He told The Straits Times that China, seeing the G-20 presidency as a chance to elevate its position as a leader in global governance, has “responded positively and creatively to the issues and problems plaguing the sustainable development of the global economy”.
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It is also important for the current worldwide financial market, said Tan, citing the currency depreciations of various countries and the uncertainty over whether the U.S. Federal Reserve will decided on an interest rate hike, posing greater risks for the global financial market.
“G20 summit is a mechanism to consult and put forward measures to address regional and worldwide economic issues, as well as promote economic development of developing countries”, he said.
China has set “more effective and efficient global economic and financial governance” as one of the topics of the summit.
As the worst of the financial crisis passed, so did the importance of the annual gatherings. 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 US advanced missile defense system despite Beijing’s strong objection.
Meanwhile, thousands of migrant workers have left the city due to the halt in their work lives and the growing inconvenience caused due to preparations for the G20 Summit. Much progress has been made in the U.S. This year’s summit will again consider the topic, however.
Last month, Professor John Kirton, co-director of the G-20 Research Group at the University of Toronto, wrote in a commentary published on China Radio International website: “Backed by a high degree of domestic political cohesion, President Xi brings to his role as G-20 chair, substantial international and G-20 summit experience and an approach to international affairs that puts the G-20 in first place”. In July, the Philippines, with US backing, won a challenge against China’s South China Sea claims at an worldwide arbitration court.
Professor Kerry Brown, director of the Lau China Institute at King’s College in London, said the G-20 is part of China’s progress from silent leadership under former president Hu Jintao to a more “proactive, and a more communicative, worldwide role” under President Xi.
Both speakers acknowledged that the statements and consensus to be reached in the G20 summit would not be binding or enforceable; however they insisted that the summit would still be significant in helping countries reach consensus and push the discussions on the global economy and finance issues back on track.
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The G20 major economies should aim at the development enjoyed by all countries and peoples, Xi said, adding that the G20 belonged not only to its members but also the whole world.
