(Meanwhile, ) Seoul’s first vice foreign minister Lim Sung-nam has arrived in China for talks with his Chinese counterpart Liu Zhenmin.to make final arrangements for the G20 Summit in Hangzhou, which begins this Sunday.
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China and the United States would be attending the upcoming G20 summit next month in the city of Hangzhou despite a clash in their foreign policies – the USA deployment of anti-missile system in Seoul and China’s increasing assertiveness in its claims to the disputed waters of the South China Sea. The blueprint, with innovation as its focus, will help the world economy to emerge from recession, said Zhang Haibing. China has learned from the G20 St. Petersburg summit in 2013, which was distracted by the Syria issue. Third, the importance of structural reform has been stressed, in the hope that reform will solve deep-seated problems in the global economy. He joined the Ministry of Foreign Affairs of China in 1993 and worked in the Department of Asian Affairs, Department of Policy Planning, the Department of Hong Kong, Macao and Taiwan Affairs and the Department of International Economic Affairs.
“The President will press for action on excess capacity, most notably in the steel industry”, said Lew in in a speech to the Brookings Institution ahead of the summit in Hangzhou, China.
The G20’s fundamental comparative advantage is in its ability to reform global governance and developing consensus on steering global economic decision making.
According to him, with the highly-expected event approaching, China has got everything ready to welcome its most distinguished guests and partner with all other parties to work out a solution that can lead the world out of the dark tunnel of mired economy. The strength of global trade is now tied intimately to securing the openness of the global investment regime.
They also approved to promote reforms at the World Bank and the International Monetary Fund.
Boosted by the G20, existing global financial institutions are being reformed and crisis-response capabilities being strengthened.
The 13th Five-Year Plan set out China’s intention to “actively participate in global economic governance and [to contribute to the provision of] global public goods, increasing [the power of dialogue] in global economic governance”.
The US president also will urge more countries to launch reviews of fuel subsidy programs, part of a commitment at the G20 to phase out inefficient programs supporting fuel purchases.
“For the first time in the history of the G20, the Chinese leadership is. aligning the action agenda, the Sustainable Development Goals and the climate change agreement, in their action agenda of the G20”, Ban said.
Meanwhile, the United Nations chief said the summit represented a great opportunity for G20 leaders and others to show leadership in accelerating the ratification process of the Paris Agreement on Climate Change. The major substantial outcomes of the G20 to date, including updating global financial regulatory rules through Basel III and worldwide tax cooperation on tax havens, have been mostly led by the Atlantic countries. “Interconnected” and “Inclusive” reflect the appeal of developing countries.
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The G20 Hangzhou Summit is on track to yield more fruits than previous ones.
