It brings together industrialized and developing economies to discuss the most important financial and economic issues of the day.

Its mandate to promote growth and economic development across the globe.

It's made up of 19 of the world's largest economies, plus a representative from the European Union.

They account for two thirds of the world's population and 85% of the global economic output.

Other countries can be invited to take part in the summits.

The leaders of these countries meet each year, with the summit taking place over two days in the country of the group's current president, which changes each year.

Hosting the summit is an opportunity to set the agenda and lead discussions.

The finance ministers and central bank governors from these countries meet twice a year usually in coordination with the G20 summit itself.

The focus of this year's summit is sustained economic growth and is being held in Hangzhou, Zhejiang, China, on the 4th and 5th of September.

And along with the leaders, China has also invited the heads of the UN, IMF, OECD, WTO and World Bank.

And for the first time, innovation will be a key agenda.

Ahead of the meeting, President Xi Jinping said: "We should embrace the vision of a global community of shared future, enhanced economic connectivity and exchanges among countries."

"And improve global economic and financial governance so as to address inequality and imbalance in global development."

"And ensure that the benefits of economic growth will be equitably shared by people of all countries."