Full coverage: G20 Hangzhou Summit

Ahead of the upcoming G20 summit, China's Finance Minister Lou Jiwei has said the country is making significant contributions to the global economy. He has also responded to some doubts over China's economic new normal.

He said, "Overall, emerging countries contribute over 50 percent to global economic growth. China contributes over 25 percent to world economic growth. This is still less than some countries expect."

"We contributed over 50 percent in 2009 and 2010. So with 25 percent now, others are saying this is China's collapse. China only accounts for 15 percent of the world economy, but we contribute 25 percent to growth."

Lou said that as an active member of the G20 group, China is also contributing in other ways. The G20 summit was created in 2008 as a result of the international financial crisis. He said that the group succeeded in reviving economic growth. But warned that because the world is at a turning point, the G20's functions have to be adjusted.

He said, "Holding the presidency, China focuses on innovation of the G20 mechanism. We aim to transform the function of the platform from crisis management to long-term governance, from short-term policies to structural reforms."

"With the decline in marginal effect, countries are turning to negative interest rate policies. And these policies are not working so well. So people now start to realize we have to focus on the long term."