By Christina Kitova, founder of Carticulus Media Communications based in Markham, Ont. Canada
The G20 has become a key international forum since its inception in 1999. China will host the summit this year.G20 member states are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, Britain, U.S.A, South Africa and the European Union.
The 2016 G20 Summit will be held in Hangzhou city, east China, September 4-5, 2016.The theme is "Toward an innovative, invigorated, interconnected and inclusive world economy." As a prominent member state of G20, Canada recognizes that Beijing has continued to play a pivotal role in the international organization.
Chinese priorities for this year’s summit are "innovative growth modes," "more efficient global economic and financial governance," "robust international trade and investment" and "inclusive and interconnected development." The summit will merge member countries and the BRICS countries - Brazil, India, China, South Africa, and Russia.
Participants intend to promote a new international economic and financial order.China is expected to become the world’s largest source of FDI (foreign direct investments). China had transformed from being a major recipient of FDI to net contributor, permitting Beijing to serve as a G20 leader over global development.
China is creating a world-class economy that does not seek hegemony, but is committed to jointly building a community of common destiny with other nations worldwide. Beijing has been promoting fairer and more rational global governance rules and win-win international cooperation in the geopolitical arena, while it has risen to become a manufacturing hub for the world.
Canadians are recognizing the Chinese for having a hard work ethic making them a success story all over the world. China is transitioning from a manufacturing hub into a science and technology driven nation. Beijing is positioning itself to influence geo-political concerns with its neighboring nations.
Ahead of the G20 summit, we should take a closer look at the WTO (World Trade Organization) and World Trading System to support a stronger multilateral trading system. Reform is necessary due to its fragmentation in recent years. It’s important to pledge an economic approach to post Brexit dissatisfaction with globalization.
As China becomes the world’s second biggest economy, it is ready to lead the international community with its economic policies and holds greater influence with the IMF (International Monetary Fund). China’s President Xi Jinping also has a great economic vision for his nation. He has strengthened cooperation between G20 members and non- members at the Asian and African forums.
The Belt and Road Initiative is projected to offer an enormous economic impact on the world’s scene, which would connect 65 countries within Asia, Africa and Europe, establishing six transnational China-centric economic corridors.
The China-led Silk Road Infrastructure Fund is mostly-backed by China’s massive foreign exchange reserves, which stands at US$3.20 trillion. Beijing established three new financial entities – Asian Infrastructure Investment Bank (AIIB), New Development Bank (also known as the BRICS bank), and Silk Road infrastructure fund.
The Belt & Road initiative would create a sustainable economy and infrastructure in Eurasia and Africa to tackle poverty and reduce instability in the region.
Beijing has expanded cooperation initiatives and industrialization in Africa this year.China is South Africa's largest trading partner.China has pledged to invest close to US$ 3 billion in building a railroad and an additional US$ 40 million to develop port infrastructure in the Djibouti region.
In exchange, Chinese banks can operate locally while gaining exclusive trading privileges in the region. The Chinese government as taken a correct course to implement the right policies and Canada is taking notice.
( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )
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