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Crossover: Asia's significance in boosting world economy

CCTV.com

08-27-2016 20:00 BJT

Full coverage: G20 Hangzhou Summit

We're now joined by my colleague Wang Mangmang, who is in the Hangzhou studio.

Q: Asia is made up of some of the world's largest developing countries - what role can these nations play during times of weak economic growth? And, how can Asian countries contribute to world economic growth? So hopefully these world leaders will address that and more. However, now we have a preview of what's likely to be on top of the agenda.

The most important thing here is to find a NEW growth driver. If you look back in the history of the G20 Leaders Summit, you will find that it was created as a response to the financial crisis between 2008–2010. So during the first few years, the pressure was on world leaders to think about how to stop the crisis and get the economy back on track as fast as possible.

But this is the first time the focus has been on mid- and long-term plans. The crisis may be over but recovery is too slow. Fiscal stimulus and easy monetary policy is no longer as viable as it was before. So in the coming days, you will probably hear a lot about innovation, the new industrial revolution and the digital economy. And these are also China’s top domestic priorities.

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