China’s Commerce Ministry says trade and investment will be stressed at this year’s G20 summit in Hangzhou, seeking long-term solutions to boost the world economy.
From merely seeking quick fixes when it was first convened nearly a decade ago, the G20 summit this year is expected to transform itself into a platform for long-term solutions to global economic woes.
So the newly established trade and investment working group will play a key role. There will be routine meetings between trade ministers among the G20 economies. Their responsibilities will be known soon.
China’s exports have seen a decline for several months... highlighting the need for more open global trade. On the Chinese side, efforts have been made to cope with weak overseas demand.
According to the International Monetary Fund, the world economy’s growth will still be slow in the next 2 years.
What lies ahead of us are bad loans, heavy government debts, unemployment, unpromising social reforms, and rising protectionism.
So for the G20 to be able to live up to the expectations, experts say, the summit needs to come up with a long term agenda for consistent governance policies.