At­tack to be probed

China Daily (USA) - - FRONT PAGE - By WANG LINYAN in New York wan­glinyan@chi­nadai­lyusa.com

Kyr­gyzs­tan says it will in­ves­ti­gate the car bomb at­tack on China’s em­bassy in Bishkek.

Hold­ing the G20 sum­mit in Hangzhou, China is “truly his­toric” and China’s G20 pres­i­dency will live up to high ex­pec­ta­tions from the in­ter­na­tional com­mu­nity, said a se­nior United Na­tions official.

“Un­der the lead­er­ship of the Chi­nese pres­i­dency, the G20 this year has sent a clear sig­nal that there can be no sus­tained and in­clu­sive eco­nomic growth with­out con­tin­ued eco­nomic progress in the de­vel­op­ing world,” said Wu Hongbo, un­der­sec­re­tary-general for eco­nomic and so­cial af­fairs at the United Na­tions.

It is the first time that a mem­ber of the UN Group of 77 de­vel­op­ing coun­tries has hosted a G20 sum­mit. The theme is “To­wards an in­no­va­tive, in­vig­o­rated, in­ter­con­nected and in­clu­sive world econ­omy”.

“The Hangzhou Sum­mit will fea­ture the strong­est rep­re­sen­ta­tion of de­vel­op­ing coun­tries of any G20 sum­mit held so far,” said Wu, cit­ing the Chi­nese pres­i­dency’s in­vi­ta­tion to Thai­land, the Chair of the Group of 77, to at­tend the sum­mit as an ex­am­ple.

As China has made sure that the G20 aligns its work with the new UN de­vel­op­ment agenda, Wu said that the G20 sum­mit will di­rectly con­trib­ute to “the full and timely im­ple­men­ta­tion” of the 2030 Agenda for Sus­tain­able De­vel­op­ment.

The agenda, which aims to erad­i­cate poverty by 2030, was adopted by world lead­ers last year. The Chi­nese govern­ment is also mak­ing a strong com­mit­ment in the out­line of its 13th Five-Year Plan (2016-20) to pro­mot­ing the 2030 Agenda do­mes­ti­cally.

With the global econ­omy still fac­ing slow growth, Wu said it’s very im­por­tant that the G20 com­mits to lift­ing its growth by 2 per­cent by 2018.

China is pro­mot­ing pri­or­ity ar­eas and guid­ing prin­ci­ples de­signed for struc­tural re­form of G20 mem­bers, which is vi­tal for achiev­ing this goal.

Fi­nance Min­is­ter Lou Ji­wei said last week in Beijing that G20 fi­nance min­is­ters and cen­tral bank gov­er­nors have reached a con­sen­sus on global co­op­er­a­tion.

“The ex­tent to which this goal can be suc­cess­fully achieved will de­pend on co­op­er­a­tion among coun­tries,” said Wu.

For ex­am­ple, a well-co­or­di­nated fis­cal stim­u­lus by a group of large, de­vel­oped coun­tries and emerg­ing economies would be much more ef­fec­tive in boost­ing global growth than uni­lat­eral fis­cal stim­u­lus in­tro­duced by a sin­gle coun­try, Wu ex­plained.

“The G20 sum­mit can chart out path­ways to strengthen much needed macroe­co­nomic pol­icy co­or­di­na­tion,” Wu said.

He pointed out that it is also crit­i­cal to not only ad­dress the short-term chal­lenges to growth but also di­rect at­ten­tion to­ward medium- and long-term sus­tain­able and eq­ui­table growth paths.

Un­der China’s pres­i­dency, the G20 is im­ple­ment­ing an en­hanced struc­tural re­form agenda, en­cour­ag­ing in­no­va­tion and com­pe­ti­tion to boost growth po­ten­tial and pro­mot­ing the G20 Ac­tion Plan on the 2030 Agenda to achieve sus­tain­able growth.

“China has demon­strated that the three di­men­sions of sus­tain­able de­vel­op­ment — eco­nomic, so­cial and en­vi­ron­men­tal — are mu­tu­ally re­in­forc­ing by build­ing a world-lead­ing re­new­able en­ergy sec­tor that cre­ates jobs, fos­ters tech­no­log­i­cal in­no­va­tion and im­proves en­ergy ac­cess,” Wu said.

To Wu, China has been “the lo­co­mo­tive of global growth”, con­tribut­ing to more than onethird of world out­put growth dur­ing 2008-2015.

In the af­ter­math of the global fi­nan­cial cri­sis, it has played a crit­i­cal role in sus­tain­ing global out­put, par­tic­u­larly for de­vel­op­ing economies. It is also now the top trad­ing na­tion in the world and is the big­gest bi­lat­eral trad­ing part­ner for many economies.

China will con­tinue to be a

"The... sum­mit will fea­ture the strong­est rep­re­sen­ta­tion of de­vel­op­ing coun­tries of any G20 sum­mit."

Wu Hongbo, UN un­der­sec­re­tary-general for eco­nomic and so­cial af­fairs

key en­gine of global growth as it grad­u­ally tran­si­tions into a con­sump­tion-driven econ­omy and de­mands more goods and ser­vices from the rest of the world and as its in­vest­ments abroad con­tinue to rise, Wu said.

China’s non­fi­nan­cial out­ward for­eign di­rect in­vest­ment has been ris­ing sig­nif­i­cantly, reach­ing $118 bil­lion in 2015.

Am­bas­sador Carla A. Hills, chair and CEO of in­ter­na­tional con­sul­tancy Hills & Co, ap­plauded the four pri­or­i­ties that China has iden­ti­fied for the up­com­ing sum­mit.

Those are: break­ing a new path for growth, more ef­fec­tive and ef­fi­cient global eco­nomic and fi­nan­cial gov­er­nance, robust in­ter­na­tional trade and in­vest­ment, and in­clu­sive and in­ter­con­nected de­vel­op­ment.

“I am hop­ing that China will lead by ex­am­ple and take steps to im­ple­ment th­ese pri­or­i­ties,” Hills, for­mer US trade rep­re­sen­ta­tive, said in a writ­ten in­ter­view with China Daily.

“As one of the world’s two largest economies and as host of this 11th G20 sum­mit, it has the op­por­tu­nity to press for ac­tion that will not only fur­ther strengthen its econ­omy but con­trib­ute to the growth and de­vel­op­ment of the global econ­omy,” she said.

She said past ex­pe­ri­ence has shown that one of the most ef­fec­tive tools to gen­er­ate global eco­nomic growth for the ben­e­fit of both rich and poor na­tions is to open world mar­kets to trade and in­vest­ment.

Not­with­stand­ing the fact that at ev­ery past G20 meet­ing the lead­ers have pledged their com­mit­ment to main­tain an open global econ­omy, ac­cord­ing to the last World Trade Or­ga­ni­za­tion (WTO) mon­i­tor­ing report cov­er­ing mid-Oc­to­ber 2015 to mid-May 2016, the G20 economies in that six-month pe­riod have ap­plied 145 new trade re­stric­tions, roughly 21 new mea­sures a month, Hills said.

“I would hope that there would be a real com­mit­ment by each and ev­ery leader not only to re­frain from im­ple­ment­ing fur­ther re­stric­tions but also to re­move those they have put in place,” she said.

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