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G20: Hangzhou

Bland leading the blind at G20 summit

2-MIN READ2-MIN
Mike Rowse

I've just done something I bet no one else in Hong Kong has done. And if they take my advice, they won't be doing it any time soon.

I've read the final declaration issued by the G20 leaders at the end of their recent summit in Los Cabos, and a bigger load of rubbish you couldn't find in one of Hong Kong's fast-filling landfills. Bland? Meaningless? Mind-numbing? This document had it all - in spades.

The declaration was almost a parody of itself. Economic growth is a good thing, as is helping the poor. The excellent efforts of the European Union to save the euro were doing fine and needed to continue. (Have none of them read the newspapers?)

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Despite the hardships, multi-lateralism was important and needed to be safeguarded. Really? In the real word, the Doha Round has collapsed and nations are falling over themselves to sign bilateral trade deals which are the very antithesis of multilateralism.

But even worse was the document with the grand title 'Los Cabos Growth and Jobs Action Plan'. Now we can all agree this is an excellent title. The only trouble is the paper does nothing to promote growth, it creates no jobs, there is no action and only a bureaucrat nursed at Sir Humphrey's own breast could call it a plan.

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Who exactly are the G20? Well, in 1975 they started as the G6 and it was a meeting of the finance ministers of six major industrialised countries - France, Germany, Italy, Japan, UK and US. The next year Canada was allowed to join and the organisation became the G7. They all practised more or less free trade and ran capitalist economies.

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