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Agricultural Development Bank of China
Belt and Road FAQ

Combination of G20 Summit and B&R policy injects new power into global economy

July 31, 2017


Abstract : The cooperation between the Group of 20 and “the Belt and Road” related parties is of great significance to the innovation-driven development of the world economy.

The cooperation between the Group of 20 and “the Belt and Road” related parties is of great significance to the innovation-driven development of the world economy due to the fact that it can solve the current problems in the world by means of shaping a linked world, jointly promoting the construction of interconnection and constructing an open society, Liu Ying, a researcher with Chongyang Institute of Financial Studies under the Renmin University of China, said in an article published recently.

 

The G20 Summit was held on 7–8 July 2017, at Hamburg Messe, in the city of Hamburg, Germany. The topic for 2017 G20 Hamburg summit is “Shaping an interconnected world”, which aims to strengthen the policy coordination among the group of twenty nations and promote a strong growth of the world economy.

 

“It is constant with the purposes of the Belt and Road Initiative in strengthening policy communication, promoting pragmatic cooperation and docking of national development strategies to achieve common prosperity”, Liu said. 

 

The research noted that the docking policy and pragmatic cooperation between China and Germany has become the model of G20 as its global cooperation to provide solutions for international affairs and promote the process of globalization, with the practices of the construction of infrastructure and interconnection guided by the policy of "The Belt and Road".  

 

As the core members of G20, China and German issued a joint program of action on cooperation, with the theme of shaping innovation together, on October 10, 2014, which was designed to promote bilateral pragmatic cooperation in various fields including politics, economy, and culture. It also emphasized the construction of Silk Road Economic Belt. Frequent high-level visits between China and Germany and more than 70 dialogue and cooperation mechanisms at different levels including government consultations, have constantly enriched the connotation of bilateral comprehensive strategic partnership and deepen the bilateral cooperation in science and technology, space, ocean, polar, network, aerospace, finance and other fields.

 

Liu pointed out that the current debt ratio and the deficit rate of European countries caused by the European debt crisis still exceed the level of international alarming level, and it affected the progress of the infrastructure construction. As the stabilizer, the engine and the accelerator of the global economy, China and Germany are strengthening innovative, green and sustainable development, consolidating and improving the core position in the global industrial chain and value chain under the framework of “the Belt and Road”. It will give a strong booster to the recovery and sustainable growth of the global economy.

 

There are more than 4,000 regular trains running from China to 29 cities in Europe. The China-Europe regular trains have accounted for 20% of the total traffic volume of Duisburg port  transport terminal. Furthermore, there are great potentials for China and Germany in aviation, airport construction and network interconnection. China airlines have been seen a rising ranking among global airlines thanks to sufficient passenger flow. In order to meet the growing passenger demand, European airlines have opened more European routes. Last year, foreign airlines opened 35 new routes in China, of which, 34 routes are along "The Belt and Road”.

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Keyword: Belt-and-road G20

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