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by Xinhua writers Zhang Jianhua and Wu Congsi

LONDON, Aug. 22 (Xinhua) -- The upcoming G20 summit in China is ""very valuable"" in enabling major countries in the world to talk about current global issues, said Mark Boleat, policy chairman of the City of London Corporation, one of the most powerful financial institutions in Europe.

In a recent exclusive interview with Xinhua, Boleat also said he expected the summit to give a further push to important international developments, promote international trade and develop green financing and infrastructure investment.

""The world economy is still very fragile, so we look to the governments of major countries to do whatever they can to promote economic growth and international trade, areas like green finance, infrastructure financing and fintech,"" he said.


Boleat, who has been Chairman of the Policy and Resources Committee of the City of London Corporation since 2012, said he hoped G20 leaders would reemphasize the importance of international trade amid rising concerns over trade barriers being re-erected.

""There are concerns about the development of international trade, about trade barriers being erected in some cases rather than being removed; there is a move throughout the world on concerns about the impact of globalization,"" the policy chief warned.

There's a need to reemphasize the importance of trade and how it benefits people in all countries, he urged.

""It [the world] will be looking to the G20 to make a pretty firm statement that international trade benefits all countries,"" he added.

The summit, he noted, could only help to improve the economy with concrete actions being taken by national governments.

""So if there can be an agreement on any measures that will help economic growth in individual countries, that will benefit the whole of the world economy,"" he told Xinhua.

In the interview, he also highlighted the importance of ""many informal discussions"" that will take place between the world leaders at G20 summit.


On China's role in G20, Boleat said China is the second biggest economy in the world, and as such ""it plays a very vital role in the global economy.""

""The weight and growth of the Chinese economy will have an impact on other countries in the world, so I think other countries are looking to China to do what it can to maintain its rapid growth, which is way above the western economies,"" he explained.

He added that the liberalization of the Chinese economy itself ""gives more opportunities for institutions in other countries to invest in China and to do business with China.""

Speaking of the potential legacy of the G20 Hangzhou summit, the policy chief expected the gathering to push the development which is happening already.

""It's simply about pushing in the same direction and helping initiatives that are already working, giving a further push to important international developments, helping to promote international trade, and developing things like green financing and infrastructure investment,"" he elaborated.

On international economic governance, Boleat said China ""needs to play a very major role in the international agencies.""

""The second biggest economy in the world has to play a ma.

12 jul 2018, 04:16
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