https://www.scmp.com/rss/322835/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The eleventh G20 summit, held in Hangzhou on September 4 to 5, brought China’s 2016 presidency to an end. The over-arching target for this year’s G20 was support for “an innovative, invigorated, interconnected and inclusive world economy”. Nothing to argue with there. But prevailing circumstances do not exactly smile upon the attainment of these objectives. Trade and investment continue to languish, reflecting low average GDP growth performance globally. Productivity growth seems to have taken... https://www.scmp.com/business/global-economy/article/2019245/three-fixes-can-save-g20-becoming-just-meeting-place-leaders?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2019245/three-fixes-can-save-g20-becoming-just-meeting-place-leaders?utm_source=rss_feed Wed, 14 Sep 2016 02:52:04 +0000 The calls at the G20 from Xi Jinping and IMF chief Christine Lagarde for coordinated global action to boost growth come at a time when economists are refocusing on the problems the Euro zone is having in kickstarting its sluggish economy. One concern is that European policymakers face challenges which are political as much as economic, leaving them with fewer options than their Chinese counterparts. “Political risk in advanced countries is becoming the key macro-economic risk for us,” Fitch... https://www.scmp.com/business/global-economy/article/2018398/political-disunion-europe-may-derail-plans-coordinated?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2018398/political-disunion-europe-may-derail-plans-coordinated?utm_source=rss_feed Sun, 11 Sep 2016 10:17:16 +0000 It’s rather surprising that the biggest talking point to come out of the G20 summit in Hangzhou (杭州) has not been how world leaders need to sit down together to fix the weak global economy, but the exchange of words between Chinese and US bureaucrats over airport security and media access. According to reports from US journalists travelling with President Barack Obama, it could easily be read as a deliberate “snub” by China that Obama was deprived of the red carpet treatment as he descended from... https://www.scmp.com/comment/insight-opinion/article/2017629/obama-staircase-row-non-event-bigger-scheme-sino-us?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2017629/obama-staircase-row-non-event-bigger-scheme-sino-us?utm_source=rss_feed Fri, 09 Sep 2016 03:50:15 +0000 Trade rows arising from excess industrial capacity are expected to continue to flare as a global forum recommended by the Group of 20 leaders will likely fail to tackle the root of the issue, experts say. China has been blamed for flooding global markets with cheap steel, threatening jobs in the United States and Europe. World leaders attending the two-day G20 summit in Hangzhou that wrapped up on Monday agreed to work together to tackle the issue. But a communique released after the meeting did... https://www.scmp.com/news/china/diplomacy-defence/article/2016352/global-forum-tackle-steel-glut-sounds-good-paper-can-it?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2016352/global-forum-tackle-steel-glut-sounds-good-paper-can-it?utm_source=rss_feed Tue, 06 Sep 2016 18:00:39 +0000 Hong Kong’s finance minister on Tuesday played down the significance of his recent handshake and brief exchange with President Xi Jinping, saying it had been overly interpreted, and dismissing speculation it could be a nod from Beijing to become the city’s next leader. In a city that watches every signal from China’s leaders when Hong Kong’s top officials visit the mainland, John Tsang Chun-wah’s encounter with the president has got the rumour mill spinning over the possibility of the financial... https://www.scmp.com/news/hong-kong/politics/article/2015359/exchange-chinas-president-fuels-speculation-about-possible?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2015359/exchange-chinas-president-fuels-speculation-about-possible?utm_source=rss_feed Tue, 06 Sep 2016 00:30:00 +0000 Never before has a Chinese leader held so much of the international limelight as President Xi Jinping did in chairing the Group of 20 (G20) summit of leaders. Hosting the gathering of the world’s wealthiest nations in Hangzhou gave Xi a unique opportunity to project his personal image on the world stage as well as strengthen his position within the Communist Party ahead of a crucial congress to be held a year from now. Watch: Xi makes closing speech Analysts said Xi scored points politically... https://www.scmp.com/news/china/diplomacy-defence/article/2015360/acting-globally-thinking-locally-xi-scores-political?