– This is the script of CNBC's news report for China's CCTV on May 27, Friday.
Welcome to CNBC Business Daily, I'm Qian Chen.
While the G7 summit is ongoing on Japan, the G20 summit, which will be hosted by China this year, is just 100 days away.
If we do a simple comparison here --
The G7 states make up about one tenth of the world population, in year 2015 they were responsible for 47% of global GDP and for approximately 33% of the worldwide exports in goods and services according to most recent data (2014).
Since then this group of states regularly organises summits to discuss key economic and financial issues.
The G20 represents approximately two thirds of the world's population, accounts for 90% of the global GDP and 80% of total external trade.
Both summits have been focusing on the outlook of the global economy, but emerging markets are key, according to Moody's Investors Service.
The global economy will remain in a sluggish state for years to come as emerging market growth is unlikely to rebound, said the rating agency.
Moody expects growth across the G20 bloc of major economies to remain below its pre-crisis levels, as the emerging market countries of the group will grow more slowly this year.
The GDP growth of emerging markets is set to fall from 4.4% last year to just 4.2% in 2016.
These economies have in recent years served as the engines of global growth.
Moody's said weak oil commodity prices and falling demand for exports could also drag on the world economy.
Growth forecasts for Argentina, Brazil, Mexico, and Turkey have been slashed. All are emerging market economies which have been at the sharp end of the commodities rout. It is thought that their weakness will have knock-on effects for the world's advanced economies.
Despite the effective tax cut offered by low oil prices to importers of the commodity, the turmoil that engulfed financial markets at the beginning of the year will be enough to prompt a slowdown among advanced G20 markets this year, Moody's believes.
The rating agency expects the GDP of advanced major economies to rise by 1.7% this year, compared with a 1.9% increase in 2015. Elena Duggar, a Moody's associate managing director, said advanced economies had failed to return to the growth rates enjoyed before the recession, as they have done historically following economic busts.