Full coverage: G20 Hangzhou Summit

The final version of the B20 Policy Recommendations to the G20, the B20’s core work, was completed in July after extensive negotiations and consultations by the international business community. The policy paper will be presented to this year’s G20 summit.

The B20 recommendations can be broken down into four key phrases. One, break a new path for global economic growth; two, develop more effective and efficient global economic and financial governance; three, encourage robust international trade and investment; and four, promote inclusive and interconnected development.

Sustainable innovation, Massive public platform, Accessible network, Revolutionary reform, and Technological innovation—the SMART innovation initiative is a concept proposed by the B20 to encourage more innovation and entrepreneurship. They are also hoping to find ways to fund more infrastructure investment, by encouraging development banks to enable private-sector infrastructure investment. They also see great potential in green financing and digital technology.

Number two is to develop more effective and efficient global economic and financial governance. Nearly a decade after the global financial crisis, this is still a major talking point. The B20 are keen to strengthen inter-governmental cooperation against corruption and anti-corruption compliance. They want to optimize global financial regulations and adopt consistent and aligned tax policies to drive inclusive growth.

The world is so interconnected now that the B20 are also keen to focus on driving more international trade and investment. They propose eliminating new protectionist measures while rolling back existing ones to enable trade growth. They also see a lot of potential in the concept of the Electronic World Trade Platform (eWTP) to promote more cross-border electronic trade.

And, finally, they want to promote inclusive and interconnected development by removing structural barriers to increase youth employment, and encourange more women to join the labor market. They also want to help educate and train these people, and will look at how they can fill any potential gaps in the workforce.