The Promise of China’s G-20 Presidency
Next year, the G-20 has an opportunity to show that it can deal effectively with global crises, from plummeting growth to transnational terrorism. With China – a country that has proved its willingness to put its money where its mouth is – at the helm, greater international cooperation and economic integration is certainly possible.
HONG KONG – In just over a month, China will assume the G-20 presidency. Over the next year – and especially at the organization’s September summit, to be held in Hangzhou – China plans to help lay the groundwork for a world economy that is more “innovative, invigorated, interconnected, and inclusive.” The question is how.
One place to look is the current G-20 presidency, held by Turkey, which has emphasized inclusiveness, implementation, and investment for growth. Though securing consensus within the G-20 is notoriously difficult, the Turkish presidency has had three key successes.
In the last year, Turkey has spearheaded a new accountability framework for efforts to boost growth in the G-20 countries. It has launched a World Small and Medium Enterprise Forum aimed at enhancing the contributions of SMEs to the global economy. And at the recent G-20 summit in Antalya, held just two days after the November 13 terrorist attacks in Paris, a consensus emerged that the fight against the Islamic State is a “major priority.”