Editor's Note:
As the host country of the 2016 G20 Summit, China has already started preparatory work. What are the expectations? What kinds of changes are likely to take place to the global economy in the following year? The 2015 G20 Think Tank Summit: Global Governance and Open Economy hosted by Renmin University of China over the weekend invited a number of international experts to discuss these issues.
Wang Yong, director of Center for International Political Economy, Peking University, China
China hopes to contribute to global well-being and to strengthen global governance. To address some suspicious views on China's presidency on the 2016 G20 summit is of pivotal importance. Since it has benefitted a lot from the post-WWII international system, China is satisfied with the G20 and the current international economic system. Chinese leaders have spoken highly of the G20, which is a brilliant platform to promote global governance.
The efforts of the G20 have provided a valuable chance for China to deepen its participation in the current international system.
It is expected that China's agenda will focus on four issues: growth, development, stability and reform. This reflects the vast opportunities we're facing and the benefits brought forth by structural transformation.
China's presidency will be important because China's policy stands for new concepts and has an effect on the international relations. China will focus on cooperation between different economies, both developed and developing, to achieve a win-win situation.
The strategy in handling the China-US relationship is also essential. Many people seem to perceive that the solution of global issues depends on the China-US relationship. China may need to put more efforts in explaining its diplomatic relationship with the US.
Generally speaking, it needs to be clarified that China will not take the chance to undermine the US influence in the system. China needs to work more skillfully at communication. In China, we need to explain ourselves better to the West in order to play an important role in the system alongside other emerging economies.
John Kirton, co-director of G20 Research Group, University of Toronto, Canada
From the beginning of the G20, China's contribution has been best described as "careful leadership." Vice Premier Zhang Gaoli has emphasized in St Petersburg the importance of the international growth, financial stability and improving world economic governance. He also highlighted the role of the UN as well as the relevant organizations in global governance, by giving emerging and developing countries greater representation and voice.
Policy coordination is also essential. We need to oppose trade protectionism, encourage all countries, including China, to take part in the road infrastructure initiative and realize sustainable growth by restructuring, innovation and technological revolution.
China has been the Asian representative of developing countries in the G20. The G20 has been created and continued to do two distinctive things: To promote financial stability and to make globalization work to the benefits of all.
More involvement of think tanks can help in the assessment and the implementation of policies.
Astrid Skala-Kuhmann, director of Global Partnerships and Emerging Economies, Deutsche Gesellschaft für Internationale Zusammenarbeit, Germany
Global development is important for the G20. First of all, we need to adopt the universal development goals. Second, more attention should be given to global climate change.
Realizing green growth via innovation, together with connectivity, is essential for the success of these two global agendas. China has demonstrated its commitment to green growth by making efforts to shift its attention from the quantity of growth to the quality of growth. China has set up a national innovation system to experiment with different approaches.
Globalization has led to increased connectivity in infrastructure, trade and mobility. However, connectivity gaps still constitute a major impediment to inclusive and sustainable growth. The investment in infrastructure is far from perfect. The G20 members need to pay attention to the infrastructure investment. Currently China has put forward national and regional initiatives, including the "One Belt, One Road" initiative and the Asian Infrastructure Investment Bank to promote connectivity.
Akshay Mathur, director of Research and Fellow, Geoeconomic Studies Program at Gateway House, India
It is pretty clear that some of the world's largest energy importers are still in Asia and yet the commodity and oil prices are constantly fluctuating in the region. The consumption patterns in these countries are far from perfect. We need to rationalize imports and sales, which will have a big impact on many countries.
Maybe China can lead the importing countries by coming up with some cooperative formula to make the renewable energy and fossil energy easier to access for our energy security. We should also pay attention to commodity prices. Oil prices increased by over 100 percent from 2006 to 2013. The fluctuation in crude oil prices has had an impact on the energy market. Such price fluctuations have even occurred in the food market. We have to come up with a solution to secure the stability of the food prices. China should pay attention to this issue while acting as the chair of the 2016 G20 summit.
China's "One Belt, One Road" initiative is important in the global financial market. Rather than being limited to infrastructure plan, this initiative can be expanded to commercial sector. We can take advantage of this initiative to boost the economic prosperity of foreign companies and enhance their cooperation with China. We should also build a fair commercial pattern to realize joint development.
In terms of financial system, we need to promote the internationalization of the yuan and the rupee. This will facilitate the development of trade. In addition, China can learn from India's legal system, which has managed to help India stay away from the trans-Atlantic economic problems.