Chinese officials say Beijing will propose a joint initiative to boost global growth at next month’s meeting of Group of 20 major economies amid rising protectionist sentiment in the United States and Europe.
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The upcoming G20 summit slated to be held in the Chinese city of Hangzhou, will focus on worldwide cooperation in the face of economic risks and challenges to achieve sustainable and balanced growth, officials said.
The meeting of economic leaders of G20 member nations to be held between September 4 and 5 will remain focused on economic growth of each country’s economy amid events that significantly affect global wealth such as Britain’s exit from the European Union.
China also hopes to promote structural reform, improve global economic and financial governance, strengthen financial, tax, energy and anti-corruption cooperation and revitalize trade and investment at the summit, Li said.
Beijing was furious when the Philippines, backed by the United States, applied in 2013 to the Permanent Court of Arbitration in The Hague for a ruling on claims to contested waters in the South China Sea. China is hesitant about such a move, given that it is already under pressure after an global tribunal court dismissed its claim over disputed maritime territory.
The G20 is an global forum for the world’s 20 biggest economies. “[But] it is impossible to prevent all the top leaders from discussing” the territorial disputes, Shi said. China suffered a setback in July when an worldwide tribunal said its efforts to assert control over the South China Sea exceeded the law – a move that may empower other claimant states.
China has repeatedly expressed its opposition against such ideas and even angrily responded when maritime disputes entered the topics of discussion during the May G7 summit conducted in Japan.
“How can we have sustainable, balanced and inclusive growth”. Mr Yi said he is confident in the yuan’s internationalisation process.
Zhu said the G20 members this year have been making progress on issues like financial reform, worldwide taxation cooperation, green financing, climate funding and counter-terrorism fundraising.
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“If the people can not feel the benefits, then this sort of development can not truly improve people’s lives, and people will have mixed feelings about such developments”, Zhu said.
