China and the US expected to strike conciliatory chord at G20 summit amid need for global economic cooperation

Chinese Vice-Premier Liu He and US Treasury Secretary Janet Yellen exchanged views about further cooperation under G20 framework in virtual meet

This weekend’s leaders meeting could see historic agreement on a long-awaited global minimum corporate tax

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G20 leaders will gather in Rome on October 30-31 in the first in-person meeting of leaders from the world’s biggest economies since the Covid-19 pandemic started. Photo: Reuters

Published: 10:15pm, 28 Oct 2021Updated: 12:18am, 29 Oct 2021

With all eyes on the G20 leaders summit this weekend, China and the United States are expected to strike a conciliatory chord at the multilateral gathering, which could see an agreement on a long-awaited global minimum corporate tax.

During a virtual conference between Chinese Vice-Premier Liu He and US Treasury Secretary Janet Yellen earlier this week, the two sides exchanged views about further cooperation under the G20 framework, Shu Yuting, a spokeswoman for the Chinese commerce ministry, said on Thursday.

“The two sides exchanged views on the macroeconomic situation and related policies in China and the US, including the growth situation, inflation pressures, financial stability, supply chains and other issues,” said Shu. “Both sides believe that the world economic recovery is at a crucial stage, and it is very important for China and the US to strengthen macro policy communication and coordination.”

The video talk between the top economic officials of the world’s two-largest economies on Tuesday was viewed by many observers as another constructive step towards efforts to settle ongoing trade issues ahead of the G20 summit and expected virtual meeting between Chinese President Xi Jinping and US President Joe Biden before the end of this year.

A screen displays international leaders as they take part virtually in an extraordinary G20 leaders meeting on Afghanistan, in Rome, Italy, October 12, 2021. Photo: Reuters

“The G20 summit is coming, the two countries need to sync up with each other on financial areas, including the global minimum corporate tax, which China has also agreed to,” said Wang Huiyao, president of the Beijing-based Centre for China and Globalisation.

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