The EU has long served as a magnifier of the UK’s role in the world. It is hard to imagine how the UK would punch above its weight in today’s world, even for a nation that boasts of past world hegemon status, unrivalled experience in global engagement and continuing hard power.

In the long-term, a series of regional free trade agreements and the new global rules conform to China’s own economic restructuring and reform direction. China must enhance its level of liberalization in such areas as goods trade, service trade and investment, break through market barriers and get rid of institutional barriers. Making use of an open competition will promote the country’s upgrading in the global value chain.

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.

As the U.K. is preparing for the EU referendum, both Washington and Beijing would like London to remain in the EU. Yet, the outcome is not under their control, despite the potential for regional, even global collateral damage.

The U.S.-led petrodollar era has eclipsed. It is being surpassed by a multipolar oil age. The current transitional era is permeated by fundamental change, opportunism and speculation.

Since the global financial crisis of 2008, the growth track and pattern of the world economy have undergone dramatic changes, and maintaining an easy monetary policy by the central banks will not be enough to remedy the situation. New “supply substitution” is needed to improve the productivity and innovative output of all factors, and to earnestly promote global economic growth.

In a world of troubles, the ongoing re-shaping of the world order and global governance will require a meeting of minds and concerted actions from big powers.

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.

The Federal Reserve said on Wednesday that it would raise short-term interest rates for the first time since the financial crisis, a decision it described as a vote of confidence in the American economy even as much of the rest of the world struggles.

When achieving a stable global economy supercedes local and political interests, and a sustainable rebound in the global oil prices begins to emerge, this will soothe the chaos in the geopolitical sphere, the price wars among the oil-producing countries, the sluggish investment and consumption in the world economy, the capital market’s negative judgment about the future business growth and the “liquidity trap” in the monetary policy.