Economic issues will top discussions at the G20 summit, as the global economy continues to experience difficulties. And, China is under pressure as well. All eyes are now on the host country, which is also the world's second largest economy. Is China in good enough shape to withstand the test? And, how will China help the international community find solutions to the current situation of the global economy?
Low growth, low interests, low demand - versus high unemployment rates, high debt, and a high risk of bubbles. Eight years since the break-out of the world financial crisis, and recovery of the world economy remains far from fixed.
The World Bank says the poor performance of global trade, the decline of bulk commodity prices, as well as intense geopolitical issues, all pose a threat to the world economy this year. After the United Kingdom voted to leave the European Union, the IMF even downgraded this year's global GDP growth rate to 3.1 percent.
The G20 plays a decisive role in the world economy as the combined GDP of the member economies accounts for 85 percent of global GDP. They are also responsible for 80 percent of global trade. Between 2008 and 2015, China has been seen as the engine of the world's economy, as it contributed 47 percent to global GDP growth. This year's G20 Summit in Hangzhou gives a chance to review the country's development experiences.
"They want to bring in wisdom from the East, especially from China. China has thirty years of development experience since the opening up and reform. Good experiences could be introduced to global economic governance," said Ruan Zongze, vice president of China Institute of Int'l Studies.
Innovation is a key word at this year's G20 Summit. This is in line with China's own development blueprint, as it is expected to open a new window of hope for the recovery of the world economy.
