Business 20 group urges steps to curb protectionism

Updated: 2016-09-02 02:17


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Business 20, a major support group for the G20 from industrial and commercial circles, has called on world leaders to make clear and transparent policies, as well as effective standards for handling disputes, to curb rising protectionism in international investment.

A number of proposals by the B20’s organizing committees and task forces will be added to the G20 Summit statement this year, said Jiang Zengwei, chairman of B20 China, at a news conference on Thursday before the B20 and G20 summits in Hangzhou, Zhejiang province.

The B20 proposals will concern international investment, employment, innovation and infrastructure development, he said.

The B20 provides a platform for international companies and chambers of commerce to participate in global economic governance and economic and trade regulation through meetings and summits. It collects the opinions of world business leaders and develops a consensus.

More than 3,300 investment agreements are currently used in global markets.

"The B20 suggests that relevant international organizations reassess the current investment agreements in a bid to build a more effective standard to better resolve disputes and assist global investment activities,” said Jiang, who is also chairman of the China Council for the Promotion of International Trade.

The B20 proposals also include a plan for global infrastructure connectivity, an electronic world trade platform and suggestions on innovative growth.

A total of 815 representatives will attend this year’s B20 Summit in Hangzhou, including 142 companies on the Fortune Global 500 list and 103 enterprises from China’s top 500 companies.

Zhang Yanling, a member of the executive board of the International Chamber of Commerce and former vice-president of Bank of China, said the B20 suggested adopting innovative technologies and management instruments to enhance infrastructure projects and connectivity among countries and regions.

"It is highly important for different countries to take actions in a united way to take infrastructure projects as a leverage to world economic development,” said Zhang.

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