“Delivering a successful G20 summit in Hangzhou means tackling big global challenges through practical actions that can be understood by the public”.
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China has already made it clear that it does not want such matters to overshadow the meeting, which will be attended by US President Barack Obama, Japanese Prime Minister Shinzo and other world leaders.
Beijing’s aggressive stance in the South China Sea, where it has created artificial islands in disputed territory, has also created alarm and joins a list of awkward issues authorities are keen to leave off the agenda in the summit city of Hangzhou.
It disclosed that city streets won’t only be devoid of people, but also automobiles, with the government banning about half of vehicle transportation.
Excess steel capacity in particular has been a hot-button issue for many G20 countries this year, amid a slowdown in global demand that has led to a steel glut, layoffs and idled mills.
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Mr Turnbull, who will arrive in Hangzhou on Sunday for the two-day summit of the world’s 20 most powerful leaders, will argue – along with host nation China – that it is a critical moment in terms of global growth and the world can ill-afford a retreat towards protectionism in the post-Brexit era.
Chinese President Xi Jinping on Friday called on China and Laos to build an unshakable community of common destiny. China angrily rejected the verdict and has vowed to continue developing man-made islands in the disputed Spratly islands group, while staging regular aerial patrols over the area and raising the possibility of unilaterally placing the airspace above under Chinese control. 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 USA advanced missile defense system despite Beijing’s strong objection.
When EU Commission President Jean-Claude Juncker and EU Council President Donald Tusk set out their priorities for the Hangzhou meeting this week, free trade was next to last.
The G20 agenda is focused on strengthening global growth and Australia will argue that, as well as liberalising trade, governments musts pursue structural reforms, given that monetary policy has pretty much run its course.
In recent months, China has been incensed by a ruling against its claims in the South China Sea by an global court, a case initiated by Manila but blamed by Beijing on Washington. And the US committed itself to taking full account of the spillover effect on the worldwide financial markets, and improving policy transparency and predictability when normalizing its monetary policy.
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With these efforts, China has provided its own proposals for a more efficient global financial governance. For example, China and the USA took the lead by agreeing on emission reduction programs, which paved the way for the success of the Paris Conference on Climate Change in 2015. Even on cyber security, where they have disagreement, the two sides have managed to establish a hot line and agreed on the guidelines to jointly fight against cybercrimes.
