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  • The G20 was formed in September of 1999 following the Asian Financial Crisis.

  • It brings together industrialized and developing economies to discuss the most important financial and economic issues of the day.

  • Its mandate to promote growth and economic development across the globe.

  • It's made up of 19 of the world's largest economies, plus a representative from the European Union.

  • They account for two thirds of the world's population and 85% of the global economic output.

  • Other countries can be invited to take part in the summits.

  • The leaders of these countries meet each year, with the summit taking place over two days in the country of the group's current president, which changes each year.

  • Hosting the summit is an opportunity to set the agenda and lead discussions.

  • The finance ministers and central bank governors from these countries meet twice a year usually in coordination with the G20 summit itself.

  • The focus of this year's summit is sustained economic growth and is being held in Hangzhou, Zhejiang, China, on the 4th and 5th of September.

  • And along with the leaders, China has also invited the heads of the UN, IMF, OECD, WTO and World Bank.

  • And for the first time, innovation will be a key agenda.

  • Ahead of the meeting, President Xi Jinping said: "We should embrace the vision of a global community of shared future, enhanced economic connectivity and exchanges among countries."

  • "And improve global economic and financial governance so as to address inequality and imbalance in global development."

  • "And ensure that the benefits of economic growth will be equitably shared by people of all countries."

The G20 was formed in September of 1999 following the Asian Financial Crisis.

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Why the G20 summit is important

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    Vincent Liu posted on 2016/09/05
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