Business leaders to submit policy advice to G20 summit

Business leaders from G20 members have completed a report on policy advice and will submit it to the upcoming G20 summit.

The report makes 20 suggestions on economic growth, global economic and financial governance, international trade and investment and inclusive and interconnected development, Business 20 (B20) meeting China sherpa Yu Ping said Wednesday at a press conference.

The B20 is a forum for the private sector to make policy recommendations for the annual G20 summit, which will be held in east China's Hangzhou in early September.

The B20 proposed an open network of governments, the private sector, universities and research institutes working together on technological innovation, economic development and employment.

Robin Li, chair of the B20 employment taskforce and CEO of Baidu, said the initiative includes exchange programs, an innovation foundation and technology sharing.

They also proposed the electronic world trade platform (eWTP), a mechanism for public-private dialogue in cross-border e-trade development. The new mechanism will improve the current trade framework and help small and medium-sized enterprises (SMEs) participate in the global economy, said Alibaba founder Jack Ma, chair of B20 SME development taskforce.

Other advice includes faster infrastructure development, better global financial supervision and a more coordinated international tax policy.

Focusing on promoting robust, sustainable and balanced growth of the global economy, the B20 meeting gathers nearly 1,000 business leaders.

Source : XINHUA