Yang outlines China's goals in hosting G20 summit

State Councilor Yang Jiechi has stated China's goal to enhance the role of the G20 from a mechanism tackling crisis to one exercising long-term, effective management.

Yang made the remarks when addressing the First G20 Sherpa Meeting on Thursday in Beijing, a gathering of senior officials preparing for the G20 summit in September in Eastern China's Hangzhou city.

As new uncertainties loom large in the world economy since the major global financial crisis in 2008, some observers voiced their skepticism over the validity and influence of the G20 mechanism while others called for a reform of its functions.

When outlining China's goals for hosting the summit this year, Yang said one target is "to renovate the mechanism building, forge a cooperative platform and provide a firm guarantee of the transformation of the G20".

According to Yang, as a major international economic cooperation forum, whether the G20 will realize a successful transformation and record achievements in addressing new global economic challenges "concerns the overall development of all the member states and influences the very interests of all the countries in the world".

Also, the G20 will play a leading role, showcase ambitions and outline directions of world economic development and international economic cooperation, Yang said.

The G20 is expected to formulate rules and indicators and press ahead with inspections on implementation, offering benchmarks for evaluating relevant cooperation, Yang said.