Political instability in some regions and the matter of safety conditions for economic development will be discussed at the upcoming G20 summit in China. According to the Russian ambassador to China, Andrey Denisov, "the G20 is an economic forum, but numerous challenges and threats faced by almost all countries have a negative impact on the world financial and economic system, prospects of regional integration and the growth of national economies." The G20 leaders are also gathering to discuss increased cooperation in the fight against terrorism.
In addition, senior fellow of the foreign economic research center sector at the RISR (Russian Institute of Strategic Research), Nikolai Troshin, stated that a structural reform program, which consists of nine priority areas, may be adopted at the summit: "It is promotion of trade development, investment openness, reforms of the labor market, improvement of workers' skills and the degree of education, encouragement of innovation, improvement of infrastructure, promotion of competition and opportunities in the market of new products and services, improvement and strengthening of the financial system, promotion of tax reform, improvement of technological stability, promotion of so-called inclusive growth and the fight against inequality. According to the majority of modern surveys, income inequality is significantly affected by the slowdown of economic growth, rather than inequality."
It is expected that these measures will be carried out together with other traditional measures of macroeconomic policy. China has particularly underlined that there is no standard for all countries. Each country needs to develop its priorities for the implementation of structural reforms, as well as a set of reforms that can meet their economic conditions in the most appropriate way. "China's initiative is that there is not enough to develop the concept of structural reforms, offer a set of structural reforms, or encourage countries to implement structural reforms. It is necessary to assess the implementation of structural reforms, the level, degree of implementation... Statistics of supposed indicators may begin to be published from 2017. It will allow to see how countries are committed to the implementation of structural reforms, see very important attempts to reform the work of the G20, move from a general debate and discussion to develop a mechanism that will monitor the implementation of the decisions taken,’’ the expert believes.
