A summit of business leaders from G20 members are scheduled to be held on Saturday and Sunday, Jiang Zengwei, chair of the Business 20 (B20) China, said at a press conference on Thursday.

The gathering of business elites marks the entry into "G20 time" for the scenic city of Hangzhou in east China.

Chinese President Xi Jinping will attend the opening ceremony of the B20 summit and deliver a keynote speech, Jiang said.

Leaders of Argentina, South Africa, Turkey, Australia and Canada as well as heads of the International Monetary Fund, World Bank and the World Trade Organization will also be present at the summit, said Jiang, also chairman of the China Council for the Promotion of International Trade.

Focusing on promoting robust, sustainable and balanced growth of the global economy, the B20 meeting will gather more than 800 business leaders from 32 countries and 26 international organizations.

The business leaders are set to submit B20 2016 Policy Recommendations to the Chinese president during the meeting, Jiang said.

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