Many Countries Wanted China To Take the Lead in G20, Scholar Says

In an interview with CCTV on Thursday, Su Xiaohui, the Deputy Director of Strategic Studies at the China Institute of International Studies, said that other countries had been eager to have China host the G20 Summit at this critical time.

“This is a very important summit for all the countries in the world,” Su said. “China is hosting this summit because it is what other countries wanted. It’s the other countries that wanted China to host this event. In recent years, there have been plenty of problems in the world economy, and all the countries in the world, including G20 members, are eager to find solutions. Other countries know China can be a leader in addressing the world’s economic problems. So they would like China to host this event, and provide the opportunity for other countries to deal with these problems.”

“China has its own contribution to this platform,” Su said. “China has made some very successful achievements, like the AIIB, which is a very ambitious plan that has gained the support of many other countries. China is providing new ideas like innovation and green finance.” Also speaking on CCTV, Professor Liu Chunsheng from the Central University of Finance and Economics, pointed to three major tasks for the upcoming summit to tackle: 1) expanding trade and investment, 2) rebuilding a new world economic order, and 3) finding a new engine of growth through innovation and structural reform.

In the run-up to the event, which will focus on technological innovation, the Chinese Academy of Social Studies has issued a report on how each of the 20 nations can enhance its innovation strategies.  CCTV also reported on this Thursday.

“After the global financial crisis in 2008, most of the countries have started to place their hopes of economic recovery on technological innovation,” said Professor Huang Maoxing from Fujian Normal University. “So what we are doing right now is to help the 20 economies find out the advantages and weakness of their technological innovation development, help them solve those problems, and consolidate their current achievements in the area. Besides, the G20 summit has been shifting its focus to investment, open trade and green finance. So we are also providing analysis on the development outlook in these areas.”

The Chinese Foreign Ministry confirmed that all 20 leaders will be attending the Summit, including Russia’s President Vladimir Putin, U.S. President Barak Obama, and British Prime Minister Theresa May, as well as the leaders of the UN, the World Bank, and the IMF. The summit will also have a larger contingent of leaders from developing countries than ever before.

“The voices of developing countries will be fully heard at the G20 Summit,” said Lu Kang, spokesman of China’s Foreign Ministry. “Developed and developing countries will make decisions on global economic affairs through consultation on an equal footing. It reflects a major change in the world economic landscape. It’s a response to the trend of the times, which is a historic progress,” Lu said.