The lingering effects of the 2008 financial crisis still prevent the global economy from returning to its normal track. The recovery remains both slow and weak, and is full of uncertainties. The risks of further economic slowdown remain, and the financial markets continue to be tumultuous. Trade and investment protectionism is on the increase, and economic development is unbalanced. According to the latest World Bank report, the 2016 global growth forecast has been scaled down from 2.9 percent in January to 2.4 percent in June.

At such a critical juncture, China has the duty, the capacity and the confidence to seek greater consensus with the other G20 members, so the upcoming G20 Summit in Hangzhou can blaze new trails for the world's economic development.

China's theme for the summit - "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy" - could not be more pertinent.