Opportunity for Beijing to showcase global influence

Guy Dru Drury, chief representative in China of the Confederation of British Industry

China's presidency of the G20 this year provides a unique opportunity to showcase the nation's growing leadership on the world stage, says a senior UK business leader.

The two-day leaders summit－themed "Building an Innovative, Invigorated, Interconnected and Inclusive World Economy"－began on Sunday in Hangzhou, the home of e-commerce giant Alibaba and automaker Geely, which owns London Taxi Co.

"The summit is expected to shine a spotlight on the new mechanisms and institutions through which China has been working to expand its global role, such as its leadership in forming the Asian Infrastructure Investment Bank and its Belt and Road Initiative to support infrastructure development throughout Asia," said Guy Dru Drury, chief representative in China of the Confederation of British Industry.

"Generating greater awareness among G20 members about how they can work together with China through these channels could make them much more effective in achieving their objectives."

It's the first time the summit is being held in China and leaders of the world's largest economies are set to discuss a technical agenda, including trade, investment, international collaboration and anti-terrorism.

Drury said greater international cooperation related to innovation-led growth, particularly in areas such as the digital economy, is likely to be highlighted. He also expects promoting innovation to be a top item on the agenda.

As the recovery of the global economy has remained highly fragile and growth underpowered, he says China's role as host could prompt the nation to accelerate its economic reforms and further open up its markets to foreign trade and investment, creating new engines for growth.

To maximize the potential for foreign investment, he suggests that China streamline and simplify its domestic regulatory framework and reduce red tape, by tackling nontariff trade barriers, so that it's easier for foreign companies to enter the Chinese market.

Drury said that as momentum continues to gather behind the China-initiated AIIB and the Belt and Road Initiative, these ambitious projects could begin to reshape the economic architecture throughout Asia and play an important role in boosting global economic growth.

Nearly 1,000 business leaders attended the B20 meetings ahead of the G20 in Hangzhou, including those from the CBI, which represents members of the British and international business communities.

Drury said the B20 event was an important platform for global business leaders to discuss the role of the private sector as the principal engine behind economic growth and ultimately produce policy recommendations for the G20 leaders.

He hoped G20 leaders will work to achieve outcomes that boost confidence and help to restore order in challenging global economic and political environments.