During your visit to China last year, you suggested China pay more attention to development issues in G20 Hangzhou Summit preparation. We attach great importance to your suggestion. As the host of G20 this year, China is working to facilitate G20's contribution to greater international development cooperation and implementation of the 2030 Agenda for Sustainable Development.

The G20 is an important platform for international economic cooperation. Though not yet perfect, its creation represents a historic progress compared to mechanisms dominated by just a few countries. It provides a relatively comprehensive and balanced dialogue mechanism which brings both developed countries and developing ones to the same table for decision-making on global economic governance through equal-footed discussions and consultations. The inception and development of the G20 reflects the new changes and features of the international landscape and system. It has played an irreplaceable role in facilitating joint response to the international financial crisis, promoting strong, sustainable and balanced growth of the world economy and advancing international economic cooperation.

As the world's largest developing country and second largest economy, China knows keenly the close link between development and economic growth. Weak global growth, sluggish trade and investment and macro policy divergence of major economies may bring new uncertainties and destabilizing factors and lead to more inequality and imbalance, thus adding to the risks and difficulties in the implementation of the 2030 Agenda.

On the other hand, there exists great potential for development. The development and progress of developing countries will go a long way to driving growth and opening up new markets. They represent the new hope of global growth. China will use its G20 Presidency to play an active leading role in steering international economic cooperation and exploring new paths for world economic growth. We will carefully heed the voices and aspirations of developing countries, firmly uphold their interests, and promote strong, sustainable and inclusive growth of the world economy.

To this end, China has chosen "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy" as the theme of the G20 Hangzhou Summit, underpinned by four priorities, namely "breaking a new path for growth", "more effective and efficient global economic and financial governance", "robust international trade and investment", and "inclusive and interconnected development".

Under the topic of "breaking a new path for growth", G20 priorities include innovation, new industrial revolution, digital economy and structural reform. What has happened in the past eight years since the international financial crisis broke out shows that short-term policies of fiscal stimulus and monetary easing alone cannot ultimately resolve the deep-seated structural problems in the world economy. Innovation and structural reform are more effective means to foster new drivers of the world economic growth and unlock medium- to long-term growth potential. This is the fundamental way to steer the world economy away from sluggish and fragile recovery and market volatilities. Innovation and reform entail opportunities. Developing countries shall ride the waves of new industrial revolution and digital economy with fair wind and seize opportunities to catch up and realize common development. China will push for the formulation of a G20 Innovative Growth Blueprint, stress the inclusive innovation concept, highlight the importance of helping developing countries build greater capacity of research and development, propose action steps to advance industrialization of developing countries, narrow the industrialization gap and digital divide between the developed and developing countries, support digital skills training of less developed countries, and strengthen the capacity building of developing countries. We need to increase, through innovation, the accessibility and affordability of new technologies and forms of business, lower the threshold for developing countries to integrate into the new economy and help them leverage their late-comers' advantages for sharing the dividends of the new economy.

Under the topic of "more effective and efficient global economic and financial governance", the G20 aims to advance reform in the global economic governance mechanism and increase the representation and voice of developing countries and emerging markets. Inequality in the international system and governance mechanism is the biggest inequality of all. Global economic governance system must keep in pace with the changing global economic landscape. Thanks to the efforts of the G20, the IMF reforms, which had been delayed for six years, were finally implemented. This year, China has relaunched the G20 International Financial Architecture Working Group, continued to promote quota and voting power reforms of the IMF and the World Bank, held in-depth discussions on such issues as sovereign debt restructuring, cross-border capital flows, global financial safety net and greater role of the special drawing rights. The G20 Green Finance Study Group has been set up to facilitate the development of green industries. Wehave also worked to promote inclusive finance and help to bring its benefit to developing countries and their vulnerable groups. Moreover, we are also working to enhance governance and cooperation in the energy and anti-corruption fields, promote energy accessibility in Sub-Saharan Africa and the Asia Pacific, formulate action plans on energy efficiency and renewable energy, work out G20 High-Level Principles on International Fugitive Repatriation and Asset Recovery, set up a research center on fugitive repatriation and asset recovery, and formulate an anti-corruption action plan to foster a law-based, norm-abiding and sound international development environment.

Under the topic of "robust international trade and investment", the G20 will, on the basis of the outcomes of the WTO Ministerial Conference in Nairobi last year, formulate a global trade growth strategy, improve global trade governance, promote trade finance, reduce trade costs, and strengthen the capacity of developing countries in participating in the global value chain. We will uphold the multilateral trading system, adhere to the Doha round development mandate, and make progress on relevant work in the post-Nairobi period. We will also formulate Guiding Principles for Global Investment Policy-Making to fill the gap of international investment governance. We will work out a G20 Initiative for the Promotion of Investment in Low-Income Countries to improve their investment environment and attractiveness.

"Inclusiveness and inter-connected development" is one of the major topics and a highlight of this year's summit. This year, we have realized two "firsts". For the first time, the issue of development is placed in a prominent position in the global macro policy framework. And for the first time, a systematic action plan will be formulated on development cooperation to implement the 2030 Agenda for Sustainable Development. As the biggest developing country, China knows full well that without the development of developing countries, it would be impossible to invigorate the momentum of global development, tap into new and broader markets, or place the world economic recovery and growth on a solid footing. True development will not be achieved until the world economies grow in a coordinated manner, various industries realize inter-connected and win-win progress, and people of all walks of life enjoy shared prosperity. To this end:

We place importance on the 2030 Agenda, and will work out an action plan, and promote relevant G20 work in the development perspective. Both collective actions and country-specific actions will be taken to advance implementation of the action plan in each country, provide support for other developing countries, and contribute to the work of the United Nations which plays the leading role in implementing the Agenda.

We focus on Africa and the least developed countries, and push for a discussion among the G20 members for the first time on the issue of industrialization of these countries. We will propose a cooperation initiative, and provide policy support and recommendations to help these countries accelerate industrialization and realize poverty reduction and SDGs.

We take climate change seriously, issued the first G20 Presidency Statement on climate change, in which we made the commitment to sign the Paris Agreement on 22 April or thereafter at an early date, bring the Agreement into force as soon as possible, and contribute useful public goods to international cooperation on climate. We have noted the statement of UN Secretary-General Ban Ki-moon which welcomed the G20 Presidency Statement and appreciated China's strong leadership.

We promote inclusive commerce, build global inclusive platform for commerce, help people at the bottom of the pyramid get involved in commerce, production, transport and consumption, and realize sustainable economic, social and environmental development.

We discuss agriculture and employment issues, focus on women, youth and small farmers, promote innovation and sustainable development in agriculture, study the correlation between macro policy adjustment and higher employment, and encourage job creation by promoting entrepreneurship.