The summit on Sunday and Monday comes amid a faltering global economy, growing concern over violent extremism, China’s muscle-flexing in the South China Sea, the U.S. presidential election and a renewed push for action on climate change.
Advertisement
Past year during the Forum for China-Africa (FORAC) meeting in South Africa, President Xi promised a $60 billion donation for Africa’s development agenda.
Xi made the remarks as he met with Laotian President Bounnhang Vorachit ahead of the G20 Hangzhou summit. “Hangzhou is where the G20 can make a real impact on global economic governance if it’s willing to put aside differences and bridge the gap where other multilateral institutions have struggled to make progress”, he said. Prime Minister Lee Hsien Loong is attending at China’s invitation.
Chinese Vice Minister of Foreign Affairs Li Baodong (李保東) said the summit would focus on “improving regulations and ways for creative growth”, and “more efficient global finance management” in accordance with the theme of the Hangzhou Summit – “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy”. And in turn, more people may enjoy the benefits of a global economy. “It should therefore provide genuine guidance for the future global trade and investment agenda”. Observers say China’s political stability may give it an edge in playing a bigger global role over major powers like the US, Germany and France, which are heading for elections over the next year, and Britain which is dealing with the Brexit aftermath.
Advertisement
Kritenbrink recalled the previous engagements between the two Presidents, including their first informal summit held at the Sunnylands estate in California in 2013, Obama’s state visit to Beijing in 2014 and Xi’s state visit to the USA in September past year. Prof Wang said there is a gap between the expectations of the Chinese and the reality of G-20 politics. Expectations have been growing that South Korea and China might have bilateral summit talks on the sidelines of the worldwide gathering.
