The Star: September 15, 2016

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12 Thursday September 15 2016 follow us on facebook.com/riseupchristchurch G20 Hangzhou Summit Giving Prescriptions for World Economic Governance The Star The 11th summit of the Group of 20 (G20) major economies was held in Hangzhou, China from September 4 to 5. Leaders of G20 members, guest countries and international organizations gathered together to discuss ways of advancing global economic cooperation and development, and reached extensive consensus on pursuing innovative, invigorated, interconnected and inclusive economic growth, a vision proposed by the host country of China. The world once again turned its eyes to the G20. G20 as the premier forum for economic governance Eight years ago when the world was ravaged by the 2008 financial crisis, G20 summit was launched for member cooperation on international economic and financial issues. The then plummeting world economy was stabilized and brought onto the track of recovery. The G20 is widely recognized as the premier forum for global economic governance. This can be well illustrated by the following figures: The G20 accounts for two thirds of the world population, 60% of total land mass, 85% of global GDP and 80% of international trade. Hence, it is fair to say that the performance of G20 economies has a direct bearing on the well-being of the world economy and that cooperation among G20 members decides the future of international economic cooperation. The G20 is different from previous cooperation mechanisms. Here, developed countries and developing countries sit at the same table as equal partners, and discuss and decide on international economic matters on an equal footing. This reflects a major change in the world economic pattern and represents historical progress in keeping with the trend of our times. In the face of the international financial crisis, G20 members have coordinated monetary and fiscal policies, pushed ahead reform of international financial institutions, and brought the world economy from the brink of precipice. This spirit of partnership and solidarity in times of difficulty is the most valued asset of the G20. World Economy at Crucial Juncture Right now, the world economy and economic cooperation have reached another crucial turning point. The momentum for global recovery remains weak. A lack of internal dynamism and a strong economic foundation further prolongs the restructuring and adjustment process. The global economy is yet to fully stabilize and bottom out from the crisis. Weak demand in advanced economies further moderates the pace of recovery. Restructuring difficulties in the developing world add to downward pressure. Recently, the International Monetary Fund (IMF) once again lowered its growth forecast for the global economy. The world economy is therefore in a crucial transition period with both opportunities and challenges. First, the old approach of stimulating growth merely through fiscal and monetary policies has become less and less effective. Second, policies of the world’s major economies have clearly diverged, making it harder to form synergy. Third, trade and investment protectionism is rearing its head, and the building of an open economy remains a long and daunting task. And fourth, the world economy, though recovered somewhat from the crisis, is still weak in growth and under constant downward pressure. At this crucial juncture, the international community is full of expectations of this year’s G20 Summit, hoping that outcomes from the Hangzhou Summit will reenergize the world economy. China’s G20 Presidency This Year China chose “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy” as the theme of the Hangzhou Summit and identified four key priorities, namely, “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”. The theme and topics proposed by China have received strong endorsement and support from other G20 members. Since the beginning of this year, China has been engaged in preparation for the Hangzhou summit. China adheres to an open and inclusive working style, and always attaches importance to all sorts of views and respects all sorts of voices. China has been working closely with other G20 members, guest countries and international organizations, which has deepened mutual understanding and enhanced the ground for co-operation. China has also held outreach dialogue with almost all United Nations member states, in particular the developing countries. China has strengthened communications with the UN General Assembly, the African Union Headquarters, the G77, the Least Developed Countries, landlocked countries and small island states, and listened widely to other parties and absorbed their views and suggestions. G20 activities run through the whole year of China’s presidency, with the culmination in the summit. More than 60 events have been held in 20 Chinese cities, including 23 ministerial-level meetings. So far, China has convened several rounds of sherpa meetings, finance ministerial and central bank governors’ meetings and finance and central bank deputies’ meetings, and ministerial meetings on trade, energy, employment and agriculture, respectively. Major side events, such as the Labor 20, the Think Tank 20, the Youth 20, the Women 20 and the Civil 20, were also held successfully. This series of intense and productive works has synergized consensus to the greatest extent and paved the way for the convening of the Hangzhou summit. Consensus Reached at the G20 Hangzhou Summit Leaders attending the Hangzhou summit reached extensive consensus on seeking workable solutions