For the G20 to play its important role in global governance, it has to understand the real economic difficulties the world faces today. The G20 was born in 1999, when developing countries were on the rise and playing a greater role in the global economic growth. And over the past 17 years, the bloc has served as a very important platform for dialogue between developed countries and emerging market economies.

Facts show the G20 is a platform for developed and developing countries to discuss economic issues of global importance, for which its members have to respect each other's core interests and identify areas of greatest common interests for cooperation.

Their largest common interest, however, lies in taking the globalization process forward. Through globalization, countries can share more common interests and economic gains. Since globalization requires free trade and investment, it facilitates fairer distribution of resources among economies and promotes equitable international rules.

Both emerging market economies and developed countries benefit from globalization. The United States has been pushing forward its Washington Consensus, but because it promotes the free flow of commodities and capital without considering the actual conditions of other countries, its policies have hurt many economies.

One of the US presidential candidates has blamed economic globalization for the recession in the US, claiming Chinese workers have "taken away" jobs from their American counterparts. This is baseless because trade protectionism is not conducive to global economic growth, so the G20 has to take a stance that opposes the US presidential candidate's preposterous claims. To begin with, the G20 has to reform the global financial system, help promote the free flow of trade and investment, while keeping the real conditions of different economies in mind, to propel global economic growth.

China's Belt and Road Initiative is an excellent example of how the global financial mechanism can be reformed. The initiative is conducive to the trend of the times, advocates equality and win-win cooperation in international matters, and helps developing countries and developed countries to better interact with each other.

As the host of the G20 summit, China will do its best to deepen coordination and cooperation among the bloc's members. Since this year also marks the beginning of China's 13th Five-Year Plan period (2016-20), as well as the operations of the Asian Infrastructure Investment Bank and the Belt and Road Initiative, China will do everything in its power to make the G20 summit a grand success and lead the world out of the economic crisis.

The author is executive director of the Strategy Research Center of China International Studies Research Fund.