Despite a great deal of rhetoric over the years, the G20 has proved too unwieldy, and its agenda overloaded with too many items, to function well as a decision-making forum.
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Republican leaders have complained that the agreement works around Congress, where GOP majorities would not have approved the deal or the legislation needed to meet its targets.
HANGZHOU, China-President Xi Jinping sought to reassure world leaders that his government is committed to putting China’s economy on a more sustainable footing and called on major economies to increase trade and investment to bolster global growth.
He stressed the need for G20 summit to devise ways of ensuring balanced growth among countries in order to bridge the gap of development across the world. The emerging partnership between the two biggest carbon emitters is a bright spot of Obama’s uneven eight-year project to reshape US relations in Asia.
“Depositing the documents together, China and the USA have displayed their ambition and determination to jointly tackle a global challenge”, Xi said. The G20 was conceptualised to stabilise and strengthen the global economy, by bringing together the major advanced and emerging market economies.
The world’ economic recovery has not yet stabilized, and emerging markets have also come across serious challenges. Some think those who can should take measures to stimulate aggregate demand.
As a matter of fact, China is a model in pushing forward structural reform. New developments call for new consensus.
The two leaders’ comments came after International Monetary Fund chief Christine Lagarde warned this week that the world’s economies faced a potentially toxic mix of low long-term growth and rising inequality, creating political temptations to populism and raised trade barriers.
During the eighth China-U.S. And the USA committed itself to taking full account of the spillover effect on the global financial markets, and improving policy transparency and predictability when normalizing its monetary policy. Unlikely partners on addressing global warming, the USA and China have sought to use their collaboration to ramp up pressure on other countries to take concrete action as well.
Merkel said in her weekly video message Saturday that she expects “a very lively discussion” at the summit in China, but that the meeting can’t, for example, resolve Syria’s civil war – “it can only be a contribution to talks on the sidelines helping in this”.
The two leaders also witnessed the inking of several cooperation documents involving agriculture, inspection and quarantine, the China-Kazakhstan Cooperation Committee, and a project of cooperation between China’s Silk Road Economic Belt initiative and Kazakhstan’s new economic policy of the Bright Road.
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USA authorities have also linked cyberattacks on the Democratic Party to Russian-backed hackers. China and the US have achieved visible results in counter-terrorism, non-proliferation, anti-piracy, and drug control. Even on cyber security, where they have disagreement, the two sides have managed to establish a hot line and agreed on the guidelines to jointly fight against cybercrimes.