to global growth and development. The summit attempted to provide a therapy that can bring the world economy back on to a healthy growth trajectory. Charting a New Course Leaders decided to point out the way and set the course for the world economy. They are committed to reinforce macro-policy dialogue and coordination, work in the spirit of partnership to promote mutual help and win-win cooperation, and focus their minds and energy to pursue strong, sustainable, balanced and inclusive growth. They agreed that a mix of effective tools, including fiscal, monetary and structural ones, must be implemented to buffer against short-term risks and unleash medium to long term potential. This will send a strong signal of G20’s commitment to promoting global growth, and help shore up market confidence and ensure stability of global financial markets. Blueprint on Innovative Growth The leaders were determined to break a new path for growth to inject new dynamism into the world economy. They envisioned that the world should pursue innovation-driven economy and create a new round of growth and prosperity. The leaders unanimously adopted the G20 Blueprint on Innovative Growth, which reflects their desire to find the right path toward sustainable and healthy growth. The G20 members will capitalize on the new opportunities brought about by innovation, new industrial revolution, digital economy and other new factors and business types, and make a series of action plans. The blueprint provides the consensus, action plan and the overall framework to open up a new path for global growth and increase long term potential of the world economy. Better Governance The leaders were also determined to improve global economic and financial governance to enhance the resilience of the world economy. They agreed to advance the quota and governance reform of international financial institutions, broaden the use of Special Drawing Rights(SDR), strengthen the global financial safety net and make the international monetary system more stable and resilient. They will also enhance international tax cooperation, and join efforts of anti-corruption to deprive all corrupt persons of any safe haven in G20 countries and beyond. Boost key engines The leaders were committed to revitalize international trade and investment as the key engines of growth and build an open world economy. G20 members reiterated their stance to oppose trade protectionism and support multilateral trading mechanisms in pursuit of trade growth, and formulated guiding principles for investment policymaking to facilitate investment around the world. Inclusive Growth Consensus was also made to promote inclusive and interconnected development, so that G20 cooperation will deliver benefits to the whole world. The leaders agreed to deepen cooperation on financial inclusion, green finance and climate funds, and formulated an action plan on energy access, renewable energy and energy efficiency. The summit featured the participation of the largest ever number of developing economies. And for the first time, the summit put development at the center of global macro policy framework and made a groundbreaking action plan implementing the 2030 Agenda for Sustainable Development. Significance of G20 for Sino-New Zealand Cooperation China and New Zealand have both benefited from the strengthening of international economic cooperation and have been actively engaged in the process of global governance. Bilateral cooperation between China and New Zealand has deepened rapidly due to the joint commitments to free trade and investment especially during the past few years. In terms of the economic cooperation, New Zealand was the first among developed countries to recognize China’s full Market Economy Status (MES) and sign free trade agreement (FTA) with China. New Zealand’s export to China grew 33 per cent, far greater than the average export increase of less than 6 per cent with its other trading partners since it signed FTA with China in 2008. New Zealand’s exports to China increased from less than 6 per cent of the overall exports seven years ago to nearly 20 per cent in 2014. At the same time, China remains New Zealand’s biggest import country. The bilateral trade volume between New Zealand and China is expected to reach 30billion NZ dollars by 2020. It is worth noting that New Zealand also became the first western country to join the Asian Infrastructure Investment Bank initiated by China in 2015. Interconnectivity and inconclusiveness are key factors for a vigorous world economic and trade system. Such a decision would consolidate the economic and political links between New Zealand and Asian countries and bring about more opportunities for the future development of New Zealand. The G20 summit has substantial implication for New Zealand and Sino-New Zealand relations. Maintaining a stable world economy and achieving its recovery is a matter of concern for all countries including New Zealand. Though not a member of G20, New Zealand was invited to attend the G20 Trade Ministers Meeting. And the development for a strategy of global trade growth was discussed during the meeting. New Zealand would benefit from the decisions and commitments made at G20 summit to reenergize international trade and investment. Moreover, economic growth requires innovation. New Zealand and China have also deepened cooperation in promoting innovation in areas like agricultural technology, environment, and medicine. The outcomes of the G20 Hangzhou summit for promoting better international economic governance would boost the potential of Sino-New Zealand cooperation in the future.
