China has been named as the host of the G-20 summit in 2016, the first time the country has been chosen for the honor.

The announcement was made as this year's G20 summit in Brisbane, Australia was wrapping up. President Xi Jinping said that China is confident to fulfill its role as the chair of the 2016 G20 summit and a member of the three-member management triumvirate for 2015 and 2017.

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The Group of Twenty nations, also known as G-20 has no permanent staff, and the chair rotates between members, and is selected from a different regional grouping of countries each year.

The chair is part of a revolving three-member management triumvirate of past, present and future chairs. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's operations and organizes its meetings.

The role of the triumvirate, often called the "troika" is to ensure continuity in the G20's work and management during host years.

Collectively, the G-20 economies account for approximately 85% of the world's total gross domestic product, 80% of world trade, and two-thirds of the world's population.

TagsG-20 Summit, G-20 2016, China to Host G-20 Summit