The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.

As the world struggles to break out of a prolonged period of sluggish expansion, don’t count on its No. 2 economy to ride to the rescue.

Hosting the G20 Hangzhou summit will boost China’s reform and will be a new starting point for China’s growth and development. The Hangzhou summit will also set a new vision for the G20 and shape a new pattern for global economic growth, thus benefiting the entire international society.

Twenty-five years after the Cold War’s ending, China and the US can take the opportunity created by the EAS to reconcile their differences and seek cooperation. They can join ASEAN countries to promote positive interaction among all regional players in a wider range, on a deeper level and in a more sustainable manner to push the Asia-Pacific towards great harmony.

China is eager to keep its economy going strong under “the new normal” to develop an innovative, coordinated, green, open and sharing economy, and Beijing is willing to take the lead in better coordination of macro-economic policies among major economies. The world economy clearly needs structural adjustment, which has to be a collective endeavor for economies both developed and developing, which are intertwined and interdependent in the age of globalization.

Printing money and other misguided policies by developed economies in the wake of the 2008 crises were not successful in the long term. China’s policy of supply-side reform is applicable to other countries as well. Different countries may pursue different policies, but the overall theme should be to provide support to innovation, liberalize controls, encourage competition, and expand market access. Adopting this approach at the Hangzhou summit could contribute to rejuvenating the world economy and spur growth.

Interlocking the G20 and the IMF, better coordinating the five major economies, and reducing dependence on the US dollar are all opportunities for the Hangzhou summit during China’s G20 presidency.

China will use its presidency to focus on growth and guide international economic cooperation, and promote the new foreign policy concepts Beijing has adopted in recent years such as “win-win cooperation”, “a new model of major-country relationship” and “a global community of shared future” – all aimed at creating a better future for the world.

Completing a bilateral investment treaty and ensuring the success of the G20 summit in Hangzhou later this year will prove the superiority of cooperation over friction in relations between the two nations and provide a boost to world peace and development.

China’s new developmental strategy of “innovative, coordinated, green, open and sharing” economic growth is echoed in the theme for the G20 Hangzhou Summit, demonstrating that a new world economic growth strategy is gradually taking shape. Efforts will be focused on four elements: innovation, improvement upon global governance, promotion of international trade and investment as well as inclusive and concerted development.