Author: ZIVADIN JOVANOVIC,
President of the Belgrade Forum for a World of Equals

Vision, integration, openness and inclusiveness are the main features of the G20 Hangzhou Consensus. In both, the Communiqué and the Action Plan adopted at the G20 Summit , held in Hangzhou (September 4-5) innovationis are perceived as the key driver for sustainable global development.The leaders of the strongest economies on the Earth and the most important international organizations made it clear that only innovative approach can provide more and better jobs, inclusive development, higher productivity, cleaner environment and better people’s life. Thus, sustainability, in general, encompasses innovative economic, social and environmental sustainability. To be certain that this approach will be pursued participants have endorsed the G20 Blueprint on Innovative Growth as a new agenda featuring concrete measures in line with the new industrial revolution (NIR) and the digital economy.
A number of other accompanying documents and initiatives have been delivered or endorsed supporting the universal implementation of the UN 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda on financing for development (2015) and Paris Agreement on protection of the environment (2015) .
The host country, China, in line with the long term common objectives of the world development and principled governance, added some own initiatives.  It has been noted that China had provided support and assistance to more than 120 developing countries in achieving MDGs and that China will deepen South-South cooperation to help other developing countries to implement the 2030 Agenda. It has also been anounced that China is making preparations for the Assistance Fund for South-South Cooperation, which will soon be put into operation. It was announced that China has signed agreements on China-UN Peace and Development Fund and the Fund will be put into operation before the end of 2016.
Hangzhou messages went to the world public and to the United Nations which is chief forum for coordination of theimplementation of 2030 Agenda for Sustainable Development, the AddisAbaba Action Plan and the Paris Agreement on climate change.OECD, UNCTAD, World Bank, IMF, WTO and other important international organizations which were directly represented at the Hangzhou Summit are expected to pursue adopted objectivesand take active rolein the implementation process. Mechanisms of coordination and monitoring have also been adopted, or reaffirmed.

G20 was formally established in 1999 and until 2008 it held regular meetings on the level of ministers and specialists for various fields. It was only after eruption of the international financial and economic crises in 2008 that G20 started to meet on the highest level of the heads of states/governments. At the beginning summits were held twice a year and since 2011 once a year .G20 members account for 85% of the General World Product (GWP), 85% of the World Trade and 75% of the world population. All members of G-7 (8), all permanent members of the UN Security Council, as well as, all members of BRICS,are encompassed within G20.
Thus, in the era of continued profound transformation of the global economic and political scene G20 has become the prime and most respectedforum for enhancing international economic cooperation.Emerging economies within G20 have been leading factors in overcoming the most critical period of the world financial and economic crises. They continue to play indispensable role in opening perspectives for the truly sustainable, inclusive and balanced economic development aimed at alleviating economic and social gaps, unemployment, poverty and underdevelopment, in general.

