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Innovation may play key G20 role

Zhang Yunbi
Updated: May 27,2016 7:17 AM     China Daily

The G20 summit in China later this year is expected to see blueprints mapped out for such goals as innovation-driven growth, structural reforms, guiding global trade and anti-corruption, Foreign Minister Wang Yi said on May 26.

Observers said the expected outcomes show China’s increasing readiness to be part of global rule-making and to con-tribute to efforts to weather the sluggish global economy.

At a news conference in Beijing, Wang unveiled 10 expected major outcomes of the summit, which will be held Sept 4 and 5 in Hangzhou, Zhejiang province.

Among the imminent challenges to the global economy are the “waning effectiveness of stimulus financial and currency policies”, differing policies among major economies and rising trade protection-ism, Wang said.

“Although the global economy has recovered to some degree, the growth remains sluggish and the downward pressure continues,” Wang said.

The top item on the expected summit outcome list is the drafting of a blue-print for innovation-driven growth, Wang said.

“This is the first time the G20 will focus on the medium and long-term driving force of global growth,” he said.

G20 working group meetings held earlier this month on innovation, new industrial revolution and the dig-ital economy “have seen consensus reached on the blueprint”,Wang said.

Ding Yifan, a senior researcher at the State Council’s Development Research Center, said that when it is no longer efficient to boost demand through public investment, the market cannot be expanded without limit.

“Structural reform could offset the impacts of the slowing down of economic growth and the massive factory shutdown of certain sectors,” Ding said.

Pang Zhongying, dean of the School of International Relations at Sun Yat-sen University in Guangzhou, Guangdong province, said China’s growth in the near future will require a global landscape that is “corresponding, sufficient, lasting and stable”. China can be proactive in shaping the necessary policies, Pang added.

“China should continue its leading role in international economic dialogue platforms, such as the G20,” Pang said.

The G20 summit this year will establish a three-pronged approach to anti-corruption cooperation, including formulating principles to track down high-level fugitives, setting up a research center on fugitives and stolen assets, and drawing up a 2017-18 anti-corruption “action plan”, Wang said.

“The three-pronged anti-corruption structure of establishing principles, mechanisms and operations, will ensure corrupt individuals in the G20 have nowhere to hide and no way to cover their tracks,” he said.