by Xinhua Writer Zhu Junqing
BEIJING, Aug. 5 (Xinhua) -- Against the backdrop of weak global economic recovery and uncertain political situation, countries in the world look forward to the Group of 20 (G20) playing a bigger role in global governance and economic growth.
Due to the uncertainty surrounding Britain's exit from the European Union, the International Monetary Fund (IMF) in July revised down its forecast for global growth in 2016 and 2017, expecting that the global economy to grow 3.1 percent in 2016 and 3.4 percent in 2017, both 0.1 percentage points lower than its forecasts in April.
Meanwhile, a retreat from globalization is emerging as a danger to the world economy, and a tide of populism is rising, with the appeal of Donald Trump as an example.
Therefore, the world pin high hopes on the G20 that covers economies taking up 85 percent of the world economy.
It is common sense that economic development is a precondition for security, and that economic stagnation would bring unexpected risks and dangers.
The G20 summit to be held in Hangzhou, East China, in September offers a platform for heads of state and government and central bankers to exchange views on macro-economic policy. The members have long recognized the need to shift their strength to economic growth to enhance the base of world security instead of falling into "geopolitical trap."
Furthermore, the potential and driving force of the world economy's medium- and long-term growth, basically, are rooted in innovation, reform and adjustment.
The theme of this year's summit -- "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy" -- vividly reflects the G20's efforts to fully let innovation inspire sustainable economic growth and overcome structural and institutional obstacles.
Advancing with the times, the G20's agenda have been gradually shifting from dealing with the aftermath of financial crisis to long-term governance in recent years, with trade and investment emerging as another critical aspect along with financial and fiscal coordination.
As economies have still not fully recovered from the financial crisis, many countries have turned against free trade. It is high time for the G20 to prevent protectionism.
In China's perspective, the G20 should advocate an open global economy, maintain bilateral or multilateral trading system, and further vitalize international trade and investment to revive the two engines to serve both industrialized and developing countries. Meanwhile, the G20 needs to give developing countries more say to boost the world economy.
