The G20 summit sees China is changing. The country seems to be bent towards implementing policies that really resound how out has now become a giant economic power. The country is certainly set towards establishing a new policy where the emphasis will be placed on a specific area that is expected to help make it easier possible for China to achieve the economic advancement that it has since long for.
Structural reform set to be implemented with the aim of boosting the midterm and the long-term potential for growth for the global economy. Fiscal and monetary stimulus policies were used by many Western economies since the year 2008. However, it has been found out that this has not really ended the high debt, high unemployment, low growth, as well as many other issues that have plagued them.
There is also the emphasis on innovation. At present, innovation and as entrepreneurship are going quite well in the country. There are many new industries that are emerging as well. The experiences that China has in terms of innovation will be spread to the rest of the world and it is expected to create a new source of growth. This is also going to help speed up the transformation towards a new growth momentum from the old one.
There will be global guidelines set when it comes to trade and investment. China is now the second largest world economy. It is going to bring ideas and plans towards the restructuring process pattern of the economy of the world. It will also help bring about the necessary adjustment when it comes to international relations in economics.
Inclusiveness is also a very important highlight in the summit. It is a fact that the rule in the global economy is still unjust and quite unequal. The summit responds to the global challenges that are plaguing everybody alone such as the case of environment protection and global warming. This has the course of allowing countries that are at the various points in the globe to make use of their specific advantages and to ensure their respective developmental opportunities as well.
It is a fact that G20 needs to focus on economic governance instead of on issues like security and geopolitics. This is because economic governance in the global scale requires the cooperation of all the countries around the world. This is why it needs to earn a sense of legitimacy in order to be able to that. The G20 though it is only composed of the biggest economies around the world and a lot of smaller countries are not invited to it. It is high time that developing countries are also invited to the summit to make sure that their voices are going to be heard.
Still, while China is looking outward when it comes to its economic pool, it does not seem to be a let-up in this drive to make sure that certain sites are censored and blocked in the country. The infamous China firewall is still very much in effect. Pretty soon, citizens that have skirted it through the use of VPN service may lose that same capability.