The high-profile meeting of the world’s 20 biggest economies in the Chinese city of Hangzhou from September 4 to 5 will be attended by Prime Minister Narendra Modi, US President Barack Obama and other world leaders.
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In its most recent forecast, the International Monetary Fund lowered this year’s global economic growth target to 2.9 percent from 3.1 percent, and this could be the second year in a row with global growth of less than 3 percent, Xinhua reported.
The upcoming summit is expected to further strengthen China-Russia alliance as China’s high-ranking officials openly claim that Vladimir Putin will be the main guest at the next G20 summit.
The summit is about global economic governance, trade and investment, he said at the briefing in Beijing yesterday.
China’s Commerce Minister warned last month that global cross-border investment may decline by as much as 15 per cent this year as trade remains sluggish.
China has called on G20 members to refrain from competitive devaluation and facilitated discussions on the foreign exchange market within the G20 framework, the first time in G20 history, to build confidence in the market, said Yi Gang, vice governor of the People’s Bank of China (PBOC).
“The summit will see China offering solutions in addition to its contributions made to the world economy”, Jia added.
The G20 will also discuss how to better monitor and respond to risks presented by global capital flows, he said.
According to sources, Wang requested that Indian External Affairs Minister Sushma Swaraj does not join the US-led bloc in raising the South China Sea issue at the G20 summit.
“If people don’t feel like they are beneficiaries of economic development, if they don’t think their lot in life is improving, that’s when they start getting all kinds of ideas”.
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Xi will also attend relevant events, including an informal meeting with other BRICS members’ leaders, and deliver a keynote speech on the opening ceremony of the Business 20 (B20) summit to be held on September 3-4, said Chinese Foreign Ministry spokesman Lu Kang in a press release.
