G20 summit to boost confidence in global economic recovery

The 17th Group of 20 (G20) summit, scheduled to take place here from Tuesday to Wednesday, is expected to build global consensus and bolster confidence in world economic recovery.

Experts and business leaders worldwide pinned their hope on major economies to strengthen coordination on macroeconomic policies and promote multilateralism, openness, inclusiveness and win-win cooperation. They voiced confidence in China’s active role in the G20 and its contribution of wisdom to building an open, inclusive and balanced world economy that benefits all.

On the theme “Recover Together, Recover Stronger,” the G20 summit will focus on three priority issues, namely global health architecture, sustainable energy transition and digital transformation.

To strengthen world health systems, the summit is expected to help improve global COVID-19 response and facilitate the transformation of global health infrastructure, and contribute to making health systems more resilient, inclusive, equitable and crisis-responsive. 

And forums to be held on the sideline of the summit will gather experts, officials and business leaders worldwide to discuss inclusive digital transformation, energy accessibility, smart and clean energy technologies, and energy financing. 

As a new driving force for global economic growth, the digital economy has become critical, said Bambang Suryono, chairman of the Indonesian think tank, Asia Innovation Study Centre.

In the view of Peter Drysdale, head of the East Asian Bureau of Economic Research and East Asia Forum at the Crawford School of Public Policy at the Australian National University, climate change is an issue of common concern and an issue where there can be progress made among major parties. 

“It’s important that there would be one significant progress on key issues, like cooperation on the climate change issue,” he said. 

“For global challenges, we need to find a common solution, and the G20 is the platform where these collective decisions and collective leadership are emphasised,” said B. R. Deepak, chairperson of the Centre of Chinese and Southeast Asian Studies at the New Delhi-based Jawaharlal Nehru University.

The global economy is susceptible to multiple impacts, one of which is exerted by soaring inflation in a number of countries, both rich and poor. -Xinhua

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