As China assumes G20 leadership, the prospect of global “protectionism” is on the rise and the stakes could not be higher for cooperation and major structural reforms. Without continued investment and trade, secular stagnation in advanced economies and growth deceleration in emerging economies will continue to broaden.

The US should follow the historical trend of trade liberalization, abandon protectionism, and engage in non-discriminatory free trade. That is the only winning formula for its own and the rest of the world’s economic difficulties.

The tool of negative interest rates has not worked, but has spread to dangerous levels. If the current global crisis bailout methods are not fundamentally reformed, and the old policy options continue to be applied, the possibility of another global crisis in the future can not be ruled out.

The G20 Summit hosted by Chinese President Xi Jinping will help alleviate current problems in a troubled world and become yet another milestone of a rising China. Despite US fickleness toward emerging countries, the summit may usher in a new era of global governance in which China will emerge as a leader with the world’s major powers, old and new, working together for common benefit.

Despite challenging times, by embracing innovation the Hangzhou G20 Summit will help bring about sustainable, strong and balanced global growth and chart a new direction for world economic development, namely, towards an innovative, invigorated, interconnected and inclusive world economy.

American democracy boasts of universal representation of social segments, but in reality it is money that talks. Neither the Republican Party nor the Democrats can claim that to have served the interests of the working class well, resulting in a crisis of political institutions that need major surgery to survive.

Despite US claims that China has too many restrictions on investment, and a US election year that’s elevated anti-trade forces, both countries have every reason to move quickly to complete a bilateral trade agreement.

In order to enhance global trade and value creation, reducing trade friction-induced costs should be a top priority, which will contribute to elevating GVC cooperation in Asia and at large. Measures should be taken to lower the average tariff level by paring peak tariff, and encourage further trade liberalization.

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.

“Dollar liquidity shortage” is inevitable in the future, and improving liquidity management including cross-border capital flow and monetary reserves is the key to systematic risk control and crisis management. A global macro-prudential supervision frame should be established to supervise the cross-border capital liquidity as the core target and measure for capital management.