Full coverage: G20 Hangzhou Summit

Time is ticking for the B20 to start on Saturday. The 2016 B20 chair -- Jiang Zengwei -- said Thursday that the global economic situation seeks lower trade barriers to allow goods and capital to flow freely.

A press conference of the Business 20 (B20) summit is held in Hangzhou, capital of east China's Zhejiang Province, Sept. 1, 2016. (Xinhua/Chen Yehua)

Jiang also said that the B20 and G20 share the same concerns and that the success of this year's G20 summit in Hangzhou depends on whether delegates can agree on a variety of issues.

The B20 meetings were established in 2010 to provide the business community with a platform to influence global trade issues and economic governance.

More than 800 delegates from around the world are participating in this year's meeting. They will discuss the B20's six task forces, including Trade and Investment and Anti-Corruption.

The B20 has already submitted its latest policy recommendations to the G20.