B20 representative attends 2016 T20 Summit in Beijing

Updated: 2016-08-08

The 2016 Think 20 (T20) Summit was held in Beijing from July 29 to 30. Assistant to B20 Sherpa Chang Yun was invited to the meeting, joining nearly 500 participants from more than 20 countries and regions. 

The meeting was centered on the theme of “Building New Global Relationships - New Dynamics, New Vitality, New Prospects”. Panel discussions were also held, including “Global Governance: System Improving and Capacity Building”, “Strengthening the Coordination between Global Growth and Sustainable Development Strategy”, and “Strengthening the Coordination between Regional Trade Agreements and Multilateral Trade Systems”. 

The meeting released the 2016 T20 Chair’s Statement, as well as the T20 Policy Recommendations to the G20, which were submitted to the G20 on June 23. The T20 made the following policy recommendations to the G20: 

First, enhance global economic growth potential. Put structural reforms at the core of long-term growth strategies for all countries; make innovation the key driver of sustained economic growth; and create more and higher quality jobs. 

Second, improve global financial governance. Strengthen macroeconomic policy coordination; enhance financial crisis prevention and management; improve continuous financial regulation; upgrade the role of the SDR (Special Drawing Rights) in the international monetary system; further improve the governance structure of the IMF and the World Bank; and strengthen global tax cooperation. 

Third, facilitate international trade and investment cooperation. Invigorate global trade; maintain the central role of the WTO in global trade cooperation; strengthen coordination on multilateral and regional trade rules; and set up a unified international investment system. 

Fourth, promote inclusive and sustainable development. Strengthen implementation of the 2030 Agenda for Sustainable Development; improve the international system of development financing; promote infrastructure investment; accelerate the development of green economies; and endeavor to help underdeveloped countries and regions develop on a sustainable basis. 

The T20 Chair’s Statement said: “As the chair of the G20 in 2016, China has made enormous efforts and yielded substantial results for the G20. Under the power and coordination of the Chinese presidency, the G20 members have reached a series of important consensuses on breaking a new path for growth, improving global governance, reenergizing trade and investment and promoting global development. They have made important progress in fulfilling the G20 blueprint for innovative growth, guiding principles and index systems for structural reform and global investment decision-making, strategies for global trade growth, , an anti-corruption action plan for 2017-2018, action plans for the implementation of the 2030 Sustainable Development Agenda, promotion of green financing and implementation of the Paris Climate Agreement.”