Tag: G20 summit China

G20 summit: India, China converge on G20 agenda, Modi calls for action-oriented agenda for growth

- by Manish Chand

It’s time to move beyond empty talk and forge an action-oriented agenda for collective action to forge more efficient and effective global economic and financial architecture. This was the central thrust of Prime Minister Narendra Modi’s intervention at the ongoing G20 summit of the world’s major economies in Hangzhou, the picturesque city famed for its iconic West Lake.
Mr Modi’s speech at the G20 summit saw a striking convergence with key thoughts expressed by President Xi Jinping at the opening of the summit on September 4, reflecting prospects of enhanced global cooperation between Asia’s second and third largest economies amid notes of dissonance on some bilateral issues. In his remarks at the summit, Mr Xi, the host of the G20 summit, lauded Mr Modi for his leadership of the Indian economy, and singled out India’s energy policy for special praise.
Building upon central tropes of his intervention on the Day 1 of the G20 summit the previous day, Mr Modi underscored the imperative need for “more efficient and effective global economic and financial governance,” and reiterated zero tolerance for corruption and black money, the twin issues which are also central to his domestic agenda for economic rejuvenation of India.
“G20 needs an action-oriented agenda of collective, coordinated and targeted action,” Mr Modi had told the world leaders on September 4. “To benefit all, G20 would need to act decisively. This will also require strong network of partnerships,” he said. Read more…

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Hello Hangzhou: With NSG on mind, PM Modi braces for crucial meeting with Xi Jinping

- by Manish Chand

“Hello Hangzhou,” India’s Prime Minister Narendra Modi greeted the residents of this picturesque Chinese city as he braces for a “constructive” summit of the world’s major economies and a crucial bilateral meeting with Chinese President Xi Jinping amid a stalemate over India’s membership of the NSG.
Hordes of prominent Indians living in Hangzhou greeted Mr Modi as he entered Hotel Sheraton Grand around 10.30 pm (local time) to begin a two-day visit to China. Dressed in flowing kurta pyjama, Mr Modi looked fresh and invigorated from his successful trip to Hanoi where he announced $500 million assistance for Vietnam’s military modernisation. There are hardly 300-odd Indians in Hangzhou, but they made their presence felt as they beat drums and chanted “Modi, Modi” and “Bharat Mata ki Jai” as the prime minister went around shaking hands with them.
It will be a busy Sunday for PM Modi as he begins the day with what is clearly the most significant diplomatic engagement during his China trip – a meeting with the leader of the world’s second largest economy, who holds the key to India’s membership of the elite Nuclear Suppliers Group. The discussions will focus on recent irritants in bilateral ties with the thrust on restoring strategic equilibrium in this sensitive bilateral relationship that is prone to get bogged down in misunderstandings and the narrative of rivalry and competition. Mr Modi is expected to push the Chinese leader for a rethink on India’s membership of the NSG, which controls the global flow of nuclear material and equipment. India had singled out China as the sole spoiler for its failed bid to get into the NSG at the grouping’s plenary in Seoul in June. China had insisted on India signing the Non-Proliferation Treaty (NPT) as a precondition for its entry into the NSG, which was a clear deal-breaker and not acceptable to New Delhi as it regards the NPT discriminatory that divides the world into the nuclear haves and have-nots.

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In City of Poets & Dreamers, China unfurls its global ambitions in G20 colours

- by Manish Chand

Amid blue skies, closed factories and schools, the iconic West Lake radiates serenity amid the frenzied security drill and hubbub of international diplomacy. With China, anything is possible, and the sheer scale of ambition is staggering as China hosts its first summit of the world’s major and emerging economies in the eastern city of Hangzhou, the refuge of poets and dreamers and now the hub of entrepreneurs, innovators like the legendary Jack Ma of Alibaba and a symbol of China’s global aspirations.
As world leaders touch down in Hangzhou for the 11th G20 summit, all eyes will be on China, which is aspiring to lead the push for global growth and reform of the international financial architecture that remains heavily tilted in favour of developed countries despite the tectonic shift of economic gravity from the west to the rest. The focus will be on the two Asian giants – India and China – which have defied the global slowdown and are still growing rapidly, emerging as beacons of hope in times of crisis.
For China’s President Xi Jinping, the G20 summit in Hangzhou has a personal connection and emotive resonance. President Xi has fond memories of living in the city for five years where he served as the Communist Party chief of Zhejiang province. Hangzhou has transformed since Xi’s early days into a hub of high-tech manufacturing and innovation, and it’s therefore fitting that Mr Xi has chosen China’s most beautiful city, a blend of the traditional and modern, as a symbol of China’s surging global profile as he hosts what he hopes will be milestone G20 summit in initiating a new phase of international economic cooperation to restore global growth and revamp the archaic global governance architecture. If he succeeds, the fabled blue skies of Hangzhou and the glowing West Lake, celebrated by poets Bai Juyi and Su Dongpo, will be remembered for offering a fresh burst of inspiration for reconfiguring the world order. Read more….

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G20 in China: B20 raises the bar for global e-economy

- by Manish Chand

HANGZHOU (China): China is poised to leave its imprint on the G20 process at the summit of major economies in the scenic city of Hangzhou on September 4-5. The 11th G20 summit aims at restoring global growth through new policy initiatives and enhanced macro-economic coordination among G20 economies. Ahead of the summit, nearly 800 business leaders of G20 countries will meet over the weekend and present a spectrum of ambitious initiatives to revitalise the global economy, which include developing a multilateral trading system, promoting green financing and creating a global electronic trade platform, known as the eWTP.
Fast-tracking the World Trade Organisation’s Trade Facilitation Agreement will be a major focus area at the G20 summit, which will be attended by not just the leaders of G20 economies, but also a host of other countries, such as Egypt, Chad, Senegal, Kazakhstan, Singapore, Spain, Laos and Thailand. India had ratified TFA in April. India’s Prime Minister Narendra Modi will be in Hangzhou for the G20 summit, and is expected to push for curbing trade protectionism and enhancing global growth through innovative initiatives.
The proposed construction of the eWTP is set to be a game-changer in accelerating global e-trade and the development of internet economy, a major focus area at the 11th G20 summit.
The eWTP is the brainchild of Jack Ma, chair of the B20’s SME development taskforce and chairman of the multi-billionaire dollar Alibaba Group. “The idea of an electronic world trade platform, eWTP, a mechanism for public-private dialogue in the development of crossborder e-trade, will improve the current trade framework and help small and medium-sized enterprises, developing countries, women and the young generation participate in the global economy,” Jack Ma. Read more…

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