Full coverage: G20 Hangzhou Summit
The Fourth G20 Sherpa Meeting of key coordinators for the world's leaders was held in Hangzhou on Friday. That's as final preparations for the G20 leader's summit that starts Sunday hit full stride.
Preparations for the G20 leaders summit that starts Sunday have entered their final stage. The delegations from the G20 member states, guest countries, and international organizations are exerting great efforts to achieve 30 results at the summit.
Trade and investment will be key talking points. Some say that for many countries, the pledge to resist protectionism should not only be renewed but also reinforced in practice.
"Protectionism is a very appealing thing for governments and politicians to promise people in the community that we’ll protect you. we will stop competitors enter into our market. But we do know that will lead to inefficient practices," said Robert Milliner, 2014 B20 Sherpa for Australia.
Inclusive finance is a buzzword in discussions. China will propose a set of principles at the summit to expand inclusive finance. Participants will also discuss how to promote green financing.
Internet finance is growing rapidly in China. China's third-party mobile payment market exceeded 16 trillion yuan in 2015, rising 100 percent year-on-year.
"Every country faces similar challenges. The challenge is achieving inclusive and sustainable growth. Inclusive growth means everybody can participate in this kind of growth, and those not included can also benefit. So, the kind of finance to support inclusive growth is inclusive finance. It makes finance accessible and affordable," said Chen Long, chief strategy officer of Ant Financial.
This is the last coordinators' meeting in preparation for the publication of the of the G20 leaders’ communique after the two-day summit.
Since China took over the G20 presidency in December 2015, it's made a series of ground-breaking accomplishments. The last coordinators' meeting hopes to come up with a high-quality results list for the upcoming summit that's meant to create a stable, innovative, and sustainable global economy.
