What the G20 leaders need to do

Xinhua News Agency interviewed Farok Contractor, a distinguished professor at Rutgers Business School, about the challenge for world leaders gathering in China next month for the G20 Summit.

Contractor, who teaches international business, said communication and coordination will be key tasks for leaders from the 20 most powerful economies in the world as they contemplate new policies in Hangzhou. Read more of Professor Contractor's expertise in "What's driving the Chinese and world stock markets?"

"Globalization today is under attack,” Contractor said in an interview posted on New China TV, the official YouTube channel for Xinhua News Agency. "It’s very unfortunate because globalization is the vehicle that has lifted 1 billion people out of poverty during the last 15 years and into a middle class status."

While the benefits of globalization may not be equally distributed, Contractor argues that they still outweigh the costs. It will be up to the G20 leaders to effectively communicate that trade and foreign direct investment are good, he said.

During the interview, Professor Contractor also offered some ideas for how the G20 can coordinate and encourage innovation.