G20 Hangzhou Summit makes great achievements

By: Wang Fukang, Chinese Ambassador to Maldives

On the 5th, September, 2016, G20 Hangzhou Summit successfully concluded. And the achievements of the Summit met the expectations of all parties. President Xi chaired the Summit, which host 53 activities, issued G20 Leaders' Communique Hangzhou Summit, and 28 outcome documents in specific areas. The main achievements displayed to public are in the following aspects:

First is the spirit of partnership, featuring facing challenge together. Faced with growing multiple challenges, it is urgent for major economies in the world to establish mutual coordinated partnership. The Summit reaches consensus on the way to prompt world economic growth. The Communique stresses that “Closer partnership and joint action by G20 members will boost confidence in, foster driving forces for and intensify cooperation on global economic growth, contributing to shared prosperity and better well-being of the world”, displaying the confidence of pulling together in times of trouble.

Second is that we make it clear that in which direction the world economy will go forward. When growth is still weaker than desirable, innovation and reform are key drivers of growth for both individual countries and the global economy as a whole. The Summit focuses on the issue of growth prompted by innovation and endorses the G20 Blueprint on Innovative Growth as a new agenda encompassing policies and measures in and across the areas of innovation, the new industrial revolution and the digital economy. In this context, the Summit delivered the Enhanced Structural Reform Agenda, noting that structural reform would better tap the growth potential in the mid-to-long term. All the results are the creation in the history of G20, and will bring back vitality to world economic growth.

Third is the Summit delivers a series of pragmatic action plans. In the area of development, the Summit delivers the 2030 Agenda for Sustainable Development, taking a new step in pushing forward global development and cooperation. In the area of trade and investment, the Summit delivers two documents with historic meaning, G20 Strategy for Global Trade Growth and G20 Guiding Principles for Global Investment Policymaking, dedicated to turning the trend of sluggish trade growth and the first framework of multilateral investment rules on worldwide basis, separately. Besides, in the areas such as employment, finance and energy, the Summit also delivers several action plans. As President Xi Jinping said, “let's make G20 an action team instead of a talk shop”.

Fourth is the Summit displayed the determination of common development. Development is the flag of G20 Hangzhou Summit. President Xi Jinping summarizes the outcomes of the summit in the area of development with three "firsts": the first time to give priority to development in global macro policy framework, the first time to draft an action plan for the implementation of the UN 2030 Agenda for Sustainable Development and the first time to take collective actions to aid the industrialization of Africa and least developed countries. The three "firsts" send out an important signal, that is, the G20 not only belongs to its member states, but also the whole world, especially developing countries and their people. Moreover, the summit also held discussions on global issues including climate change, refugees, anti-terrorism and anti-corruption, aiming at creating a favorable environment for the stable recovery of the world economy.

G20 Hangzhou Summit is the bridge of friendship. Countries consulted together to enhance cooperation and search for win-win outcomes. G20 Hangzhou Summit is the bridge for the future. Peoples join hands together to share destinies and difficulties and embrace a brighter tomorrow.