Full coverage: G20 Hangzhou Summit

What is the focus of the upcoming G-20's finance ministers and central bank governors? And what can we expect from the gathering? 

Financial officials from the world’s major economies will meet to consider new formulas for growth and their plates will be filled with big issues.

Global growth framework, infrastructure investment, international tax cooperation, international financial architecture, financial sector reform, green finance. 

The meeting will only focus on these macro-policies but experts say the gathering known as the finance track is one of the pillars of the Group of 20's governance.

"Finance tracks at multiple meetings lay the most solid foundation for the final outcome," said Zhou Qianwu, Dir. General, Int'l Economics & Fin., Ministry of Finance.

Eight years on after the world financial crisis, global recovery still remains fragile. 

The International Monetary Fund, for instance, has just lowered its global growth outlook for this year to 3.1 percent. That's the IMF's fifth cut in 15 months.

"Financial risks gathering, trade & investment slowing. Geopolitical events, immigrants, terrorism," said Tian Huifang, senior research fellow, Inst. of World Economics & Politics, CASS.

The G20 mechanism originated from financial officials' meeting in the 1990s and was upgraded into a leaders' summit in the wake of the 2008 financial havoc. 

The G20 has since transformed from a crisis response mechanism to one of global economic governance. 

Experts suggest that the world economy also needs a thorough update.

After rounds of earlier meetings, the G20 officials are expected to reach a broad consensus on how to maintain the global recovery.

"They suggest that the G20 mechanism take a full role in reviving world confidence and leading economic growth," Tian said.

This will be the last finance ministers and central bankers’ meeting before the leaders’ summit in September. Analysts say during economic hardship, it will take the ability and responsibility of all parties to build up a robust and sustainable growth.