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2015360/acting-globally-thinking-locally-xi-scores-political?utm_source=rss_feed Mon, 05 Sep 2016 16:30:00 +0000 US President Barack Obama steered clear of disputes in the South China Sea in his press conference at the end of the Group of 20 (G20) summit on Monday, focusing ­instead on joint efforts to combat crime and drug trafficking with the Philippines. Answering a question on US-Philippine ties, Obama said he had asked his administration to check if the time was ripe for constructive talks with the new Philippine President Rodrigo Duterte. The Philippines was among the US’ “closest friends and... https://www.scmp.com/news/china/diplomacy-defence/article/2015350/obama-steers-clear-troubled-waters-comments-g20-summit?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2015350/obama-steers-clear-troubled-waters-comments-g20-summit?utm_source=rss_feed Mon, 05 Sep 2016 15:35:03 +0000 British Prime Minister Theresa May was keen to set up new trade relations with the rest of the world at the G20 summit as the UK prepares to leave the European Union and said relations with China were still in a golden period. Watch: UK PM May meets Chinese president Xi Since coming to office, May’s new cabinet has been reviewing a multibillion Hinkley Point C nuclear power project, that was to be partially funded by the state-owned China General Nuclear Power Corporation, concerned that the... https://www.scmp.com/news/china/diplomacy-defence/article/2015320/relations-china-still-golden-says-british-prime?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2015320/relations-china-still-golden-says-british-prime?utm_source=rss_feed Mon, 05 Sep 2016 14:51:00 +0000 The world’s 20 major economies will talk to each other on exchange rates and refrain from a currency race to the bottom as part of a joint policy package to soothe financial markets and revive global growth. The commitments by leaders of the Group of 20 members, including the United States, the European Union, China and Japan, were part of 48-point communiqué released on Monday at the end of the two-day summit in Hangzhou. The group pledged to use “all policy tools” to cope with economic... https://www.scmp.com/news/china/diplomacy-defence/article/2015177/xi-jinping-closes-g20-pledge-include-emerging-markets?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2015177/xi-jinping-closes-g20-pledge-include-emerging-markets?utm_source=rss_feed Mon, 05 Sep 2016 12:45:15 +0000 President Xi Jinping told Japanese Prime Minister Shinzo Abe on Monday that China and Japan should “put aside disruptions” to make their bilateral ties back to normal track. The two leaders are having their first one-on-one talk in 17 months on the sidelines of G20 summit on Monday evening, amid rising tension over the territorial disputes. Both nations agreed to step up dialogues on all levels, and build communication mechanism in air and sea between their militaries, Abe said after the... https://www.scmp.com/news/china/diplomacy-defence/article/2015135/xi-jinping-tells-japanese-pm-shinzo-abe-its-time-move?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2015135/xi-jinping-tells-japanese-pm-shinzo-abe-its-time-move?utm_source=rss_feed Mon, 05 Sep 2016 10:14:16 +0000 The Chinese yuan strengthened slightly against the US dollar on Monday, as traders took stock of recent data that suggested a more dovish pace of US interest rate hikes this autumn than was previously expected. Onshore yuan in Shanghai was quoted at 6.6788 per US dollar by 11.30am on Monday, compared to 6.6800 at the close in the previous trading session. Offshore yuan traded in Hong Kong was also slightly higher at 6.6900, compared to its previous close of 6.6980. The People’s Bank of China on... https://www.scmp.com/business/china-business/article/2014886/yuan-trends-higher-second-day-g20-summit?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2014886/yuan-trends-higher-second-day-g20-summit?utm_source=rss_feed Mon, 05 Sep 2016 04:39:37 +0000 G20 countries are not doing enough to mitigate climate change and must work harder, climate experts urged in Beijing as leaders of the world’s 20 major economies gathered in Hangzhou. The Group of 20 (G20) economies must ratchet up efforts to cut greenhouse gas emissions, shift away from investment in coal towards renewable energy and reduce fossil fuel subsidies. Current pledges made by the 20 countries, which account for 75 per cent of global carbon emissions, fall far short of a target set by... https://www.scmp.com/news/china/policies-politics/article/2014205/worlds-top-20-economies-not-doing-enough-fight-climate?