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G20 China: A call to action
Eight years ago, the G20 played a key role in responding to the global financial crisis. Decisive and coordinated action boosted consumer and business confidence and supported the first stages of economic recovery. In 2016 it falls once again to the G20 to guide the international community away from the rocks that could shipwreck this progress. Through investment and enterprise the G20 can build on its response to the global crisis to secure genuine sustainable growth.
The Hangzhou Summit, held under the overarching theme of 'towards an innovative, invigorated, interconnected and inclusive world economy' is a golden opportunity to set ambitious global goals for sustainable growth and achieve this vision. China’s economic powerhouse and diverse economy, is well placed to complement other economies in the developed and developing world. This year’s G20 under Chinese leadership can act as a catalyst for enterprise and investment led sustainable growth.
Our ambition for the G20 is a world of strong economies. How can this be achieved? As ICAEW chartered accountants working at the heart of the big policy challenges facing G20 nations, we believe there should be three priorities for G20 leaders:
- To reignite international trade and boost business growth
- To commit to infrastructure investment as a catalyst for growth
- To implement tax reform to enable growth in an interconnected world
ICAEW's 'G20 Turkey 2015 - A Call to Action' sought tangible actions in the three areas outlined above and we were delighted to see some headway at the leaders' Summit in Antalya. The establishment of the World SME Forum (WSF), a major initiative to drive the contributions of small and medium sized business (SMEs), is a great example of effective international collaboration leading to concrete action. SMEs are central to prosperity and their growth needs to be harnessed in every economy.
However, ahead of this year's G20 Finance Ministers’ meeting, the IMF and the OECD have expressed concerns on the G20's lack of progress. They have urged G20 leaders to take 'bold actions'; ICAEW echoes this call. Now is the time for the G20 to show leadership and develop a comprehensive strategy to find a path towards growth and economic confidence. Transforming the G20 from a mechanism of crisis response to a genuine forum of collaborative governance is key to reaching the target of boosting global growth by an additional 2% by 2018.
The accountancy profession works to advance economic stability, strengthen financial systems, promote accountability and long-term sustainable growth. As the professional body which supports 145,000 chartered accountants worldwide, ICAEW stands ready to work with the G20 to help tackle the complex challenges facing the global economy and achieve the vision of a world of strong economies.
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