Full coverage: G20 Hangzhou Summit

Let's go live to my colleague Wang Mangmang in our studio in Hangzhou where the city is gearing up for the G20 Summit. Plenty of issues will be up for discussion especially on reviving the global economy.

World leaders are well aware that this is an opportunity they cannot afford to let slip. They'll be looking at ways to spur trade and push for a more integrated world economy.

There's been so much written about the benefits of globalization over the years. But the process has been coming under a lot of pressure amid a growing number of regional trade deals and rising protectionism. Our Tracey Chang explains the concept of globalization and why it matters.

The fruit of globalization is easily seen in China. For the past 3 decades, China achieved the unprecedented economic miracle of lifting more than 680 million people out of extreme poverty through trade. China has shown the world that by dropping barriers and opening up, nations could reap great benefits through economic integration and cooperation.

However, in recent years, global trade system has faced enormously challenges. Global trade has not just slowed down; it is in danger of collapsing.
According the Baltic Dry Index, which tracks major commodities moving by sea. It peaked in mid 2008, but plunged 94 percent during the global crisis, and barely recovered since.

Furthermore, Britain’s surprising move to leave the European union ushered in a new period of protectionism and xenophobia. Many have even declared, “The age of globalization is over.”

As one of the biggest beneficiaries of globalization, China has been a hallmark of successful trade integration, showing the world that globalization could be a win-win deal for both multinational corporations, and average citizens. As the host of this year's G20 leaders meeting, China is likely to spearhead the pushback against populist anger towards globalization by encouraging for more opening up and facilitating more trade agreements.