The German G20 organisers say the 2017 summit is in a smooth transition from China to Germany.
Advertisement
Hangzhou: Open confrontation avoided, broad consensus reached over fixes to global economy.
“It is high time that the European Union and India, the third – and the fourth-largest emitters, also show they mean business when it comes to limiting the effects of climate change”, it said. “If we can not get the type of agreement we want, we will walk away from that effort”.
“Frankly”, Obama continued, “we’ve got more capacity than anybody both offensively and defensively”.
With members representing more than 85 percent of global economic output and two-thirds of the world’s population, G20 has an undeniable influence on managing the global economy.
“It’s vital that business and governments work together to explain how and why trade matters for all”.
“While other countries want China to resolve the oversupply issues quickly, they also don’t want to see a hard landing of the Chinese economy that may lead to a global economic crisis”, said Toru Suehiro, senior market economist at Mizuho Securities Co.
It further said that many Chinese netizens agreed with Hua Chunying, a spokesperson for China’s foreign ministry, who said that the Western media was unprofessional.
President Barack Obama said yesterday the United States and Russian Federation have not given up on negotiations that could stem the bloodshed in Syria, but acknowledged leaders are challenged by “gaps of trust” between the rival powers.
The two world leaders also discussed alleged Russian cyber attacks on America, with Obama likening the internet to a unsafe weapon.
By offering the solutions of innovation and reform, the summit adopted the G20 Blueprint on Innovative Growth and formulated pragmatic action plans such as the G20 Action Plan on the 2030 Agenda for Sustainable Development, to deliver the consensus.
A few weeks before the summit, Australia blocked the A$10 billion ($7.63 billion) sale of the country’s biggest energy grid to Chinese bidders, while Britain delayed a $24 billion Chinese-invested nuclear project. Western countries have been complaining that subsidized steel from China was hitting the global industry and resulting in job losses.
With the summit taking place after Britain’s vote in June to exit the European Union and before the US presidential election in November, G20 leaders had been expected to mount a defence of free trade and globalisation and warn against isolationism.
China, asking in public for more openness and steps to counter protectionism, is still giving Western investors only very limited access to their market, a European official said. It may also have revealed some shortcomings in China’s hopes that this edition of the Summit would deliver a similar unity of goal that was on display during the 2009 edition in London.
Advertisement
American President Barack Obama said on Monday that there are still “differences between his country and Russian regarding Syria”, stressing that a ceasefire would facilitate fighting terrorism including Daesh and Al-Nusra Front, AlKhaleejOnline.com reported. There was also a disagreement on the tarmac when a Chinese official shouted “this is our country” to US officials and reporters trying to cross a cordon. “With China and the United States, 26 countries have ratified, accounting for 39.06 per cent of global emissions”, it said.