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2014205/worlds-top-20-economies-not-doing-enough-fight-climate?utm_source=rss_feed Mon, 05 Sep 2016 03:00:30 +0000 A Chinese choir serenaded world leaders during a lakeside concert on Sunday night after the start of the Group of 20 summit in Hangzhou. Held on a stage at the West Lake, the hour-long performance drew on the Chinese patriotic songbook as well as folk music and Western standards. Watch: A gala performance welcomes the G20 to China It started with the Chinese classic A Moonlit Night on the Spring River and culminated in Beethoven’s Ode to Joy. Classical Chinese look – with a few modern comforts... https://www.scmp.com/news/china/diplomacy-defence/article/2014710/chinese-director-zhang-yimous-g20-concert-serenades?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014710/chinese-director-zhang-yimous-g20-concert-serenades?utm_source=rss_feed Mon, 05 Sep 2016 01:52:13 +0000 President Xi Jinping and his Russian counterpart, Vladimir Putin, have pledged greater ­“coordination” in international and regional affairs as the two ­nations deepen their ties amid growing tensions with the West. During a meeting with Putin in Hangzhou on Sunday, Xi also said China and Russia would deepen their strategic cooperation and resolutely support one another’s national sovereignty and security, Xinhua reported. Xi also called for greater coordination between the two nations over... https://www.scmp.com/news/china/diplomacy-defence/article/2014682/russia-love-moscow-and-beijing-pledge-closer-support?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014682/russia-love-moscow-and-beijing-pledge-closer-support?utm_source=rss_feed Sun, 04 Sep 2016 19:00:45 +0000 Whatever you think about the meeting between Barack Obama and Xi Jinping in Hangzhou, one undeniable public good to have emerged out of it is the formal ratification of the Paris climate deal by the two countries. The world’s two largest economies are also its worst carbon emitters, being together responsible for 40 per cent of global emissions. Without their commitment, the Paris Agreement, adopted last December, is as good as dead. China and US to ratify landmark Paris climate deal ahead of... https://www.scmp.com/comment/insight-opinion/article/2014712/climate-deal-agreement-should-be-model-sino-us-ties?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2014712/climate-deal-agreement-should-be-model-sino-us-ties?utm_source=rss_feed Sun, 04 Sep 2016 18:43:47 +0000 China and the United States committed anew on Sunday to refrain from competitive currency devaluations, with China saying it would continue an orderly transition to a market-oriented exchange rate for the yuan. A joint “fact sheet”, issued a day after President Xi Jinping and his US counterpart Barack Obama held talks, also said the two countries committed “not to unnecessarily limit or prevent commercial sales opportunities for foreign suppliers of [information and communications technology]... https://www.scmp.com/news/china/diplomacy-defence/article/2014671/no-currency-race-bottom-china-and-us-swear-devaluation?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014671/no-currency-race-bottom-china-and-us-swear-devaluation?utm_source=rss_feed Sun, 04 Sep 2016 18:00:55 +0000 The Group of 20 summit gives Beijing the opportunity to press its claim to have a greater international say. As such, the officials in the presidential entourage play a major role, giving a glimpse of some of the power players in Chinese politics. Among the big names are: Wang Yi Foreign minister Wang is China’s ­second highest-ranked diplomat and oversees the foreign ministry. He has been China’s ­ambassador to Japan and director of the State Council’s ­Taiwan Affairs Office. He has repeatedly... https://www.scmp.com/news/china/policies-politics/article/2014676/xi-jinpings-g20-entourage-meet-chinese-power-players?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2014676/xi-jinpings-g20-entourage-meet-chinese-power-players?utm_source=rss_feed Sun, 04 Sep 2016 17:00:45 +0000 Despite the ratification of a landmark climate-change deal on the eve of the Group of 20 (G20) summit, the presidents of China and the US made little headway on easing tensions between the world’s top two economies. The talks between Xi Jinping and Barack Obama laid bare the discord and growing animosity over a range of trade and security disputes, observers said. Intriguingly, statements made separately late on Saturday night by the White House and the Chinese foreign ministry both described... https://www.scmp.com/news/china/diplomacy-defence/article/2014677/little-real-progress-seen-xis-sit-down-obama?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014677/little-real-progress-seen-xis-sit-down-obama?utm_source=rss_feed Sun, 04 Sep 2016 16:06:45 +0000 President Xi Jinping launched the Group of 20 summit on Sunday with a call to take concrete action to boost economic growth and not allow the event to devolve into a talk shop. After greeting each leader of the world’s top 20 economies, ­including US President Barack Obama, German Chancellor ­Angela Merkel and British Prime Minister Theresa May, Xi led the group to a massive roundtable for China’s first talks as G20 host. From Russia with love: Moscow and Beijing pledge closer support amid... https://www.scmp.com/news/china/diplomacy-defence/article/2014672/call-action-chinese-president-seeks-rally-g20-leaders?