then this sort of development cannot truly improve people’s lives, and people will have mixed feelings about such development.”
Avoids political disputes
China does not want political issues such as its territorial disputes with its neighbors in the South China Sea to become an agenda item. A deputy foreign minister, Li Baodong, made clear China wants to avoid sensitive diplomatic issues. He said that the consensus among members is to “focus on economic development and not be distracted by other parties.... The Hangzhou summit must focus on economic issues.”