Stuart Patrick, the senior researcher of the US Think Tank Diplomatic Institute, recently published an article saying that Hangzhou G20 Summit that will be held in September this year will focus on how to promote the sustainable growth of the global economy. As the host country of the summit, China will bring forth to the world that China is becoming the world's most dynamic economy body.
Patrick says that since the global financial crisis starting in 2008, the global economic recovery has been weak. The current stimulus to aggregate demands becomes increasingly important. Brisbane G20 Summit of 2014 established the target of additional growth of overall gross domestic product (GDP) of 2% by 2018. In Hangzhou Summit, G20 members will assess the progress towards achieving this goal.
Patrick says that G20 members should support the core subject formed in the 3rd Development & Financing International Conference held by the United Nations in Addis Abäba of Ethiopia last year and use national resources, including public and private funds, to realize global sustainable development.
When it comes to global infrastructure, Patrick says, according to "One Belt and One Road" initiative proposed by China, all of the economy bodies and global market will be linked through infrastructure. He says China can cooperate with the members of the G20 in the mode of financing through joint investment of international finance companies and multilateral investment guarantee agencies, and meet short-term, medium-term and long-term financing needs of infrastructure as a unique asset class and other financing ways etc.
On climate change, Patrick believes that many countries have realized the future economic growth should be "green growth". So Hangzhou Summit will be very important for the convergence of global policies on low carbon economy. G20 members should take actions on climate change financing, including using new financing tools, attracting investors to support reforestation, cleaning power plants and other projects.