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014672/call-action-chinese-president-seeks-rally-g20-leaders?utm_source=rss_feed Sun, 04 Sep 2016 15:45:30 +0000 Hangzhou, the host city of the G20 summit, has also been given responsibility for making visible the full palette of Chinese colours at the grand diplomatic event, in keeping with President Xi Jinping’s frequent calls for a revival of traditional Chinese culture and lifestyle. Luckily, the world leaders attending the first day of meetings yesterday did not need to place their presidential bottoms directly on hard, cold and expensive rosewood. At least on the classic Ming Dynasty style tai-shi... https://www.scmp.com/news/china/diplomacy-defence/article/2014670/classical-chinese-look-few-modern-comforts-g20-leaders?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014670/classical-chinese-look-few-modern-comforts-g20-leaders?utm_source=rss_feed Sun, 04 Sep 2016 15:19:27 +0000 The European Commission president pressured China to address its steel overcapacity while attending the G20 summit. Jean-Claude Juncker said at a press conference in Hangzhou on Sunday that the summit “must urgently find a solution to the problems facing the steel industry”. He added that China needed to take responsibility in keeping with its rising economic power. EU and Beijing to mount joint watch on Chinese steel cutbacks The European Union’s discontent with the flood of cheap Chinese... https://www.scmp.com/news/china/diplomacy-defence/article/2014601/european-commission-turns-heat-china-over-excess-steel?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014601/european-commission-turns-heat-china-over-excess-steel?utm_source=rss_feed Sun, 04 Sep 2016 13:42:42 +0000 Before Chinese President Xi Jinping, US President Barack Obama and other leaders of the world’s 20 largest economies sat down for their annual confab this weekend, 800 businesspeople from the same member countries called the B20 set a sombre tone for them: back up your words with deeds and tear down trade barriers. The G20 governments must do more to free up trade and resist the increasing opposition to globalisation as trade ministers have already committed to ratifying the World Trade... https://www.scmp.com/business/global-economy/article/2014600/b20-urges-governments-tear-down-trade-barriers-china-under?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2014600/b20-urges-governments-tear-down-trade-barriers-china-under?utm_source=rss_feed Sun, 04 Sep 2016 11:16:42 +0000 British Prime Minister Theresa May on Sunday defended her decision to delay a partly Chinese-funded nuclear power deal, despite it causing diplomatic tension with China, as she landed in the country to attend the G20 summit. In July, May upset Chinese officials by delaying the US$24 billion project that would see French firm EDF build Britain’s first new nuclear power plant in decades with the help of US$8 billion from China. British PM Theresa May writes to China’s Xi Jinping in hope of... https://www.scmp.com/news/china/diplomacy-defence/article/2014559/theresa-may-defends-delaying-chinese-backed-nuclear?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014559/theresa-may-defends-delaying-chinese-backed-nuclear?utm_source=rss_feed Sun, 04 Sep 2016 09:06:51 +0000 The United States is sceptical an agreement with Russia to decease violence in Syria can work but will keep pursuing it nonetheless, President Barack Obama said on Sunday as negotiators from both countries edged toward a deal. Obama, speaking on the sidelines of the Group of 20 economic summit in China, said the US and Russia still have “grave differences” about what’s needed to end Syria’s civil war and which opposition groups are legitimate targets for the US and Russian militaries. But he... https://www.scmp.com/news/world/middle-east/article/2014527/president-barack-obama-warns-about-grave-differences-over?utm_source=rss_feed https://www.scmp.com/news/world/middle-east/article/2014527/president-barack-obama-warns-about-grave-differences-over?utm_source=rss_feed Sun, 04 Sep 2016 09:03:54 +0000 As world leaders gather in the eastern Chinese city of Hangzhou for the Group of 20 (G20) summit, observers will be taking in not only their grand plans, but also small, critical details. The furore over China’s “staircase snub” of US President Barack Obama on Saturday as he arrived at the Hangzhou airport is testament to that. But beyond observations about the red-carpet treatment each leader receives, where the leaders and senior officials stand in the traditional photograph, for example, can... https://www.scmp.com/news/china/diplomacy-defence/article/2014250/little-things-matter-world-leaders-chinas-g20-summit?