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China expresses hope for G20 summit

By WANG XU | China Daily | Updated: 2019-04-26 09:23

The logo of G20 Summit and Ministerial Meetings is displayed at the G20 Finance and Central Bank Deputies Meeting in Tokyo, Jan 17, 2019. [Photo/Agencies]

China supports Japan in hosting the Group of 20 Osaka summit and the two economies have great potential to boost cooperation at a time when the world is facing significantly weakened growth, top Chinese experts said in Tokyo on Thursday.

"The upcoming G20 summit hosted by Japan will have far-reaching implications for the world economy and global governance as the world is facing significant downward pressure," said Zhu Guangyao, former vice-minister of finance of China, adding that Beijing will support Tokyo in hosting the summit and is ready to work with Japan and other countries to promote strong and sustainable economic growth.

Zhu is leading a group of top Chinese economists on a five-day visit to the country starting from Monday.

They would discuss issues related to Japan's political, business and academic sectors.

On Wednesday, the International Monetary Fund lowered its 2019 growth forecasts for most of the world's economies in its latest World Economic Outlook. It projects a decline in 2019 growth for 70 percent of the global economies.

Quoting data from the report, Zhu said a successful outcome from the Osaka summit is of compelling significance and he hopes that a breakthrough in global economic development and governance could begin with Japan's hosting role.

Long Yongtu, former vice-minister of the then Ministry of Foreign Trade and Economic Cooperation, said Japan and China could work together in many fronts in the upcoming summit as they both uphold multilateralism and free trade.

"China and Japan are leading trading nations who benefit from free trade. There will be a bright future for Sino-Japanese cooperation in this front, especially when facing threats from higher trade barriers in some advanced economies," Long said.

"It will benefit China and Japan, it will benefit Asia and it will benefit the world," Long added.

Huo Jianguo, vice-chairman of the China Society for WTO Studies, said China and Japan had many common desires concerning global governance and reform of the World Trade Organization, and, with the further opening-up of China, "there is huge room for cooperation between China and Japan".

Huo said China and Japan could bring win-win cooperation in high-end manufacturing and service sectors such as culture, education and healthcare, in which China has long followed Japan's experience and is now facing problems similar to Japan's.

"I think the two sides should strengthen communication and coordination, seize the opportunity and tap the potential for cooperation," Huo added.

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