The G20 is an international economic cooperation forum. It was founded by the finance ministers of the Group of Eight (G8) in Berlin, Germany on September 25th, 1999, and held the first G20 summit in Washington, USA. It is an informal dialogue mechanism, which consists of the former G8 and the remaining 12 important economies.

In order to promote open and constructive discussion and research on substantive issues between industrialized developed countries and emerging market countries, seek cooperation and promote international financial stability and sustained economic growth, according to past practice, the International Monetary Fund and the World Bank attended the meetings of the organization as non-voting representatives. The G20 has a broad membership and strong representation. Its GDP accounts for 90% of the global economy, and its trade volume accounts for 80% of the global economy. Therefore, it has replaced the G8 as the main forum for global economic cooperation.

The G-20 Hangzhou Summit hosted by China in 20 16 brought new ideas to the G-20 agenda to solve the problem of global economic stagnation. The theme of the upcoming G20 summit in Hangzhou is "Building an innovative, dynamic, interconnected and inclusive world economy", and these "four I's" will provide G20 with "China concept".