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014250/little-things-matter-world-leaders-chinas-g20-summit?utm_source=rss_feed Sun, 04 Sep 2016 08:51:12 +0000 British Prime Minister Theresa May said on Sunday she wanted her security advisers to review a delayed nuclear power investment from China - a source of diplomatic tension - as she arrived in the country to attend a G20 summit. May upset Chinese officials in July by delaying a US$24 billion project that would see French firm EDF build Britain’s first new nuclear power plant in decades with the help of US$8 billion from China. Speaking during her first visit to China, May was asked whether she... https://www.scmp.com/news/china/diplomacy-defence/article/2014532/britains-pm-theresa-may-seeks-out-new-trading-relations?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014532/britains-pm-theresa-may-seeks-out-new-trading-relations?utm_source=rss_feed Sun, 04 Sep 2016 08:41:34 +0000 The United States is committed to bringing the perpetrators of the attempted coup against Turkish President Recep Tayyip Erdogan to justice, President Barack Obama said on Sunday. Ankara accuses US-based cleric Fethullah Gulen of being behind the July uprising. At talks with Erdogan on the sidelines of the G20 summit, Obama said: “We will make sure that those who carried out these activities are brought to justice.” Tensions between the two Nato allies have risen sharply since the failed coup... https://www.scmp.com/news/china/diplomacy-defence/article/2014528/us-will-help-bring-turkey-coup-plotters-justice-obama?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014528/us-will-help-bring-turkey-coup-plotters-justice-obama?utm_source=rss_feed Sun, 04 Sep 2016 08:17:33 +0000 What a super busy weekend for reporters in town, with two major events on the same day – Hong Kong’s Legislative Council elections and the G20 summit in Hangzhou. The former is a bigger deal for the local media as the result could be a key reference for Beijing to decide on the city’s next leader. Of course it’s still too early to get a clear picture of Beijing’s intentions at this stage, as the G20, the biggest summit ever held in China so far, is apparently the top priority. Hosting the G20... https://www.scmp.com/news/hong-kong/article/2014525/hong-kong-elections-and-hangzhou-summit-could-reveal-clues-about?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/2014525/hong-kong-elections-and-hangzhou-summit-could-reveal-clues-about?utm_source=rss_feed Sun, 04 Sep 2016 08:00:45 +0000 Beijing hopes Australia can provide a fair and transparent environment for foreign investors, President Xi Jinping said on Sunday as he met Australia’s Prime Minister Malcolm Turnbull for the first time since Canberra blocked a major deal. Australia formally rejects bids by State Grid and Cheung Kong Infrastructure for Ausgrid Australia angered China in August after Turnbull’s government stopped the A$10 billion (US$7.57 billion) sale of the country’s biggest energy grid to Chinese bidders after... https://www.scmp.com/news/china/diplomacy-defence/article/2014521/chinas-xi-jinping-hopes-fair-australia-investment?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014521/chinas-xi-jinping-hopes-fair-australia-investment?utm_source=rss_feed Sun, 04 Sep 2016 07:37:09 +0000 It was Washington’s decision to have US President Barack Obama disembark from his plane through a small bare metal stairway instead of the usual rolling red-carpet staircase that state leaders get, a Chinese foreign ministry official has revealed. Speculation has been flying about whether China was deliberately snubbing Obama since media reports on Saturday showed the US leader exiting the Air Force One through the small stairway. But this was not the case, according to the Chinese official... https://www.scmp.com/news/china/diplomacy-defence/article/2014484/g20-staircase-snub-obama-was-united-states-decision?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014484/g20-staircase-snub-obama-was-united-states-decision?utm_source=rss_feed Sun, 04 Sep 2016 06:00:30 +0000 China has told Japan it will not accept “excessive” criticism over issues involving Beijing in the East and South China Seas at their leaders’ meeting, which is being proposed on the sidelines of the Group of 20 (G20) summit, bilateral diplomatic sources say. The two countries are trying to arrange the meeting of Japan’s Prime Minister Shinzo Abe and China’s President Xi Jinping on the fringes of the two-day summit of major economies in Hangzhou, eastern Zhejiang province, which began on... https://www.scmp.com/news/china/diplomacy-defence/article/2014469/china-seeks-curb-japanese-criticism-over-maritime?