Innovation-driven growth and structural reform are sure to take the spotlight during this year's G20 Summit, as well as China's backing for the world's major economies to form a consensus and work together to pull the world economy back on track. Foreign Minister Wang Yi made these remarks at a press conference in Beijing on March 8 in response to a question on how China will play a leading role while hosting the G20 Summit in Hangzhou on September 4-5.

"While making solid preparations on all the topics, we will try to break new ground from three angles," Wang said. "First, we want to discover new sources of growth through innovation. Second, we want to inject new momentum into the world economy through reform. And third, we want to open up new prospects through development."

China will prioritize development issues in macro policy coordination and will encourage G20 members to show leadership by developing action plans to implement the UN's 2030 Agenda for Sustainable Development, so as to catalyze inclusive and interconnected development all over the world, according to Wang.

Currently, the world economy lacks momentum as a whole and demand is sluggish. Problems such as high unemployment rates, high debt levels, sagging trade and investment, a decelerating economy, high financial leverage, as well as fluctuations in international finance and major commodities markets need to be solved urgently.

While attending the G20 Summit in Turkey last November, Chinese President Xi Jinping said that the growth momentum generated by the previous round of technological and industrial revolution is fading and that the potential in traditional economic systems and growth models is drying up.

Therefore, the only way forward is to drive growth through innovation and reform--not just in China, but worldwide, too.

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