This year’s summit will be the most representative of developing countries in G20 history.
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The G20 summit lasts two days and economic powers from across the world will discuss their futures together.
Heads of the five countries will also be meeting in Goa next month during the BRICS summit to work more coordinated strategy in the face of global economic slowdown and to counter protectionist measures. In addition, Xi also called for a the construction of an indissoluble community of common destiny with Laos while talking to his counterpart from the country, Bounnhang Vorachit.
U.S. President Barack Obama will urge leaders of the world’s major economies to use fiscal policy and other tools to boost growth while paying more attention to angry citizens who feel left behind, Treasury Secretary Jack Lew said on Wednesday.
For his part, Temer said that he valued Brazil’s relationship with China and the strengthening of strategic ties.
China’s economic growth stabilized in the first half of this year, with initial signs showing it could continue to be stable during the rest of the year, say analysts.
In an effort to reduce congestion, the local officials have declared a week-long public holiday coinciding with the G20 Summit and are reportedly trying to convince thousands of residents to leave the city by giving them discounted tour packages.
President Xi Jinping ensures that this will not happen as it will be a basis to judge how effective China was to host the G20 Summit.
“Without stronger growth, we were not be able to achieve the other objectives, whether it’s reducing carbon emissions by improving global equality, or achieving green finance”.
Writing in today’s The Australian Financial Review, China’s ambassador to Australia, Cheng Jingye, says the Hangzhou summit “is likely to become the most fruitful G20 summit ever”. Experts say South Korea and China will be looking for a breakthrough in resolving recent diplomatic conflicts occurring after Seoul’s recent decision to deploy a USA advanced missile defense system despite Beijing’s strong objection.
G20 countries produce about 80 percent of climate-changing greenhouse gas emissions, with China and the United States alone responsible for 38 percent, noted Andrew Steer, president of the World Resources Institute (WRI).
As fresh local data showed stagnant retail sales and crumbling business investment, the International Monetary Fund also renewed its calls for countries, including Australia, to use budget spending to drive productive investment, while also reforming taxes to improve efficiency and equity.
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China has successfully transformed a developing country into the second largest economy on the planet and hopes to share their solutions and experience with the world.
