What benefits will the “high-end” G20 bring to the Chinese people?

"Money bag": RMB is more "easy to use"

Taking the "money bag" issue that people are most concerned about as an example, the reform of the international monetary system focused on by the G20 will promote the development of the RMB With the improvement of its international status, more and more countries will recognize and be willing to accept RMB in the future, so that Chinese people will enjoy more benefits and convenience when traveling abroad, investing and shopping.

“An important topic at the G20 Summit is the expansion of the use of SDR. The major countries’ reconfirmation and re-support of the decision to join the RMB in the SDR means that the expansion of the use of the RMB has been recognized and the international status of the RMB has been enhanced. "Wang Wen, executive director of the Chongyang Institute of Finance at Renmin University of China, said that this also means that the RMB will become an important currency for international trade payment and settlement.

In November 2015, the International Monetary Fund decided to include the RMB into the SDR currency basket. This decision will take effect on October 1 this year. The RMB will become one of the US dollars, pounds, yen, and euros in the SDR basket. A fifth currency.

In terms of people's perception, what impact will the "inclusion of the RMB into the basket" have on our "money bags"? In the past, due to the underestimated value and stability of the RMB, Chinese tourists needed to convert exchange rates and exchange foreign currencies before leaving the country, which easily caused exchange rate losses and increased exchange costs. In the future, Chinese people will be able to directly use RMB to travel, shop, and invest overseas, increasing transaction convenience and avoiding exchange rate risks.

"Inclusion in the basket" will also help stabilize the RMB exchange rate, reduce depreciation pressure, and alleviate Chinese people's concerns about shrinking "money bags." A stable renminbi will also help investors allocate assets and trade globally.

“In other words, in the future, it will no longer be a dream for Chinese people to purchase real estate, stocks and bonds abroad, or directly use RMB to buy houses abroad.” Wang Wen said.

Poverty Alleviation: Financial Services Are More Beneficial

What should small and micro enterprises, rural people, and poor people do if they encounter difficulty in getting loans? This year's G20 Hangzhou Summit will pay special attention to the issue of inclusive finance, which is expected to solve this problem.

Yi Gang, deputy governor of the People's Bank of China, said at the recent B20 press conference that inclusive finance is to strengthen the inclusiveness of financial services so that people in remote areas, rural areas and low-income groups can Get the most basic financial services.

“The difficulty in financial integration often lies in the blind spots of the original financial system such as small and medium-sized enterprises and the elderly, young and marginalized. Inclusive finance focuses on small and micro enterprises, farmers and low-income urban groups and other vulnerable groups to make it easier for them to "Participate in the entire economic development process." Ding Chun, a professor at the Institute of World Economics, School of Economics, Fudan University, said that the development of global financial inclusion can drive economic growth and expand employment, thereby benefiting all classes and groups in society.

At present, China has also carried out many inclusive financial practices in its continuous exploration. Mobile payment, online credit, etc. have made us at the forefront of the world in this regard. Hangzhou, where the G20 Summit is held, is a city where mobile payment is extremely convenient.

The reporter learned from the interview that Ant Financial Services Group, which has been committed to providing inclusive financial services to small and micro enterprises and individual consumers, has served more than 4 million small and micro enterprises in the past five years, with an average of one household If the loan balance is less than 30,000 yuan, it can basically be applied in 3 minutes and received in one second. As of the end of June this year, the payment, credit, and insurance services launched by Ant Financial for rural users have covered more than 1,900 counties across the country, including nearly 800 national-level poverty-stricken counties. Ant Financial has cumulatively served more than 22 million rural users, of which 16.8% are rural users in national-level poverty-stricken counties.

Inclusive finance attaches great importance to poverty eradication, but this does not mean that inclusive finance is a public welfare activity for low-income people. Ding Chun said that any financial activity has a profit-making purpose, which determines that the creation of inclusive finance needs to properly handle the relationship between public welfare and profitability, and use digital technology to benefit the concept of inclusive finance to the people. This year, three important documents on inclusive finance will be submitted to the G20 Hangzhou Summit, which will surely benefit the implementation of global inclusive finance.

Buy, buy, buy: trade is more convenient and the price is cheaper

Imported products are cheaper, have more varieties, and circulate faster. This should be the reason for the majority of consumers, especially the "overseas shopping people" The biggest dream of the “hand-chopping clan”. The convening of the G20 Hangzhou Summit is making the dream a reality.

As the host country of the G20 Hangzhou Summit, China advocates that trade be discussed in an equally important position as fiscal and financial policies. At the Trade Ministers' Meeting held in July this year, G20 members reached a consensus on the "G20 Global Trade Growth Strategy" proposed by China, which established seven pillars of cooperation, including reducing trade costs, promoting trade in services, and enhancing trade financing. , and put forward targeted policy principles and action measures.

“These pillars will play a real role in promoting global trade growth, such as promoting the early implementation of the Trade Facilitation Agreement, which is expected to reduce global trade costs by 15%.” Vice Minister of Commerce Wang Shouwen said , which also means that imported products will be cheaper and faster to circulate, and consumers will also benefit from them.

The benefits brought by trade facilitation are particularly obvious in Zhejiang Yiwu Small Commodity City International Trade City.

This "international supermarket" at the doorstep of local people allows consumers to shop "all over the world" without leaving the county, with guaranteed product quality and attractive prices.

Zhang Ruizhi, director of the exhibition hall of the Spanish Commodity Center, said that the convenience of trade in countries along the China-Europe train line has been continuously improved, the purchase cycle and transportation time have been shortened, and the comprehensive cost of railway transportation is about 15% lower than that of sea transportation. Therefore, every year During the New Year, more benefits will be offered to consumers, and sales during the event period are usually 50% to 60% higher than usual.

Small and medium-sized enterprises and young people also have good news to look forward to. Recommendations aimed at promoting trade, helping small and medium-sized enterprises and young people, and creating jobs - establishing a World Electronic Trade Platform, or eWTP, to promote public-private dialogue in the field of cross-border e-commerce, were included in the B20 overall policy report.

Jia Caimin is the general manager of a cross-border e-commerce company. He has been engaged in this industry for six years. He hopes that many issues at the G20 Summit to promote the development of cross-border e-commerce can be implemented. There is a small and medium-sized enterprise around the world. A platform where enterprises truly belong to themselves and can trade freely, fairly and openly.

“Currently, for cross-border e-commerce small businesses, logistics and customs clearance standards are different around the world, which increases our trade costs. If there can be a unified agreement or dialogue and communication mechanism for this, we can Greatly improve trade convenience," Jia Caimin said.