On March 24, 2016, Boao Forum for Asia (BFA) held a special discussion meeting on the preparation work for the G20 Hangzhou Summit. Foreign Minister Wang Yi, Commerce Minister Gao Hucheng and Governor of the People's Bank of China Zhou Xiaochuan introduced relevant considerations and progress of preparations for the G20 Hangzhou Summit to be hosted by China. Over 200 representatives from political, business, academic and media circles of China and abroad who attended the BFA were present at the meeting.

Wang Yi pointed out that currently the world economy is facing many challenges including declining confidence in markets, insufficient driving forces for growth and differentiation of policies in major economies. Faced with complicated situations, China puts great importance to the preparations for G20 Summit. China will make efforts to promote G20 to chart course for the development of world economy, and advocate following an innovation-driven way, deepening structural reforms and seeking development and win-win results under a more open environment. China will push the G20 to continue to explore a new way in revitalizing the world economy, work with other members of G20 to formulate a new blueprint for innovative growth, and make efforts to solve the problem of insufficient growth impetus. China will promote G20 to put the issue of development in a highlighted position in the coordination of global macro-policies, call for members of G20 to take the lead in signing the Paris agreement on climate change, and set down action plans in such fields as sustainable development, new industrial revolution, digital economy, anti-corruption and energy efficiency. China will promote G20 to advance with the times, to transform the crisis response into the long-term governance, and to transfer the focus on short-term policies into the equal emphasis on mid-and long-term policies.

Wang Yi stressed that to hold a successful Hangzhou Summit needs concerted efforts of all G20 members. Thus, we should carry forward the spirit of partnership, show the determination and courage, stick to an open and inclusive attitude, take a strategic vision and make the Hangzhou Summit a fresh starting point for the G20.

Gao Hucheng said that with a declining global trade and an uncovered level of overseas investment, G20 has the responsibility and obligation to take practical and effective measures and play a leading role in promoting growth in global trade and investment. China will work with all parties to push the establishment of the G20 mechanism in trade and investment cooperation and the institutionalization of the G20 Trade Ministers Meeting; to formulate the G20 strategy for global trade growth and set up the framework for G20 cooperation in field of trade in order to solve trade financing problems of developing countries and small- and medium-sized enterprises; to support the development of multilateral trade system; to make the guiding principle of G20 on global investment policies in response to fragmentation of global investment rules, and put forward a package of plan for such issues as investment facilitation, promotion of investment and strengthening support for low-income countries; to draft a strategic plan of capacity building for a global value chain, help developing countries and small- and medium-sized enterprises to conduct capacity building and actively establish an inclusive and coordinated system for the global value chain. China expects to make joint efforts with all parties to promote the G20 to achieve in the field of economy and trade the outcomes benefiting the world and the future.

Zhou Xiaochuan made an introduction to the preparations for the G20 in financial channel this year. He pointed out that the G20 should strengthen coordination of macro-economic policies including fiscal policies, monetary policies, structural reforms and trade policies. International financial system has always been a concern of the G20, which involves not only the means of International Monetary Fund to mobilize more resources but more importantly the way of the system to better reflect changes in world economic structure. Reform in the financial sector is also an important agenda. This year, G20 will underscore macro-prudential management framework and continue to solve the problem of "too big to fall". Zhou Xiaochuan stressed that inclusive finance and green finance are also key agendas pushed by China this year, and relevant work groups have been set up. In addition, the Hangzhou Summit will review the implementation of results of the previous summits, and make relevant evaluation.

The meeting also conducted discussion on such issues as innovation, development, climate change, global trade growth, multilateral trade system and macro-economic policy coordination. Wang Yi, Gao Hucheng and Zhou Xiaochuan answered on-spot questions.

The G20 is a premier forum for international economic cooperation. The 11th G20 Summit will be held in Hangzhou on September 4 and 5, representing the most important diplomatic event held in China this year. Under the background of the overall downturn of current world economy, international community holds high expectations on the Hangzhou Summit.