PwC delegation joins global business leaders at the B20 Summit

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Raymund Chao, Chairman of PwC Greater China hosts a panel assessing more effective and efficient global economic and financial governance


Hong Kong, 3 Sep 2016 - The Business 20 Summit (B20 Summit), a significant part of G20, officially opened in Hangzhou today. PwC has a senior delegation participating at the two-day summit, which is led by Raymund Chao, Chairman of PwC Greater China. Members of the senior delegation will be sharing their perspectives on the global economy and business issues of common concern with fellow business leaders from around the world.

During the summit, Raymund Chao hosted a panel on the topic of Developing More Effective and Efficient Global Economic and Financial Governance. Mr. Chao presided over discourse on relevant issues with Miao Jianmin, Vice Chairman and President of China Life, Yi Huiman, the Chairman of Industrial and Commercial Bank of China, Craig Meller, CEO of AMP, as well as other Chinese and foreign political and business leaders.

The B20 provides a platform for the international business community to participate in dynamic exchange on issues of global economic governance. Focused on researching and discussing major issues in global economic development, the B20 gathers opinions and suggestions from the business community, in order to inform policy recommendations for G20 leaders. The overarching goal remains promoting strong, sustainable and balanced growth in the global economy.

The B20 committee today submitted the final edition of the B20 Policy Recommendations to G20 leaders. Representing the views of the global business community, the report put forward a total of 20 policy recommendations, framed by four key aspects. The four aspects are, breaking a new path for global economic growth, developing more effective and efficient global economic and financial governance, encouraging robust international trade and investment, and promoting inclusive and interconnected development.

The B20 2016 consists of five taskforces covering financing growth, trade and investment, infrastructure, SME development and employment, as well as an anti-corruption forum Miao Jianmin, Vice Chairman and President of China Life, Frank Ning, Chairman of SINOCHEM, Ren Hongbin, Chairman of SINOMACH, Jack Ma, Executive Chairman of Alibaba, and Li Yanhong, Chairman and CEO of Baidu will each act as chair for the Financing Growth Taskforce, Trade and Investment Taskforce, Infrastructure Taskforce, SME Development Taskforce and Employment Taskforce respectively.

In January 2016, PwC was invited to be the Knowledge Partner of the B20 Financing Growth Taskforce, responsible for coordinating policy recommendation discussion, researching policy issues, collecting suggestions from other members, and drafting policy recommendations. In the initial half year, the dedicated team from PwC has held three face-to-face discussions and teleconferences with the other 86 members of the B20, with the productive conversations occurring in Beijing, Washington D.C. and Paris. As a result of the endeavours, four recommendations were put forward for the B20 to prioritise, namely to; 1) facilitate the development of green financing and investment markets; 2) promote financial inclusion by embracing digital technology innovation; 3) optimise global financial regulations to support growth; and 4) explore tax as a mean to support inclusive growth.

Of the four recommendations, the first two are treated in the B20 Summit panel that looks at how to Break a New Path for Global Economic Growth. The latter two are treated in the panel to Develop More Effective and Efficient Global Economic and Financial Governance.

Speaking at the summit, Raymund Chao said "PwC is honoured to be one of the knowledge partners of the B20. We are a professional services firm committed to building trust in society and solving important problems, while remaining dedicated to driving China's economic development. We are steadfast in our aim to support global economic connectivity, utilising our full range of professional services and broad experience."

This year reflects the first year in which China has been the organizer of the G20. PwC is proud to act as a Knowledge Partner for the B20, providing expertise and intellectual support for the Financial Growth Taskforce. The commitment at the B20 follows support for the APEC CEO Summit and DAVOS World Economic Forum. PwC is honoured to once again take an enabling role at such a significant global business event.