The world economy's sustainable and inclusive development cannot do without China, expert says

Almaty. September 5. Silkroadnews – Without China's support the global economy can hardly take the path of sustainable and inclusive development, president of the Kiel Institute for the World Economy Dennis Snower believes.

«I hope the G20 members will promote the ideas that can contribute to sustainable development against the background of the nowaday weak global economic growth. If China can become the initiator and catalyst in this process, it will be of great help to other G20 members», he said in his interview with «Xinhua» news agency.

According to the expert, to contribute to the world economy's sustainable development the G20 members should consider ways to counter the slower growth rate of the global economy and build the sustainable and intelligent growth model. The model mentioned pays less attention to the production scale-up, while lays more emphasis on the resource-saving development; not only focuses on the material needs of people, but also puts more emphasis on achieving happiness in a broader sense of the word, as well as shares the dividends of globalization among the wider population.

Innovations and «green» development are essential for economic transformation. As D. Snower said, as a president of G20 China gives priority to the «green» development that attracts the world's attention. This goes to prove that China has realized the need in taking due measures in this direction within the country and, moreover, considers this issue as a global challenge.

The expert recognizes China's contribution to the development of the world economy.

«China should make all the efforts to establish a model of sustainable economic development», he said.

The G20 summit is carried out in the Chinese city of Hangzhou on September 4-5 under the slogan «Forming an innovative, vibrant, interconnected and inclusive global economy».