China takes over at G20, will host summit in Sept

China took over the presidency of the Group of Twenty (G20) on Tuesday and will host the group's summit meeting in the eastern city of Hangzhou from Sept 4 to 5.

China's hosting of the meeting shows not only a high degree of trust in China from the international community, but also China’s sincere willingness to contribute more to the international community, President Xi Jinping said in a statement released on Monday night.

The G20 presidency rotates annually among its members. To ensure continuity, the presidency is supported by a "troika" of the current, immediate past and next host countries. In 2015, the members of the troika are Turkey, Australia and China.

Last year's G20 summit was held in Brisbane, Australia, and this year's summit was in Antalya, Turkey.

Xi reviewed the past development of G20 and emphasized that the most valuable thing is the members' partnership, and cooperation will be an inevitable choice for all countries to meet challenges and realize development.

The world economy and international economic cooperation face an important turning point, can we consolidate the foundation of economic recovery and growth to resist risks? Can we grasp the historic opportunity of technology progress and new industry revolution to make the global economy a new round of growth? The answer depends on our common choice and action, Xi said.

At the moment, the international community is switching its attention to G20, Xi said, noting that as an important platform where developed countries, developing countries and emerging-market economies cooperate, G20 plays a crucial role in promoting international economic cooperation.

Xi called on G20 to do more to promote the solution of some extrusive problems of global economy, so as to make efforts to realize the goal of strong, sustainable and balanced growth.

He called on countries to devote themselves to build an innovative, invigorated, interconnected and inclusive world economy, adding that they will invigorate the global economy and inject impetus to economic growth in relevant countries through innovation-driven development and structural reform.

Xi also called for building a community of common destiny, strengthening intercommunication and interconnectivity, enhancing positive economic interaction, improving global economic and financial governance, reducing imbalanced and unequal development, aiming to make people all over the world enjoy benefits equally.

China stands ready to work with relevant countries to implement the consensus reached in all previous G20 summits to initiate new phase of international economic cooperation, Xi said.