Chinese officials say they hope the G20 Summit in Hangzhou will spur new global economic growth. Some analysts say this year's will not only be an economic summit but also a major diplomatic event for China.
In 1999, seven finance ministers including the United States met in Cologne, Germany... and initiated a group that would be known as the Group of 20.
In response to the financial crisis in 2008, the G20 Summit was created. Since then, it has added more political significance rather than being just an economic forum.
Leaders from China and the US are set to have formal meeting alongside this year's G20 Summit in Hangzhou. Various regional issues are expected to be on the table.
"We have entered a 'South China Sea dilemma'. The US won't stop freedom of navigation and aviation while China determines its strong sovereignty. The G20 Summit will be an important platform for them to talk about differences," Teng Jiaqun with China Institute of Int'l Studies said.
The UK vote to leave the European Union, Brexit has once again rocked the sluggish global economy. And that put's the cooperation between the the world top two economic entities at the spotlight.
"Cooperation can be a win-win situation for both. If China and the US have battle in financial and trade sector. it will not hurt two sides only but also shake the world economy and even possible to bring collapse to the international financial system," He Liping with Beijing Normal University said.
The summit is also expected to focus on developing countries, implementation of the 2030 Agenda for Sustainable Development and support for Africa's industrialization.
Other topics include improving global economic and financial governance and revitalize trade and investment will also be discussed.
This will be the first time that China hosts a global economic governance summit. The summit will have the best representation of developing countries in G20 history. Chinese officials said the country will join hands with others to reverse the downward trend in global trade growth.