Prominent citizens expect G20 summit to bring change
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Shi Jinchuan [China-blue News] |
The sweltering weather in Hangzhou, Zhejiang Province hasn't hampered local people's obsession with the highly anticipated G20 summit, which will be held in the city in several days.
Local scholar Shi Jinchuan, dean of the Academy of Financial Research at Zhejiang University and entrepreneur Zong Qinghou, founder of one of the largest pure water and beverage suppliers — known as Wahaha Group, which has its headquarters in Hangzhou — recently voiced their expectations for the summit.
"The preparation of the G20 summit has not only incorporated green finance in its agenda, but also set up a research team to issue the first 'G20 Green Finance Report,' which has won wide acclaim and extensive support from all over the world," Shi said.
"The Paris Agreement signed last year during the Climate Change Conference has required substantial funds. However, quotas of investment should not be distributed unfairly given the disparities of economic capacities in different countries. Therefore, we need to establish a system of green credits to lower the risks and uncertainties in addressing global climate change," Shi explained.
Amid China's 13th Five-Year Plan (2016-2020), the concept of green development has garnered lots of attention as a way to push forward the green financial system, Shi said.
In addition to green finance, the professor also expected reform of the global financial and economic governance to be accelerated after the summit. The convention will emphasize the coordination of macroeconomic policies, especially monetary and foreign exchange policies in different countries and structural reforms inside the World Bank and the International Monetary Fund, to place the significance on the role of emerging markets, Shi introduced.
"In preparing for the G20 summit, China is going to change its role from a follower of international norms to a rule maker," Shi said.
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