Protectionism is slowing the world economy and the upcoming Group of Twenty (G20) summit in China’s Hangzhou needs to focus on worldwide cooperation that enhances free trade between nations, a leading bank executive said.
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For many, the G20 Hangzhou summit has come to the “right country at the right time”.
The Argentine Ambassador to China Diego Guelar on Wednesday hailed China as “a great partner”. 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.
For instance, China was trying to create special bankruptcy courts across the country to facilitate closure of redundant businesses, he said.
The G20 represents over 85 percent of the world’s economy and two thirds of global population.
South Africa’s priorities in the G20 for 2016 include strong, sustainable, balanced and inclusive growth, decent employment, efficient and responsive economic infrastructure, increased investment in infrastructure, reducing illicit financial flows through coordination of worldwide tax, coordination of global financial regulatory developments and worldwide coordination on development. This year’s summit will again consider the topic, however. It is therefore time to seriously reflect on and deal with the main charges levelled against it, among which is that it has left many behind. 4-5, and as the world waits to find out how Beijing intends to tackle declining global economic growth, state-run media Xinhua news has compiled a list of “six things to watch for” during the G20.
Heads of state and finance chiefs from the world’s top powers will gather for the G20 summit in Hangzhou amid sluggish global economic growth and uncertainty.
“When Obama came in, he made a big a difference, he had new ideas, and he wanted to show at home and internationally that the US can drive the economic recovery”, said Paola Subacchi, International Economics research director at foreign affairs think tank Chatham House.
China will be at the center stage and there are three things global investors are expecting.
Laos, Chad, Senegal, Thailand, Kazakhstan and Egypt are developing countries without G20 membership, but their joining will enable the G20 Hangzhou summit to become one attended by the most number of developing countries in G20 history.
The state-run Study Times wrote in mid-August that Western countries were trying to deliberately exclude a rising China and deny it a proper voice on the world stage with schemes like the US -led Trans-Pacific Partnership.
In early July, in a speech marking the Communist Party of China’s 95th anniversary, Xi said that China should actively participate in building global governance and strive to contribute Chinese wisdom to the improvement of global governance.
“The G20 will discuss how to reverse the slowdown in the growth of trade and foreign investment.and to communicate the benefits of trade to citizens while addressing their concerns”, they wrote in a joint letter.
In an effort to reduce the smog that often chokes eastern China, restrictions extend far beyond the city.
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That is particularly significant to global economy, as an expansion of Chinese consumption means more exports to China for the rest of the world.
