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In the Hangzhou Summit with the G20, China intends to present its plans to revive the world economy.
The 40 world leaders expected to attend the two-day summit in Hangzhou in the province of Zhejiang in China would be discussing some of China’s important issues including world economic growth.
Challenges are increasing in China including regional and domestic tensions. The recent suicide bombing in Kyrgyzstan’s Chinese Embassy is another sign of tension in the region against the country.
China intends to have monetary and fiscal stimulus polices to used including reforming structural areas from free trade to the labour market.
“President Xi Jinping will seek to achieve a landmark agreement to revive global growth, while leaving political tensions aside, particularly China’s territorial claims in the South China Sea,” said Ricard Torne, a senior economist at Barcelona-based consultancy FocusEconomics. “Promoting innovation and inclusive growth will be on Xi’s agenda, along with strengthening global trade in a context of rising protectionist measures.”
Worldwide, economic growth continues to disappoint with fluctuating rates. The International Monetary Fund had projected that the global gross domestic product would grow only about 3.8 per cent this year.
The latest update had seen a 3.1 per cent reduction to the said figure.
China is out to help resolve chronic economic problems in recent years as it tries to switch from an investment-led growth model to a consumption-led model. Currently, it sees technological development and innovation while simultaneously cutting excess industrial capacity by breaking monopolies in its home.
Zhao Xijun, a finance professor at Renmin University in Beijing, said: “China has gained some experience in structural reforms while maintaining steady economic growth. The experience is valuable to countries with similar problems amid an economic slowdown.”