The G20 summit, which will be held in the eastern Chinese city of Hangzhou in early September amid the global stagnating economic growth and effects of a prolonged quantitative easing policies, should be a time for reflection and coordination, an economist commented.

Liang Haiming, chief economist of the China Silk Road iValley Research Institute, a Beijing-based think tank, told china.org.cn that the event is expected to be a platform to review global monetary policies, discuss measures for structural reform and push for coordination in macro-level policies among countries in order to walk out from under the shadow of economic recession.

Comprised of the world's strongest economies and founded as an alternative to the more exclusive G7, the Group of 20 accounts for about 85 percent of the world's economy and 80 percent of its trade, making it a multilateral dialogue mechanism platform to promote cooperation and tackle challenges.

In a world faced with myriad problems such as faltering economic growth, worldwide security issues, terrorists threats and climate change, countries must work together to tackle global issues.

"As the G20 presidency and host of this year's summit, China is poised to seize this golden opportunity and provide its own solution while leading us out of this global macro policy conundrum," Liang said.

China has been particularly active in promoting multilateral cooperation for regional and global integration, with the "Belt and Road" initiative, Asia Infrastructure Investment Bank and the Silk Road Fund all up and going.

These initiatives help promote the country's economic, social and cultural development while advancing China's "going global" strategy, and involve top-level design and institutional innovation from international organizations, Liang argued.

Under the theme of "towards an innovative, invigorated, interconnected and inclusive world economy," China will contribute wisdom and vision based on its own experience, he added.

"However, coordination in macro-policy and special attention to structural reforms are the key for all the current problems."

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