G20 leaders’ summit – Reading material on the G20 in 2016

European Council President Donald Tusk and Jean-Claude Juncker, the President of the European Commission, will represent the EU at this year’s 11th G20 summit, which is to be held on 4 and 5 September in Hangzhou, China. The summit will be the culmination of China’s diplomatic agenda this year.G20

China has assumed the rotating presidency of the G20 at a time when the global economy is facing significant challenges: economic growth is continuing to slow, a number of emerging markets are in recession and commodity producers are experiencing severe difficulties.

The G20 has a critical part to play in addressing these problems and China, as G20 president, will bear significant responsibility for ensuring action is taken.

The theme of this year’s summit is ‘Towards an innovative, invigorated, interconnected and inclusive world economy’, and Chinese President Xi Jinping has identified the following priorities for China: strengthening macroeconomic policy communication and coordination; promoting reform and innovation and boosting the medium- and long-term potential of the world economy; building an open world economy and reinvigorating international trade and investment; implementing the UN’s 2030 sustainable development agenda and lending strong impetus to equitable and inclusive development.

The Group of Twenty (G20) is a forum for international economic cooperation and decision-making. It comprises 19 countries and the European Union, plus several guest countries which are invited every year.

The G20 began in 1999, in the aftermath of the Asian financial crisis, as a meeting for finance ministers and central bank governors to discuss the global economy, the reform of international financial institutions, financial regulation and the economic reforms needed in member countries. The first G20 leaders’ summit was held in 2008, in Washington, as a response to the global financial crisis. Since then, the G20 has discussed ways to tackle the different recovery paths of the advanced and emerging economies. In September 2009, at the Pittsburgh Summit, the G20 was designated as the premier forum for international economic cooperation, marking a significant advance in global economic governance reform.

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