TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
G20 Hangzhou Summit: Toward an inclusive world economy
The next G20 summit will be held from Sept. 4 to 5, 2016 in Hangzhou, China. Chinese President Xi Jinping and Indonesian President Joko “Jokowi” Widodo will join the leaders of other G20 members and international organizations to discuss matters of vital importance for global economic cooperation.
Change Size
Trade ministers and delegates attend the opening session of the G20 Trade Ministers Meeting in Shanghai July 9. (Chinatopix via AP/-)
The next G20 summit will be held from Sept. 4 to 5, 2016 in Hangzhou, China. Chinese President Xi Jinping and Indonesian President Joko “Jokowi” Widodo will join the leaders of other G20 members and international organizations to discuss matters of vital importance for global economic cooperation.
As the premier forum for global economic governance, the G20 summit mechanism was set up at the height of the international financial crisis in 2008. At the time, member states forged close partnerships that enabled us to jointly tide over a difficult time.
We have coordinated monetary and fiscal policies, pushed ahead reform of international financial institutions and brought the world economy back from the precipice.
Today, the global economy and economic cooperation have reached another crucial turning point. The momentum for global recovery remains weak. A lack of internal dynamism and a strong economic foundation further prolongs the restructuring and adjustment process.
The global economy is yet to fully stabilize and bottom out from the crisis. Weak demand in advanced economies further moderates the pace of recovery.
Restructuring difficulties in the developing world add to downward pressure. Recently, the International Monetary Fund (IMF) once again lowered its growth forecast for the global economy. Given the sluggish global trade and emerging protectionism, it remains a long and arduous task to build a truly open global economy.
At this crucial juncture, all eyes are on the G20. As an important forum for cooperation among developed countries, emerging economies and developing countries, the G20 plays a key role in leading and advancing international economic cooperation. It should act with a broad vision and deliver concrete outcomes. It should address critical issues affecting the global economy and endeavor to reenergize the global economy.
As the holder of the G20 presidency, China is keenly aware of the heavy responsibilities on its shoulders. During preparations for the G20 Hangzhou summit, China is working with all parties to pull in one direction in the spirit of a win-win partnership and to help pool wisdom and form synergy. We are working to seek common solutions and contribute China’s wisdom to this year’s summit themed “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy”.
The Hangzhou summit is expected to deliver nearly 30 outcomes, making it the most fruitful one in G20 history. We will forge new impetus to promote robust, sustainable and balanced growth of the global economy through innovation; provide new solutions to various difficulties faced by the economic and financial sectors through structural reform; find new ways to reignite the engine of growth for global trade and investment through stronger policy coordination; explore new prospects in leading the global implementation of the 2030 Agenda for Sustainable Development through greater development cooperation; and lay the groundwork to facilitate the G20’s shift from a crisis response mechanism to a long-term governance mechanism through enhancing its decision-making, implementation and influence.
I am confident that with concerted efforts from all parties, the Hangzhou summit will fulfill our expectations and help build confidence and hope across the globe.
As an important emerging economy and a major developing country, Indonesia is the only Southeast Asian member of the G20. Under the leadership of President Jokowi, Indonesia is committed to promoting reform, development and people’s livelihoods and has achieved sustained and rapid growth.
Now, Indonesia plays an indispensable role in stabilizing the global economy. It has become the third-fastest growing economy among G20 members with an annual growth rate of 4.8 percent in 2015.
Statistics from the Investment Coordinating Board (BKPM) also show that Indonesia’s realized foreign direct investment (FDI) in the first half of 2016 increased by 12.3 percent to exceed US$14 billion, including $1.01 billion from the Chinese mainland, which increased significantly by 532 percent from the same period last year.
These figures demonstrate the confidence of Chinese and other international investors in Indonesia’s economy. I have full confidence in Indonesia’s growth prospects as well as our trade and investment cooperation.
As an active participant in previous G20 summits, Indonesia has made important and unique contributions to the reform of international financial institutions, infrastructure cooperation and global sustainable development and helped to uphold the interests of developing countries. China and Indonesia are the two largest emerging economies in East Asia and share similar positions and broad common interests in enhancing and reforming global economic governance.
To maintain close communications, coordination and cooperation constitutes an integral part of our comprehensive strategic partnership. During preparations for the G20 Hangzhou summit, China has received, as always, strong and continuous support from Indonesia.
President Jokowi will soon leave for China to attend the G20 summit and meet with President Xi. This will be President Jokowi’s third visit to China and the fifth meeting between our two presidents. Such frequent high-level exchange is unprecedented in our bilateral history and demonstrates the high standards of performance of our relationship.
The two presidents will have in-depth discussions on aligning our development strategies, enhancing practical cooperation and jointly promoting peace and prosperity in the region and beyond. Hangzhou, renowned for its rich history, is also a city of innovation.
It is a cosmopolitan city with a distinctive Chinese cultural appeal and global vision. I believe President Jokowi’s upcoming visit will not only help to ensure a successful G20 summit but also reinvigorate the growth of our bilateral ties.
***
The writer is the Chinese Ambassador to Indonesia.
---------------
We are looking for information, opinions, and in-depth analysis from experts or scholars in a variety of fields. We choose articles based on facts or opinions about general news, as well as quality analysis and commentary about Indonesia or international events. Send your piece to community@jakpost.com. For more information click here.
