G20 Hangzhou summit to be 'great opportunity' to advance global economic agenda

GMT 14:42 2016 Saturday ,21 May

Arab Today, arab today G20 Hangzhou summit to be 'great opportunity' to advance global economic agenda

The 2016 Group of Twenty Summit
Washington - XINHUA

The 2016 Group of Twenty (G20) Summit will be a great opportunity for the world to push forward the global trade agenda and promote economic governance and reform, a U.S. global economics expert told Xinhua in a recent interview.

There is a great opportunity for the bloc to advance the international trade agenda by seeking new approaches to finalize the long-stalled Doha round of trade liberalization talks, said Matthew Goodman, a senior adviser for Asian economics at the U.S. think tank Center for Strategic and International Studies.

As a former official who helped U.S. President Barack Obama for the preparation of the G20 and G8 summits, Goodman suggests China take the advantage to push forward agendas not only on global trade and economic governance, but also on infrastructure, economic reform and growth as well as energy efficiency.

On setting agenda on financial regulatory reform, Goodman said it will benefit both China and the international financial system.

Financial regulatory reform, which aims to provide a better regulatory framework for banks, has become a focus of the G20 summit since 2008. "That agenda has made a lot of progress but there is probably more work to be done," he said.

"I expect China to do that at the Hangzhou Summit ... it is a great opportunity for China," he added.

China will host the 2016 G20 Summit in the eastern city of Hangzhou on September 4-5 under the theme "Building an innovative, invigorated, interconnected and inclusive world economy."

As the world economy continues to face new and tough challenges in 2016, China is playing an increasingly significant role in boosting world economic growth and improving global economic governance.

"I think through the agenda China can reinforce some of its own domestic effort and show the G20 what it is doing at home to make China's financial sector more safe and sound," he said.

Goodman also hopes China pushes G20 leaders to discuss energy efficiency to counter climate change and improve their economic growth prospects. China can also display its efforts and achievements in promoting cleaner growth during the discussion.

What's more, global health management, particularly regarding Ebola, the zika virus and the avian flu, is an area where China can set agenda, he added.

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