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The 11th summit of the Group of 20 (G20) major economies concluded on Sept. 5. Shortly after, Chinese President Xi Jinping gave a press conference to describe the achievements of the summit.

 

The G20 Leaders' Communiqué for the Hangzhou summit was not released until late on Sept. 5. While the communiqué from the 2014 Brisbane summit had 21 articles, and the one from 2015's Antalya summit boasted 27 articles, this year's communiqué contained 48 articles.

 

A group of experts at the Chongyang Institute for Financial Studies affiliated to Renmin University of China summarized 10 key outcomes of the summit.

 

1: Innovative Growth

 

The G20 Hangzhou summit advocated “innovation-driven growth” to inject new dynamism into the world economy. The adoption of the G20 Blueprint on Innovative Growth will encourage innovation in a wide range of domains, including development concepts, institutional architecture and business models, with science and technology at the core of that innovation. Together with the new industrial revolution, an increasingly digital economy and other factors, innovation will create new prospects for global economic growth.

 

Promoting economic growth was a core topic of the Hangzhou summit, and the G20 Blueprint on Innovative Growth will open a new path intended to increase the medium-to-long-term potential of the world's economy.

 

2: Development

 

The United Nations' Sustainable Development Goals (SDGs), part of the 2030 Agenda for Sustainable Development, replaced the Millennium Development Goals (MDGs) at the end of 2015, becoming the new global development framework. The G20 Hangzhou summit achieved an impressive consensus among members on sustainable development, providing a clear timeline and roadmap for global development in the next 15 years. To that end, G20 members committed to promoting the Paris Agreement, as well as to supporting industrialization in Africa and Least Developed Countries (LDCs).

 

3: Structural reform

 

The communiqué reiterates the essential role of structural reforms in boosting productivity and output, as well as in promoting growth in G20 countries. The choice and design of structural reforms are consistent with countries' specific economic conditions. Nine priority areas for structural reforms and a set of guiding principles were also endorsed. A framework consisting of indicators was designed to help monitor and assess progress.

 

4: Investment

 

The Hangzhou summit endorsed the G20 Guiding Principles for Global Investment Policymaking, which will help to foster an open and transparent global policy environment for investment. As the first framework of multilateral rules governing international investment, the Guiding Principles will serve to promote the transition of G20 from a crisis response to a long-term method of governance.

 

The Guiding Principles constitute a prominent contribution to the G20 Hangzhou summit. They not only facilitate the flow of investment from financial fields to infrastructure, they also improve the international investment structure.

 

5: Financial reform

 

The Hangzhou summit endorsed the G20 Agenda Towards a More Stable and Resilient International Financial Architecture, which stressed the importance of international financial institutions when it comes to risk prevention and management. G20 members welcomed the 2010 IMF quota and governance reform, and are now working toward the completion of the 15th General Review of Quotas by the time of the 2017 Annual Meetings.

 

G20 members support the World Bank Group in implementing its shareholding review according to the agreed upon roadmap, timeline and principles. The objective of this implementation is equitable voting power over time. The communiqué supports the ongoing examination of the broader use of Special Drawing Rights (SDR), and welcomes the inclusion of the RMB in the SDR currency basket.

 

Another highlight of the summit is the commitment to reform international financial institutions to better fit the current world economy. Supporting the right of emerging countries to voice their perspectives in international financial institutions is conducive not only to a more balanced and sustainable world economy, but also to the realization of a global community with a common destiny.

 

6: Anti-corruption

 

The summit endorsed the G20 High Level Principles on Cooperation on Persons Sought for Corruption and Asset Recovery. Members also adopted the initiative to establish a research center in China dealing with international cooperation on cases of corruption and asset recovery among G20 member states.

 

Meanwhile, the 2017-2018 G20 Anti-Corruption Action Plan was also endorsed, which aims to improve integrity in the public and private sectors, implementing a zero tolerance stance against corruption.

 

The committed participation of G20 members plays an important role in global crime prevention, assets recovery and anti-corruption efforts. China attaches great importance to international anti-corruption measures, and actively promotes the establishment of a worldwide anti-corruption network.

 

7: Trade

 

The communiqué commits to revitalizing global trade and investment as key engines of growth, and constructing an open world economy. It calls to action the G20 Trade Ministers Meeting and the G20 Trade and Investment Working Group (TIWG).

 

The G20 Strategy for Global Trade Growth was drafted in order to promote the inclusive, coordinated development of global value chains, support a multilateral trading system and reject protectionism. These measures can help to unlock the potential of global trade cooperation and reverse the decline of global trade growth.

 

The transition of G20 from a crisis response to a long-term method of governance is another true milestone. It speaks to the effective integration of global resources, which will boost economic globalization and promote world economic growth.

 

8: Industrialization in Africa and Least Developed Countries (LDCs)

 

The communiqué emphasizes inclusive and joint development so that the fruits of G20 benefit the whole world, and especially developing regions. The Hangzhou summit placed issues of development in a prominent position within the global macroeconomic policy framework. The summit also endorsed an action plan for the UN's 2030 Agenda for Sustainable Development, and supported efforts for industrialization in Africa and LDCs.

 

9: Entrepreneurship and employment

 

The communiqué has highlighted the importance of employment, considering that quality employment is indispensable for sustainable development and is at the center of the G20's global agenda. G20 members recognize entrepreneurship as an important driver for job creation and economic growth, and welcome China's contribution of an Entrepreneurship Research Center for G20 Economies.

 

The communiqué also emphasizes the need to monitor progress in a systematic and transparent manner, especially when it comes to child labor and equal inclusion of women in the labor force.

 

The G20 Entrepreneurship Action Plan, endorsed at the Hangzhou summit, aims to promote lasting prosperity and achieve sustainable global development.

 

10: Climate change

 

The communiqué clearly reiterates the commitment of G20 member countries to addressing climate change through sustainable development. Members also resolved to facilitate the implementation of the Paris Agreement by the end of 2016.

 

In the course of the summit, G20 members reaffirmed the importance of the Green Climate Fund, and of developed countries following through on the UNFCCC commitment to financially assist developing countries in their sustainable development.

 

The Hangzhou summit's emphasis on sustainability shows the world China's determination to win the fight against climate change. It also reflects China's leadership abilities and status as a responsible major power, attempting to solve the common issues facing all mankind.

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