China economy 2016 in ten key phrases

G20 and global economic governance

Volunteers pose for a photo at the Media Center of the 11th G20 Summit in Hangzhou, capital of East China's Zhejiang province, September 2, 2016. The 11th G20 Summit was held in Hangzhou from September 4 to 5. [Photo/Xinhua]

The Group of 20 major economies helped pull the world economy through the global financial crisis, but a weak world economy and a problematic global governance system are thirsty for new ideas.

China is playing a role in improving global economic governance, including the establishment of the Asian Infrastructure Investment Bank as a way to support other multilateral financial institutions faced with growing global financing demands.

During the G20 summit held in September in the eastern Chinese city of Hangzhou, participants agreed to push forward reforms of the International Monetary Fund and World Bank.