China has three expectations for G20 Summit

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09:25

Officials from China's commerce sector and central bank expressed the country's expectations in trade and economic areas for the upcoming G20 Summit on Friday.

Wang Shouwen, China's vice minister of commerce, said China has three particular expectations. The first expectation is to further strengthen trade and investment cooperation and tap into new growth drivers.

Wang said the G20 Trade Ministers' Meeting, which was held in September, had positive outcomes.

Wang Shouwen, China's vice minister of Commerce, speaks at a news briefing conference, November 23. /CGTN Photo

Leaders agreed to further support G20 trade cooperation for sustainable trade development and keep open markets. They will formulate the compilation of good cases and practices and share experience in improving the global value chain, as well as provide guidance to policymaking and business operations.

The second is to deepen cooperation for inclusive and sustainable development.

During the G20 Hangzhou summit in 2016, an important consensus on sustainable development was reached while stressing on the 2030 sustainable development goals (SDGs). The 2030 Agenda, endorsed at the 2015 UN Summit for Sustainable Development, is a blueprint for eradicating extreme poverty across the world by 2030.

Wang said that China will continue to uphold SDGs during the G20 talks.

The third expectation is to consolidate a multilateral trading system. The multilateral framework has played an important role in promoting a sustainable and enduring development of the world economy. China hopes all sides will continue to consolidate the system.

China also supports the necessary reform of the WTO to enhance its efficacy and authority, said Wang.

Expected progress on finance

Chen Yulu, deputy governor of People's Bank of China (PBOC) outlined expected progress on finance for the summit, including coordination of macroeconomic policies, reform of the international financial architecture and cooperation on green finance and digital finance inclusion.

Chen said PBOC and the Ministry of Finance have been involved in the work for several months.

China hopes the G20 will continue to play its role of a coordinator in the global economy. All parties should continue to use financial and monetary policies to create strong and balanced growth, said Chen.

The G20 Hangzhou summit in 2016. /VCG Photo

The G20 Hangzhou summit restarted the financial architecture working group and delivered fruitful results. Given that some developing economies and emerging markets are facing volatilities, the importance to enhance global financial safety net was highlighted.

Chen said all parties should study how to reduce sharp fluctuations in capital flows and improve the current monetary system.

PBOC and Bank of England are leading the work to compile the 2018 G20 sustainable finance synthesis report. This year, green finance will be focused on employment and income distribution, Chen added.

In Hangzhou, G20 leaders had also agreed on a high-level principle for digital financial inclusion, vowing to continue to help individuals and small and medium-sized enterprises (SMEs) in the informal economy with financial inclusion and make policy guidelines.

China has made leading efforts in financial technology and encrypted assets. The country will further leverage the opportunities brought by technology to prevent relevant risks, said Chen.