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10 key achievements of G20 Hangzhou summit (2)

(People's Daily Online)    15:22, September 07, 2016

4: Investment

The Hangzhou summit endorsed the G20 Guiding Principles for Global Investment Policymaking, which will help to foster an open and transparent global policy environment for investment. As the first framework of multilateral rules governing international investment, the Guiding Principles will serve to promote the transition of G20 from a crisis response to a long-term method of governance.

The Guiding Principles constitute a prominent contribution to the G20 Hangzhou summit. They not only facilitate the flow of investment from financial fields to infrastructure, they also improve the international investment structure.

5: Financial reform

The Hangzhou summit endorsed the G20 Agenda Towards a More Stable and Resilient International Financial Architecture, which stressed the importance of international financial institutions when it comes to risk prevention and management. G20 members welcomed the 2010 IMF quota and governance reform, and are now working toward the completion of the 15th General Review of Quotas by the time of the 2017 Annual Meetings.

G20 members support the World Bank Group in implementing its shareholding review according to the agreed upon roadmap, timeline and principles. The objective of this implementation is equitable voting power over time. The communiqué supports the ongoing examination of the broader use of Special Drawing Rights (SDR), and welcomes the inclusion of the RMB in the SDR currency basket.

Another highlight of the summit is the commitment to reform international financial institutions to better fit the current world economy. Supporting the right of emerging countries to voice their perspectives in international financial institutions is conducive not only to a more balanced and sustainable world economy, but also to the realization of a global community with a common destiny.

6: Anti-corruption

The summit endorsed the G20 High Level Principles on Cooperation on Persons Sought for Corruption and Asset Recovery. Members also adopted the initiative to establish a research center in China dealing with international cooperation on cases of corruption and asset recovery among G20 member states.

Meanwhile, the 2017-2018 G20 Anti-Corruption Action Plan was also endorsed, which aims to improve integrity in the public and private sectors, implementing a zero tolerance stance against corruption.

The committed participation of G20 members plays an important role in global crime prevention, assets recovery and anti-corruption efforts. China attaches great importance to international anti-corruption measures, and actively promotes the establishment of a worldwide anti-corruption network.

7: Trade

The communiqué commits to revitalizing global trade and investment as key engines of growth, and constructing an open world economy. It calls to action the G20 Trade Ministers Meeting and the G20 Trade and Investment Working Group (TIWG).

The G20 Strategy for Global Trade Growth was drafted in order to promote the inclusive, coordinated development of global value chains, support a multilateral trading system and reject protectionism. These measures can help to unlock the potential of global trade cooperation and reverse the decline of global trade growth.

The transition of G20 from a crisis response to a long-term method of governance is another true milestone. It speaks to the effective integration of global resources, which will boost economic globalization and promote world economic growth.


(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor: Du Mingming,Bianji)

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