By Héctor Zavala Guzmán, Peking University Yenching Academy student from Mexico
China will host the 2016 G20 Summit on Sept. 4-5 in Hangzhou, Zhejiang Province, east China. To understand China's amazing economic rise, we should pay attention to Chinese President Xi Jinping's ‘New Normal’ economic theory, which he had introduced in 2014.
PKU professor Yang Yao, director of China Center of Economic Research and National School of Development wrote in his book The Chinese Growth Miracle, that "China is a large country, and its participation in the world system possesses different applications to the rest of the world."
He believes Beijing has experienced dramatic economic growth after major reforms were introduced by the late paramount Chinese leader Deng Xiaoping in the late 1970s, such as the opening-up policy welcoming more foreign direct investments (FDI) and the establishment of several Special Economic Zones.
The nation has emerged as the world's second largest economy and it's imperative for Mexico to follow closely how Beijing is implementing its economic policies both domestically and internationally. Any change could impact the global community in many ways.
China deserves to host the 2016 G20 Summit, since the country has played pivotal roles in solving numerous global issues, while managing challenges with an innovative approach.
Beijing has performed a benchmarking process to focus on topics such as economic growth, re-balancing, upgrading, liberalization and the environment that stand in line with key agenda items for G20.
Such themes, "Breaking a New Path for Growth", "Robust International Trade and Investment" can alleviate poverty, counter terrorism financing and develop strategies to eradicate corruption among government officials.
Xi believes that China hosting the G20 Summit "shows both the international community's strong confidence in China and China's sincere wish to make contribution to the international community."
G20 officials should pay more attention to the world’s youth and give greater credence to the Y20. They will become the next generation of global leaders and they should be more involved in the global governance decision-making process.
Young people should get more informed about geo-political topics and take an active part in discussions at the G20, so they can offer their fresh perspectives for win-win solutions that help all participating countries.
Since assuming the G20 presidency for 2016, China stands ready to work together with all members toward an "Innovative, Invigorated, Interconnected and Inclusive World Economy."
Additionally, the New Normal theory demonstrates a shift in the economic growth model of China from high-speed growth rates to medium high-speed growth that would be driven by innovation and would attempt to resolve challenges including air pollution and exploitation of natural resources.
The Chinese Academy of Sciences has launched a project named "CAS Innovation 2020: building tomorrow"[ Chinese Academy of Sciences. August 16th, 2016, Website: http://english.cas.cn/about_us/introduction/201501/t20150114_135284.shtml], which promotes innovation and converting scientific discoveries into new technologies that would expand economic growth and sustainable development.
Beijing is dealing with critical concerns that have affected the global economy, while all eyes are now on China.
Daniel Servitje, chairman of Grupo Bimbo, a bread company based in Mexico, said after Mexico hosted the 2012 G20 Summit, "if you want to be in any business today, you have to be close to what's happening in China. If we have global aspirations, we have to be in China."
Héctor Zavala Guzmán, Peking University Yenching Academy student from Mexico
( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )
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