2016 G-20 Summit Kicked Off at Hangzhou, China [ Current Affairs ]
The two day and eleventh edition of Group of Twenty (G20) Summit 2016 kicked off at Hangzhou, China for the improvement of global economic governance and for the first time China is hoisting the first ever G20 summit and second of Asian (previously it was hosted by South Korea in 2010) .
- “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy” is the theme of 2016 G20 Summit.
Key Highlights of G20 2016
- G20 Summit also continue to work for a globally fair and modern international tax system, foster growth and refrain from competitive devaluation of currencies in this edition.
- They will also address cross-border financial flows resultant from illicit activities, along with deliberate trade mis-invoicing, which obstructs the utilization of native resources for development.
- They also assure to treacle fast on the continuing co-operation on Base Erosion and Profit Shifting (BEPS), exchange of tax information, tax capacity-building of emerging countries and tax policies to encourage growth and tax certainty.
- They also assure to use all policy tools to achieve the goal of strong, sustainable, balanced and inclusive growth.
- Refugees are accepted as a global issue in summit and also committed to share burden of refugees and also considered establishment humanitarian assistance for refugees.
- The 12th edition of G20 summit will be held in Hamburg, Germany from 7-8 July 2017.
- The G20 is an international forum for the governments and central bank governors from 20 major developed and developing countries.
- It was established in 1999 to study, review, and promote high-level discussion on the policy issues relating to the promotion of international financial stability.
- It mainly focuses on those issues which are not under the responsibilities of any one organization.
- Published on: September 8, 2016