The G20 summit, an important platform for global governance in the world, will be convened in Hangzhou, East China’s Zhejiang Province, on Sep. 4. G20 leaders and over ten specially invited state leaders will participate in the summit.

China will host the G20 summit for the first time, taking the lead in drawing up a top-level design for global economic governance and proposing the “Chinese scheme.” This will help to promote China’s comprehensive strength and soft power in particular.

It has not been an easy process for China to have this opportunity. Since the reform and opening up, China has been enhancing its economic strength and comprehensive national power while integrating into the international community and participating in the construction and reform of the international system. Especially after the 2008 global financial crisis, China has constantly elevated its contribution to world development, gradually entering the center of the global arena. This has laid a solid foundation for holding the G20 summit.

China will be applauded for its efforts in holding the G20 summit. It is a systematic project. Prior to the G20 summit each year, hundreds of consultations and negotiations are conducted through rounds of meetings of coordinators, treasury secretaries, Central Bank governors, ministers and working groups. China has made unremitting efforts for this year’s G20 summit. Careful preparations have been made in the city of Hangzhou in particular.

The world will cheer for China’s peaceful development. Its achievements may become the reference point for international economic financial operations. These include making every country coordinate macroeconomic and financial policy, pushing forward global-level structural reform, steadying the prices of staple commodities such as oil and iron ores, and finding ways to implement the UN-level 2030 sustainable development goals. These topics are related to the world economic recovery, each country’s development, and also related to individual livelihoods.

Nowadays, China is contributing ideas to the world with great patience and creativity and translating them into international rules to make the international system more fair, reasonable and open. This will prove once again that China adheres to the path of peaceful development, which is beneficial to global peace and development.

Holding the G20 summit concerns growth, trade, exchange rates, security, employment, energy, food and climate. It requires significant amounts of materials as well as relevant talent. China is not so sufficient in terms of the latter. Holding the G20 summit is both a challenge and an opportunity for China to better understand international rules. This will inevitably inject new impetus for China to further go global and better participate in international cooperation, thus enhancing the lofty cause of human peace and development.

Wang Wen is executive dean of Chongyang Institute for Financial Studies at the Renmin University of China.