By Hou Jun, Ph.D Candidate, majors in International Relations, China Foreign Affairs University

As host of the Group of 20 (G20) 2016 summit, China has prepared for a long time and is ready to greet heads of states in Hangzhou, Zhejiang Province. As the global economy continues to languish, the summit, themed "building an innovative, revitalized, interconnected and inclusive world economy," may grasp the world's attention.

As the world's second largest emerging economy and one of the largest trading nations, China has been actively participating in building a more reasonable new world economic order to integrate its development with the global economy.

As host state, China has held three coordinators' conferences, three meetings of G20 finance ministers and central bank governors, reaching many achievements that manifest a responsible great nation.

Unlike other host countries setting up topics irrelevant with the conference theme, China's proposals are supported by other members, which focus on development of the world economy. China demonstrates its fairness, justice and responsibility as an international community stakeholder.

Since the 2008 financial crisis, some G20 member states had proposed economic stimulus plans but struggle under a dilemma. Meanwhile, trade protectionism has been growing. The world economy faces huge uncertainties. Prior to the G20 Hangzhou Summit, some consensus has been reached due to China's organization.

Member states have recognized the innovation growth blueprint, action plan and new industrial revolution action plan; agreed to establish an anti-corruption research institute for hunting escaped convicts and recovering ill-gotten gains; commonly opposed to trade protectionism; highlighting the needs of developing countries; to endorse the 2030 sustainable development agenda.

In view of slow economic growth rates, nine priority areas, 48 instructive principles as well as 11 target systems in structural reform have been proposed. International Monetary Fund (IMF) Managing Director Christine Lagarde said, "China has become the leader of the world's structural reform."

The outside world has every reason to believe the upcoming summit would play an historic role in boosting the global economy.  China has been taking concrete actions to promote mature development of G20 summit mechanism, which is expected to play a bigger role as an important multi-economies governing body.  

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

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