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Spotlight on China SPOTLIGHT ON CHINA Charting the course for global economic cooperation Gao Hucheng explains how this year’s G20 summit can spur trade and investment as engines of growth ZHAOJIANKANG/ISTOCK PHOTO 62 G20 China: The Hangzhou Summit • September 2016 G7G20.com
Spotlight on China The G20 Summit will be held in Hangzhou, China, on 4–5 September 2016. High on the agenda will be robust international trade and investment. At present, the underlying impact of the international financial crisis is casting a long shadow over the global economic recovery and growth. International trade, stuck at a low level, has been outstripped by world economic growth for four consecutive years, while international investment has yet to bounce back to pre-crisis levels. The international community expects the G20 to play a leading role in tackling prominent global issues and invigorating the global economic recovery and growth. Positive and practical outcomes In recent years, as the G20’s mission has evolved from crisis response to long-term governance. Trade and investment have assumed an increasingly important role. At the Antalya Summit in 2015, President Xi Jinping, together with other G20 leaders, asked G20 trade ministers to meet regularly and agreed to set up a supporting working group. Following the leaders’ instruction, China and other G20 members established the G20 Trade and Investment Working Group (TIWG) in 2016, which has thus far held four meetings. On 9–10 July, China successfully held the first institutionalised G20 trade ministers meeting in Shanghai and released the first G20 Trade Ministers Meeting Statement, capturing numerous breakthroughs on various topics. This laid a solid foundation for the Hangzhou Summit to deliver positive and practical outcomes on trade and investment. At the Hangzhou Summit, leaders have the potential to achieve historic trade and economic outcomes in the following five aspects. First, endorse the terms of reference of the TIWG, institutionalising cooperation on trade and investment policy among G20 members. During China’s presidency, the TIWG was created and important consensus was reached regarding implementing the leaders’ instructions at the Antalya Summit to strengthen trade and investment cooperation and hold regular trade ministers’ meetings. At this summit, leaders are expected to endorse the TIWG’s terms of reference, which were proposed and drafted by China and define the scope of discussion and organisational matters. These will provide a stable institutional guarantee for the G20 in playing a greater role in global economic governance and promoting trade and investment growth. Second, endorse the G20 Strategy for Global Trade Growth (SGTG), charting the course for promoting sustainable global trade and economic growth. The SGTG sets out seven cooperation pillars: lowering trade costs, harnessing trade and investment policy Gao Hucheng Minister of Commerce, People’s Republic of China coherence, boosting trade in services, enhancing trade finance, developing a world trade outlook indicator, promoting e-commerce development, and addressing trade and development. It lays out targeted action plans. Leaders are also expected to welcome the B20’s initiative on an Electronic World Trade Platform (eWTP) and the World Trade Organization’s (WTO’s) World Trade Outlook Indicator. Third, endorse the G20 Guiding Principles for Global Investment Policymaking, making a historic contribution to strengthening global investment policy coordination. This document sets out nine principles, including opposing protectionism in relation to cross-border investment; establishing open, nondiscriminatory, transparent and predictable investment conditions for investment; providing strong protection to investors and investments; and ensuring transparent policymaking. Being the world’s first guiding document on investment policy, the guiding principles set out an overall framework for global investment rules, and serve as long-term institutional guidance for boosting global investment growth. Fourth, firmly support the multilateral trading system and actively advance the WTO’s Doha Development Agenda negotiations. At this summit, leaders will explicitly oppose trade protectionism and agree to extend their commitment to standstill and rollback protectionist measures until the end of 2018. They will agree to enhance the transparency of regional trade agreements and pledge to ratify the Trade Facilitation Agreement by the end of 2016. Leaders will also agree to continue to send political signals to advance the negotiations on the remaining Doha issues and to explore the possibility of initiating discussions on potential new issues of common interest and importance to the global economy. Fifth, help developing countries and small and medium-sized enterprises (SMEs) integrate into global value chains by adopting comprehensive measures. To ensure a better share of the gains from globalisation for developing countries and SMEs, this summit will agree to carry out capacity building and other activities to advance the inclusive and coordinated development of global value chains and achieve balanced and sustainable global economic growth. By doing so, the summit will make a tangible contribution to the implementation of the WTO’s Nairobi declaration on helping least developed countries better integrate into global trade and the United Nations 2030 Agenda for Sustainable Development. Working together As the G20 host in 2016, China looks forward to working together with other G20 members to jointly develop a trade and investment mechanism, improve global economic governance and make a greater contribution towards an open world economy. G20 G7G20.com September 2016 • G20 China: The Hangzhou Summit 63
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G20 Research Group September 2016 G
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Trade and investment 52% 767M Major
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Strengthening the G20 System COMPLI
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Business. For Good TM 鼓励商
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