China to push for efficient growth policies at G20 summit, says Mexican veteran diplomat

MEXICO CITY - China is expected to push for the adoption of efficient policies to boost global economic growth at the upcoming G20 summit, a veteran Mexican diplomat has said.

"It is significant that a country committed to economic growth policies, in contrast with those favoring stabilization policies, is presiding the G20," Jorge Eduardo Navarrete, former Mexican ambassador to China and the United Nations, said in a recent interview with Xinhua.

The world's 20 large economies will converge in Hangzhou, capital of East China's Zhejiang province, for a summit on Sept 4-5 amid a climate of global economic stagnation, financial turbulence and trade protectionism.

Navarrete attributed the negative environment to a combination of macroeconomic circumstances and national policies.

The diplomat, who has published several books on China, said that governments are wrong in thinking that stabilizing prices combined with restrictive fiscal and monetary policies can boost the economy.

"The objective should be growth, employment and social progress, not stability and stagnation," he said.

China, as the second-largest economy in the world, has proposed four key priorities at the G20 summit: "breaking a new path for growth," "more effective and efficient global economic and financial governance," "robust international trade and investment," and "inclusive and interconnected development."

"In 2016, we need a country like China...to push in this direction, to lead the group in the adoption of efficient policies that will ensure economic growth, job creation and social development," said Navarrete.