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014469/china-seeks-curb-japanese-criticism-over-maritime?utm_source=rss_feed Sun, 04 Sep 2016 04:54:28 +0000 US President Barack Obama pressed his Chinese counterpart Xi Jinping on Saturday on territorial disputes in the South China Sea, urging Beijing to uphold its legal obligations and stressing the United States’ commitments to its regional allies. Xi said China would continue to safeguard its sovereignty and maritime rights in the South China Sea, according to a statement on the Chinese foreign ministry’s website. The two leaders and their delegations met for more than four hours before Obama and... https://www.scmp.com/news/china/diplomacy-defence/article/2014449/dialogue-dark-and-south-china-sea-disputes-obama-and-xi?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014449/dialogue-dark-and-south-china-sea-disputes-obama-and-xi?utm_source=rss_feed Sun, 04 Sep 2016 04:00:30 +0000 The China-led Asian Infrastructure Investment Bank now has every major US ally on board except Japan. The World Bank, at Beijing’s invitation, has sold the first batch of bonds in a non-dollar alternative currency on China’s onshore market. And China has cemented its role as a leader among developing countries by inviting a record number to join its big party in Hangzhou. All three facts point to Beijing’s persistent quest for a bigger say in the global economy. Check out our multimedia package... https://www.scmp.com/news/china/economy/article/2013191/china-holds-three-high-cards-hand-gain-bigger-say-global-economy?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/2013191/china-holds-three-high-cards-hand-gain-bigger-say-global-economy?utm_source=rss_feed Sun, 04 Sep 2016 03:02:05 +0000 China is still trying to breathe life into BRICS as a political club, even though the emerging market bloc is unlikely to survive as an investment concept. President Xi Jinping has called on BRICS nations to “play a bigger role in international affairs and governance” while addressing an informal meeting of leaders from Brazil, Russia, India and South Africa on the sidelines of the G20 summit in eastern China’s Hangzhou on Sunday. “The BRICS countries are leaders among the emerging-market... https://www.scmp.com/news/china/diplomacy-defence/article/2014281/crumbling-brics-bloc-china-tries-hold-club-together?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014281/crumbling-brics-bloc-china-tries-hold-club-together?utm_source=rss_feed Sun, 04 Sep 2016 00:00:45 +0000 China and the United States formally ratified the ­Paris Agreement on climate change on Saturday, establishing common ground for their presidential meeting on the eve of the Group of 20 summit. But the leaders of the two countries also ­discussed sensitive issues such as the South China Sea and human rights. President Xi Jinping urged the US to “play a constructive role” in maintaining peace and stability in the South China Sea, and for the two countries to work together to reach a “reciprocal... https://www.scmp.com/news/china/diplomacy-defence/article/2014284/china-us-climate-deal-endorsement-sets-stage-xi-obama?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014284/china-us-climate-deal-endorsement-sets-stage-xi-obama?utm_source=rss_feed Sat, 03 Sep 2016 15:45:45 +0000 President Xi Jinping laid out his agenda ahead of the Group of 20 summit in Hangzhou on Saturday by posing three questions: can China’s economy maintain stable growth, can China persist with reform and opening up, and can China avoid the middle-income trap? In a speech delivered to the Business 20, a group advising the state leaders at the G20, Xi said China would not shy from painful reforms or back-pedal on opening up its markets. The remarks were an apparent effort to counter claims that... https://www.scmp.com/news/china/policies-politics/article/2014206/3-2-1-chinese-president-puts-economy-centre-stage-g20?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2014206/3-2-1-chinese-president-puts-economy-centre-stage-g20?utm_source=rss_feed Sat, 03 Sep 2016 11:45:45 +0000 Hangzhou Xiaoshan International Airport is putting on its best face this weekend for the Group of 20 (G20) summit. Floors have been scrubbed, acres of flowers carefully arranged and the building has been decked out with large “Welcome” banners for the international visitors. To outsiders, it looks the very model of a modern major metropolitan air hub. But residents such as Ai Siwen, a local technology company worker, know firsthand why the Chinese authorities have taken the facility to... https://www.scmp.com/news/china/diplomacy-defence/article/2014166/one-worlds-worst-airports-hangzhou-residents-have-their?