Editorial: China is endeavoring to pool wisdom during G20 summit

Given the sluggish recovery of the world economy, the profound impact of the international financial crisis has not yet been overcome. This means that for now, the business community--the driving force behind global economic growth--is waiting for a new impetus and fresh opportunities.

The Business 20 (B20), an event within the G20 summit, recently released its policy recommendations to the G20, systematically outlining the expectations of the business community to the governments, business associations and other organizations.

The five B20 working teams are composed of 533 enterprises, business associations, international organizations and think tank representatives. They have held more than 50 events including work conferences, symposiums and interactive activities for B20 and G20 members. A total of more than 3,900 people have participated in such events.

In the B20 policy recommendations, 20 suggestions centering on this year’s G20 themes and vision were offered. For instance, for the theme "forge a new path for economic growth," there is a recommendation that the G20 establish an open network for governments, the private sector, universities and research institutes to share resources, knowledge and achievements in order to boost the global economy and facilitate technological innovations.

For the theme "encourage robust international trade and investment," the report advises the G20 to optimize a multilateral trade system and curb trade protectionism. It also suggests ratifying and implementing the Trade Facilitation Agreement (TFA), advancing e-commerce by endorsing the Economic World Trade Platform (EWTP), integrating small and medium-sized enterprises (SMEs) into the Global Value Chain (GVC) and improving the global investment environment.

The Chinese government and entrepreneurs are now cooperating with global partners to tackle the world's economic challenges. Given the highly inclusive B20 summit, China is clearly playing a leading role and demonstrating its responsibility as a major country.

Befitting its status as a strong leader and team player, China has proposed recommendations that have been widely recognized and praised by Phil O'Reilly, director of the Business and Industry Advisory Committee to the Organisation for Economic Co-operation and Development. On one hand, China is endeavoring to guarantee the consistency of its policies, while on the other hand it attaches great importance to the long-term development of the global business community, O’Reilly explained.

Pierre Nanterme, chairman of the B20 SME Development Task Force, was impressed by the representatives of the Chinese business community during the B20. He noted that it was a pleasure to cooperate with them. With this spirit of cooperation, openness and inclusiveness, China is listening to voices from all around the world while also making its own voice heard. During the eight months of its G20 presidency, China has spared no efforts to unify the community and pool together every member’s wisdom for the good of the global economy.

"It's been a long time since I last saw the world economy with so many troubles," said Harold McGraw III, the honorary chairman of the International Chamber of Commerce. McGraw III added that he is looking forward to the G20 Hangzhou summit.

September is the month of harvest. It is a time to look ahead toward a new path for global economic growth, and the Hangzhou summit will act as a bridge to a prosperous future.