Having regard to 17 years long experience of G20, particularly the G20 role in the last 8-9 years, it should be noted that formation of this bodycame as an expression of the profound changes in the global landscape and necessity to respond more efficiently to the growing economic, social, environmental and other challenges. Comparing it with the role and experience of some other international bodies with similar tasks, G20 has proved to be more representative, more open and democratic, therefore, more efficient body. This was particularly visible in the time of alleviating consequences of the world economic crisis which erupted in 2008 and 2009. There is no doubt that without active role and participation of G20, particularly, without participation of China and other BRIKS countries, the world economy would hardly get out of very serious financial and economic crisis consequences of which are still felt. G20 has proved to be format delivering appropriate answers not only in time of the crises, but equally as a body capable of designing, in parallel, development strategy for the future. This role of paramount importance G20 performs in transparent,balanced and farsighted wayinvolving in cooperation competent international bodies and relevant sectors in all stages of consensus building and its implementation.It is important to note that it is the G20 which has affirmed concept of sustainable development which includes economic, social and environment sustainability as universal standard.G20 has reinforced the approach that sustainable, inclusive and balanced global development needs much higher attention and resources to be devoted to the development of developing and the least developed countries. Related to this are G20 positions that the sovereign property rights on natural and economic resources have to be fully respected as well as specific social systems, conditions and priorities of each country.Concerning some grave social, political and security problems such as, for instance, massive refugees and emigration process, spreading of international terrorism, in addition to the immediate steps, G20 is almost uniquely calling that,in order to achieve durable solutions to these problems, root causes need to be addressed.
The theme of the Hangzhou G20 Summit was: “Toward an innovative, Invigorated, Interconnected and Inclusive World Economy” . In addition to heads of states/governments of G20 member countries, on the invitation of China as a host country,the Summit was attended by the heads of states/governments of some other countries  as well as by highest representatives of relevant international organizations . This reflects the fact that G20 is not centered on achieving inner Group`s goals and interests, but rather on the role of improving coordination and governance in the interest of balanced and inclusive global development.“The G20’s comparative advantage lies in its convening power and its collective ability to adopt and support initiatives at the highest global level, including those that involve macro-economic framework, and to create the global enabling environment” – underlines the G20 Action Plan adopted in Hangzhou.
General world conditions at the time of the G20 Hangzhou Summit have been rather complex. The world economy growth has been slow or, as the IMF Managing Director Christine Laggard put it: “Growth has been too law, for too long, for too few”. In addition to the sluggish economic growth,prolonged immigration crisis and aggressiveness of the international terrorism,Europe (EU) has been faced with uncertainty caused by “bregxit”. Questions, like - what future  EU will be like if a vital partis leaving, or what would beconsequences for Britain if it is no longer gateway for overseas companies to Europe - up to now remain without clear answers. After appearance of the so called “Islamic state” conflict in Syria has intensified and international terrorism has been rising. Forthcoming elections in some countries representing major economies (USA, France, Germany) made their present leaders cautious in taking resolute positions.
Having regard to all these phenomena, China and the President Xi Jinping took the lead in addressing realistically and decisively, all major issues and challenges of global economic landscape. Wide positive experiences in China`s unprecedented modern economic and technological development, her role in promoting world-wide win win international cooperation have been firm basis and very rich reservoir of realistic and at the same time, visionary initiatives for balanced world development. China`s multidimensional global Initiative Belt and Roaddemonstrated in practice China`s commitment to real partnership, win win cooperation and interconnectivity in physical and cultural, people to people, relations. Her role in assisting development of African and the least developed countries in general, especially in construction of modern infrastructure and enhancing green development has been widely commanded as an example of different, new approach to the strategy of global, balanced and inclusive development. In order to facilitate implementationof new inclusive approach to international development and cooperation Chinahas, inter alia, established Asian Bank for Infrastructure and co-initiated establishment of the New Development Bank. All these and other similar initiatives and policiesmade China trustworthy, reliable and long term partner, locomotive of the modern global development.
Hangzhou Consensus called for industrialization in Africa and LDCs. It underlined importance of creating better jobs, youth employment and female labor participation, reducing inequalities, strengthening social protection systems. Participants noted thatinfrastructure connectivity is key to achieving sustainable development and shared prosperity and endorsed the Global Infrastructure Connectivity Alliance.They reiterated their strong commitment to Paris Agreement on Climate Change calling for further ratifications in order that this document comes into force this year. In this regard, announcement of China and USA decisions to ratify the Paris Agreement was very encouraging step forward.
Participants of G20 Hangzhou Summit strongly condemned terrorism in all forms and manifestations, underlining that it poses serious challenges to international peace and security and endangers ongoing efforts to strengthen the global economy and ensure sustainable growth and development. They reiterated their commitment to tackle all sources, techniques and channels of terrorist financing, including extortion, taxation, smuggling of natural resources, bank looting, looting of cultural property, external donation, and kidnapping for ransom smuggling of human beings.
At the end of Hangzhou Summit President Xi Djinping presented five proposals. He called for stronger intern coordination in micro economies; innovation in growth patterns; improved global economic governance; open world economy; and, promotion of inclusive growth by implementing the 2030 Agenda for sustainable Development.
Hangzhou Summit is over. Now it is a turn of those charged by implementation: governments, financial, trade, labor and investment institutions, on national and international levels, each to contribute within their responsibilities. It is also a turn of the awesome public, especially of academic and think-tank communities, to monitor, initiate and guarantee environment of openness and responsibility. Finally, the goals set up in the Hangzhou Consensus are to serve better life. For all, inclusive.Next G20 summits will be held in Germany (2017) and Argentina (2018).