The Star follow us on facebook.com/riseupchristchurch Thursday September 15 2016 13 News Increase in requests for litter collection • By Tom Doudney THERE WERE almost 1000 more requests for street cleaning and litter collection around the city in the 12 months to June 30, compared to the previous year. The city council received 4403 such requests in the last financial year, compared to 3423 the previous year. City councillor Yani Johanson (left) said he was concerned that the increase in requests could be related to a drop in the frequency of street sweeping and litter collection. “I have been getting complaints as a local councillor over rubbish bins frequently overflowing with litter, streets that are just not being tidied,” he said. Cr Johanson referred to the example of Chelsea St, near Eastgate Shopping Centre, where street sweeping has been changed from a two-week to a four-week cycle during the last year. At last week’s city council meeting he requested a detailed report to the Infrastructure, Transport and Environment Committee analysing the increased requests and identifying key hot spots. Health hub plans revisited • By Gabrielle Stuart PLANS TO build a new health hub and maternity unit in the central city, which were scrapped because of asbestos contamination, may still go ahead. When Pegasus Health was looking to replace its Bealey Ave 24-hour Surgery in 2013, it developed a plan to build on the former Christchurch Women’s Hospital site on Colombo St. But the plan was dropped because of the “complexity and cost” of dealing with asbestos on the site. A new site for the medical centre was found on Madras St instead, and the Colombo St site has sat empty since. The Canterbury District Health Board is now looking at building a new birthing unit on the land. CDHB planning and funding general manager Carolyn Gullery (above) said the site was still contaminated with asbestos, but the health board was looking at ways to manage it. She said options for the site EMPTY: The site of the former Christchurch Women’s Hospital on Colombo St has sat empty since the hospital was demolished in 2008. PHOTO: GEOFF SLOAN were being looked at, but there were no set time frames around the project. There are currently 45 maternity beds at the Christchurch Women’s Hospital maternity unit, and she said on average 30-40 women were admitted each day. The CDHB also has a threeyear contract with St George’s Hospital to provide maternity services, which expires in 2019. Across Canterbury, about 6000 babies are born each year. There was currently enough capacity to meet the needs of all Canterbury women within the system, she said. The Colombo St hospital was built in the 1950s, but demolished in 2008 after the current Christchurch Hospital facilities opened. The future use of the land had not been decided when the building was demolished. In Brief HEALTH VIDEOLINK A proposed 24-hour medical facility in Rolleston could see doctors at Christchurch Hospital giving instructions to nurses via videolink to provide around the clock care for Selwyn residents. The facility could later be expanded to include other health services. The proposal has come out of discussions between the Selwyn District Council, Canterbury District Health Board and St John. MUSIC SCHOOL GRANT The Christchurch School of Music has received $5792.24 from The Mazda Foundation to purchase violin and cello cases needed to protect the instruments when moving them to different environments for practice, solo recitals, indoor concerts and outdoor events. DEADLINE FOR PRINCIPAL Lyttelton Primary School has to appoint a new principal by November 26 to replace the departing principal Diana Feary. Mrs Feary announced her resignation two weeks ago the school is now looking for a successor by late November to take the reigns as principal in 2017. ALERT TO CHRISTCHURCH HOMEOWNERS: EQC is now asking homeowners to assess own damage. "Remedial works letters" sent to those who've complained about repair work carried out by Fletchers EQR Ask yourself: Why after 6 years does EQC give you just 30 days to assess your own damage? We say it's to reduce EQC's liabilities through homeowners not really knowing full quake or repair damage. • Do you know anything about foundation damage to your home? • Can you determine any damage to your slab under carpets? • Or if your piles need replacing? Do you know if your ring foundation is cracked on the inside? DON’T SIGN ANYTHING UNTIL YOU TALK TO US To help you stand up to EQC we are offering a fREE damage assessment to all clients who sign with us in the next 30 days.* *Conditions apply NO WIN NO FEE Ph: 03 377 8855 | 127 Ferry Road, Christchurch City E: reception@earthquakeservices.co.nz | W: www.earthquakeservices.co.nz
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The Star: September 15, 2016

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