The summit was only the second gathering of the leaders of the world’s 20 biggest economies in history.
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Ma is hoping to pitch G20 leaders on an electronic world trade platform, or e-WTP, that would help small businesses expand their customer base globally, the way multinational corporations have been able to. With more than half of the business representatives coming from China, Chinese entrepreneurs will be deeply involved in making worldwide rules, Ruan said. Such a growth under the “new normal” will stabilize the global economy amidst a time of uncertainty with Brexit and the rise of protectionist rhetorics by U.S. presidential candidates. It is therefore time to seriously reflect on and deal with the main charges levelled against it, among which is that it has left many behind.
The G20 Sherpa meeting will be held this weekend in the handsome southern city of Hangzhou, China on September 4 and 5. “Africa is asking for partnership and China has been in the forefront championing a win-win approach”, the president said. That serves well the goal of Chia hosting the G20 summit on global economic governance, as the group includes not only the developed economies like the US, France, Germany, Japan, Britain, but also developing economies like Brazil, India, Mexico, Argentina, South Africa, Saudi Arabia, Turkey and Indonesia.
But with Obama in the last few months of his presidency, key Asian powers are anxious about the future with the 2016 presidential campaign upending USA foreign policy orthodoxies.
Relations between Seoul and Beijing have become so frosty, so fast, there are doubts over whether Xi will meet at the G-20 with South Korean counterpart Park Geun-hye, who has in the past been received warmly.
Even for China’s overcapacity problem in sectors such as steel and coal, a thorny issue between China and its major trading partners from Washington to Brussels, Zhu said China was among the first major economies to take reparatory actions and is seriously working to solve the problem.
“From where China sits, it looks like the Americans are trying to encircle them”, said a senior Western envoy, describing conversations with Chinese officials ahead of G20 as being dominated by the South China Sea row and an advanced US anti-missile system to be deployed in South Korea.
Both speakers acknowledged that the statements and consensus to be reached in the G20 summit would not be binding or enforceable; however they insisted that the summit would still be significant in helping countries reach consensus and push the discussions on the global economy and finance issues back on track.
During the meeting, the leaders agreed that the best way to promote inclusive economic growth is to further promote innovation, not only in the tech industry but to reform the structure of the traditional supply chain.
China has already made it clear that it does not want such matters to overshadow the meeting, which will be attended by US President Barack Obama, Japanese Prime Minister Shinzo and other world leaders.
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On Thursday, the International Monetary Fund (IMF) said in a report that the economic contraction in Russian Federation had reached its bottom and the country’s economic outlook started to improve. It was sold as the economic pillar of Obama’s broader plan to shift USA foreign policy toward Asia and counter the rising might of the hosts of this very meeting, China.
