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By Long Guoqiang, DRC

Economic issues will be the major topic for discussion in G20 Summit to be held in Hangzhou, China. After 2008, the impact of the financial crisis and the economic recession has left the global economy experiencing a course of profound adjustment. In order to tackle the crisis, developed countries implemented financial bailout and easy monetary policy to stimulate the economy while emerging economies also took a number of measures to boost economic growth. Due to the different situation in face of the world countries, each country needs to make efforts to find out targeted solutions to reinvigorate the slumping economy in light of its problems. It is noteworthy that G20 is playing an important role in addressing the financial crisis through joint efforts made by various countries, and it has become a significant platform for major economies in the world to carry out macro-economic policy exchanges and coordination.

To give full play to G20, promote the international community to reach a consensus on major issues and push forward the global economic recovery, some points need to be observed. First, the international macro-economic policy coordination should be enhanced. The twenty economies accounting for more than 80% of the world economic share should make their macro-policy decisions from the perspective of global economic recovery, so as to establish an innovative, dynamic, interactive and inclusive world economy. Second, efforts should be continuously made to improve the cooperation of international community to guard against financial risks. Third, various countries are called to explore ways to move out of the trough and advance economic globalization. Fourth, various countries should collectively promote structural reform and release their economic vitality. Fifth, joint efforts are required to push forward new technical revolution, and reform relevant laws and systems accordingly. To help the world economy to bottom out and make a turnaround, all countries should go hand in hand to face their common challenges.

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