Successful 2016 B20 Summit concludes in Hangzhou

Updated: 2016-09-09

The 2016 B20 Summit concluded successfully on the morning of September 4. The summit issued the B20 2016 Policy Recommendations to the G20, and organized discussions attended by representatives from the international business community on priority issues in the world economy. The meeting brought together 1,100 people in Hangzhou for dialogue with G20 leaders, achieving many consensuses as well as fruitful outcomes.  

Chinese President Xi Jinping attended the opening ceremony and delivered his keynote speech, “A New Starting Point for China's Development, A New Blueprint for Global Growth”.

Following the address, Xi received the B20 2016 Policy Recommendations to the G20 from Jiang Zengwei, the 2016 B20 Chair and Chairman of the China Council for the Promotion of International Trade (CCPIT).

图片1_副本.png

Jiang Zengwei, 2016 B20 Chair and CCPIT Chairman, addresses the closing of the B20 Summit.

Participants gave positive feedback on the B20 policy paper, praising the recommendations and proposed measures as consistent, innovative, up-to-date and insightful, and saying they’ll serve as an important reference for the G20 in improving global economic governance and spurring world economic growth.

The B20 policy paper contains 20 major policy recommendations as well as 76 concrete measures. The participants to the summit endorsed this year’s new initiatives, including the G20 SMART innovation initiative, development of green financing and investment markets and establishment of the Electronic World Trade Platform (eWTP). They also supported newly proposed solutions to issues raised at previous B20 summits, such as accelerating the pipeline of high-quality infrastructure projects and improving policy inclusiveness to support SME development.

During the summit, Argentine President Mauricio Macri, Australian Prime Minister Malcolm Turnbull, and Canadian Prime Minister Justin Trudeau, as well as officials from the International Monetary Fund, the World Bank, the World Trade Organization, the United Nations Industrial Development Organization, and the Organization for Economic Co-operation and Development participated in relevant discussions and exchanged views with representatives of the business community. All parties agreed the G20 should keep an open attitude toward enhancing cooperation, advancing reforms and boosting growth. They also urged concerted efforts in building an innovative, invigorated, interconnected and inclusive world economy through such measures as stepping up cooperation between governments and companies, creating a favorable environment for attracting investment, increasing educational input and enhancing research and development of new technologies.

图片2_副本.png

President of the Federation of German Industry, Ulrich Grillo, makes a speech.

图片3_副本.png

Gerhard Braun, Vice President of the Confederation of German Employers' Associations.

Focusing on “breaking a new path for global economic growth”, “developing more effective and efficient global economic and financial governance”, “encouraging robust international trade and investment”, and “promoting inclusive and interconnected development”, the participants had in-depth discussions and reached consensus on many major issues.

Against a background of unbalanced global growth with continuous downward risks and uncertainties, efforts should be made to break a new path for global economic growth, the participants agreed. Measures for promoting a sustainable and healthy global growth include: implementing programs such as the SMART innovation initiative, increasing high-quality and “bankable” projects, promoting innovation in financial tools for infrastructure investment, facilitating private sectors' investment in infrastructure, promoting the development of green finance and investment markets, developing inclusive financing, and encouraging mass entrepreneurship and innovation.

With regard to developing more effective and efficient global economic and financial governance, the participants proposed optimizing global financial regulations, enhancing international tax policy coordination, strengthening international cooperation against corruption, supporting debt financing and equity investment, improving SMEs’ access to finance and expanding funding channels so that the financial sector can give full play to its role of “supplying blood” to the real economy.

In view of the twists and turns in the globalization process as well as a significant slowdown in global trade and investment, the participants called on G20 governments and relevant international organizations to strengthen the multilateral trading system and stop protectionism. Moreover, they hoped G20 countries will ratify the Trade Facilitation Agreement by the end of 2016 and commit to its rapid implementation, endorse the eWTP initiative, incubate cross-border e-trade rules, develop clear guiding principles on global investment policymaking and optimize the global investment policy environment in order to encourage growth in international trade and investment.

To address the issue of unbalanced global economic development, the participants urged G20 governments to take measures to eliminate structural barriers, increase the employment rate of youth and women, reduce skill mismatches and capability gaps in the workforce, lower compliance costs and improve access to public procurement markets in order to support SME growth. They also called for adopting innovative technologies and management approaches to increase the value of infrastructure projects, and strengthening national, regional and global infrastructure interconnectivity in a bid to promote inclusive and interconnected development so that the fruits of world economic growth can benefit more countries and groups.

The participants gave high praise for the work of this year’s B20, saying its policy recommendations will be of great significance to future economic and social development. They expressed the hope that the G20 will give feedback as well as requirements, and work together with the B20 to ensure these recommendations get implemented.

During the B20 Summit, a special meeting was held advocating the G20’s leading role and social partners’ contribution. Representatives from the G20 Hangzhou Summit’s engagement groups, including B20, C20, L20, T20, W20 and Y20, were invited to make recommendations to the Hangzhou summit from many perspectives. It marked the first ever special meeting of supporting groups in the history of G20 summits and embodied openness, transparency, democracy and inclusiveness, all values upheld by China, this year’s host.

At the closing ceremony, Jiang said the B20 Summit, with broad representation, had full and fruitful interaction with the G20. He extended thanks on behalf of the CCPIT and the B20 Host Committee to companies, business associations, research institutes, experts and academics for their active participation in this year’s B20, and also expressed his gratitude to relevant international organizations, Chinese government departments and Zhejiang Province and Zhangzhou City for their intensive support.

图片4_副本.png

Jiang Zengwei (L) hands the B20 presidency to Ulrich Grillo (C), President of the Federation of German Industries, and Gerhard Braun, Vice President of the Confederation of German Employers' Associations. 

Before the summit was wrapped up, Jiang transferred the B20 presidency to the representatives of next year’s host, President of the Federation of German Industry Ulrich Grillo and Vice President of the Confederation of German Employers' Associations Gerhard Braun. Germany will host the 2017 B20.