NEWSDec 07, 2018

G20 Summit Has Concluded, Sending Positive Signals to the World

On December 1st, local time, the two-day summit of the G20 leaders came to an end in Buenos Aires, Argentina.

The theme of the summit is “Consolidation of Consensus for Equity and Sustainable Development”, focusing on issues such as the world economy, trade and investment, the digital economy, sustainable development, infrastructure and climate change. The summit issued the "Declaration of the Buenos Aires Summit of the G20 Leaders" and reached broad consensus on safeguarding multilateral trade mechanisms, WTO reforms, and addressing climate change, boosting global confidence. The Declaration reaffirms its support for the 2030 Agenda for Sustainable Development and its commitment to achieve strong, sustainable, balanced and inclusive growth using all policy instruments.


At the G20 summit, leaders of major economies and international organizations in the world exchanged in-depth views on major international issues of mutual concern, striving to resolve differences and release positive signals, which aroused world attention. Professor Wang Yong, director of the Center for International Political Economy and Research at Peking University, said that due to the deep contradictions in the global economic development at this stage, trade protectionism is on the rise, the multilateral trading system is under attack, and the overall development of the world economy faces new risks and uncertainties. Therefore, in the context of the current intricate global economic environment, the convening of the G20 summit has an important historical mission and practical significance.


During the G20 summit, the meeting between the heads of state of China and the United States was the focus of global attention. On the evening of December 1, local time, the heads of state of China and the United States met in Buenos Aires to reach a consensus on economic and trade issues, deciding to stop upgrading trade restrictions such as tariffs, including no longer raising existing tariffs on each other, as well as the introduction of new tariffs on other commodities. Sino-US trade relations not only affect the economic and trade development between the two countries, but also affect the global economic development and have a huge impact on global trade rules and policies. The insiders pointed out that the principled consensus reached at this meeting is of great significance, which not only effectively prevented the further expansion of economic and trade frictions, but also opened up new prospects for win-win cooperation. It is not only conducive to the respective development of China and the United States and the well-being of the people, but also conducive to the steady growth of the world economy and is in the interest of all countries.


In addition, the positive G20 consensus has boosted the market. On December 3, the global stock market rose, European stocks opened up sharply, the US stock index rose nearly 2%. Hong Kong Hang Seng Index closed up 2.53%, Nikkei 225 index rose 1%, South Korea KOSPI rose 1.67%, and Australia ASX200 index rose 1.84%. The three major stock indexes of A-shares opened higher, and the exchange rate of RMB against the US dollar rose strongly. The progress of the G20 summit also supports the formation of crude oil, and more production cuts are expected to guide the further rise of crude oil.


The G20 Summit not only provides a good opportunity for communication in the world's major economies, but this year's G20 summit is of even greater timing significance. Su Xiaohui, deputy director of the Institute of International Strategy of the China Institute of International Studies, pointed out that the current international situation is undergoing major changes and major adjustments. The G20 leaders are faced with many urgent problems such as how to stabilize the international economic situation, find sustainable growth directions, and cope with the spread of conflicts in many fields. In the future, how the G20 will pay attention to the rights and developments of developing countries, and how the WTO reform will ensure the interests of developing countries will be the focus of the world. Standing on the 10th anniversary of this time, the G20 is undoubtedly facing a more significant test.
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