B20 proposes new concept 'SMART' to G20 to boost innovation

Updated: 2016-08-28 CRI Online

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Representatives preparing for this year's Business 20, or B20 Summit, have completed a policy recommendation report to be shown to leaders at next month's G20 Summit.

The report offers 20 suggestions covering topics such as finance, trade and investment, and infrastructure.

The concept called "SMART" was outlined in a report aimed at facilitating an innovative and sharing business environment.

"SMART" is an acronym for Sustainable innovation, Massive public platform, Accessible network, Revolutionary reform, and Technological innovation.

Dan Sarta, president of A.T. Kearney in China region, a global management consulting firm, says the concept is expected to provide a platform for the sharing of knowledge, resources and technologies, in a bid to boost economy.

"What this SMART platform does is to provide a global platform for people to come together and share those ideas. If you need financing, you can find a mechanism for financing. If you have something that you can share, whether it's a software, whether it's a new idea, you can put on that platform. It really creates a shared environment for people to be able to come together, and put solutions to the technologies for the future."

Under the SMART platform, five special G20 programs will be established including an exchange program, new visa program, innovation fund, sharing platform and a think platform.

The new SMART platform is expected to create many more job opportunities as well.

Li Yanhong, CEO of Baidu, the major Chinese web services company, and also head of the employment work group under the B20, said his main suggestion is aimed at innovation and entrepreneurship.

"G20 countries should have a better mechanism for their young people to communicate, for example, having fast visas, so that people from various countries can share with each other. This will bring about technological innovation and also many opportunities, especially job opportunities."

The B20 is a platform for the global business community and economic regulators to make policy suggestions to the G20.

This year's B20 summit will take place in Hangzhou on September 3, just ahead of the G20 Summit.

Chinese President Xi Jinping is scheduled to address the B20 Summit, which will be attended by over 800 business leaders from G20 members and global businesses.