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G20 Hangzhou Summit summary

While world leaders are meeting in Turkey to discuss key issues like global economic growth, preparations for the 2016 G20 Summit in China have already begun. The 11th G20 summit will take place on September 4th and 5th in Hangzhou.

The G20

The G20, also known as the group of twenty, is the international forum of the governments and central bank governors from the 20 wealthiest economies of the world. Launched in 1999, this forum for global economic and financial cooperation aims to study, review and promote high-level discussions about vital issues in order to reach an international financial stability. The group of twenty has regularly organized summit meetings and conferences.

The G20 presidency rotates annually among its members. In order to assure an easy transition, there is a « troika » to support the presidency, made up of the current, the last and the next host summit countries. In 2015, the members of that « troika » were Turkey, Australia and China.

Focus on the upcoming G20 meeting

China’s president Xi Jinping is now in Turkey to take part in the 10th G20 summit. Last Monday, he announced that China will host the next Group of Twenty (G20) summit September the 5th and 6th in the eastern city of Hangzhou.

The next summit will focus on the innovation upon growth patterns to improve global economic and financial governance. It also aims to boost international trade and investment as well as to promote inclusive and interconnected development. President Xi said that « We need to increase the representation and voice of the emerging-market economies and developing countries, so as to enhance the capabilities of the world economy to resist risks », and in that sense, Xi completed his announcement communicating that the theme of the next G20 in China will be « Building an innovative, invigorated, interconnected and inclusive world economy » before adding that « China will take an open, transparent and inclusive attitude in the preparations, and will enhance communication and coordination with all G20 members to jointly maintain, build and develop the group in a sound way. »