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014166/one-worlds-worst-airports-hangzhou-residents-have-their?utm_source=rss_feed Sat, 03 Sep 2016 09:22:38 +0000 With rows of locked shops, closed restaurants and nearly empty streets, the usually bustling area around West Lake, Hangzhou’s most popular tourist district, now looks a bit like a ghost town. The lakeside area – along with other parts of the city where the global leaders will stay or visit – has been closed off to the public, surrounded by roadblocks that are heavily guarded by police as the Chinese government prepares to host the Group of 20 summit. It is common practice around the world for... https://www.scmp.com/news/china/diplomacy-defence/article/2014032/chinas-ghost-town-g20-venue-heightened-security-leads?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2014032/chinas-ghost-town-g20-venue-heightened-security-leads?utm_source=rss_feed Sat, 03 Sep 2016 07:55:20 +0000 Prime Minister Theresa May will not announce her keenly awaited decision on a partly Chinese funded nuclear power project in the coming days, a British official said on Saturday as May flew to China to meet President Xi Jinping at her first G20 summit. May will make her major international summit debut on Sunday after Britain’s shock vote in June to leave the European Union ousted her predecessor David Cameron and thrust her into control of the world’s fifth-largest economy. She will use the... https://www.scmp.com/news/world/europe/article/2013898/theresa-may-unlikely-decide-chinese-backed-hinkley-point-nuclear?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/2013898/theresa-may-unlikely-decide-chinese-backed-hinkley-point-nuclear?utm_source=rss_feed Sat, 03 Sep 2016 04:55:44 +0000 Chairing the G20 offers China a unique opportunity to promote its domestic development agenda and shape global economic governance, from the head of one of the most exclusive tables of wealthy nations. As the world’s second largest economy, its biggest exporter, potentially its largest investor, and – above all – the most powerful driver of global growth, China has every reason to lead on the global stage. And the Hangzhou summit, the most significant gathering of world leaders in China’s... https://www.scmp.com/week-asia/politics/article/2013128/can-china-seize-chance-g20-defend-globalisation?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/2013128/can-china-seize-chance-g20-defend-globalisation?utm_source=rss_feed Sat, 03 Sep 2016 02:02:06 +0000 China may be the world’s second-largest economy and the driver of global growth in the 21st century, but tomorrow will be the first time it has hosted a leaders’ summit of the Group of 20 major economies, arguably the most influential international forum. It will also be the most significant gathering of world leaders in the country’s history and Beijing has ordered stringent security to ensure it runs smoothly. Chinese leaders see it as an opportunity to stake their claim for greater influence... https://www.scmp.com/comment/insight-opinion/article/2013327/behind-scenes-talks-key-meaningful-g20-achievement?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2013327/behind-scenes-talks-key-meaningful-g20-achievement?utm_source=rss_feed Fri, 02 Sep 2016 17:35:20 +0000 This weekend in Hangzhou (杭州), in advance of the G20 annual forum, Xi Jinping (習近平) and Barack Obama will have their ninth face-to-face meeting. (One final exchange seems likely to occur in November at the Asia-Pacific Economic Cooperation annual meeting in Lima, Peru.) The political calendars of the two presidents have diverged in important ways. Xi is deeply involved in leadership selection ahead of next autumn’s 19th party congress, whereas Obama’s much more compressed agenda, in his final 4½... https://www.scmp.com/comment/insight-opinion/article/2012233/can-xi-keep-geopolitics-table-g20?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2012233/can-xi-keep-geopolitics-table-g20?utm_source=rss_feed Fri, 02 Sep 2016 06:08:00 +0000 China hinted on Friday that monetary practices favoured in Europe and Japan, namely quantitative easing and negative interest rates, no longer work, ahead of a summit of leaders of the world’s biggest 20 economies to seek new ideas to revive global growth. Without naming the European Central Bank or Bank of Japan directly, finance vice-minister Zhu Guangyao told a press conference in Hangzhou, eastern Zhejiang province, that central bank purchases of assets and charging lenders for placing funds... https://www.scmp.com/news/china/economy/article/2012930/china-talks-down-negative-interest-rates-ahead-g20-summit?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/2012930/china-talks-down-negative-interest-rates-ahead-g20-summit?utm_source=rss_feed Fri, 02 Sep 2016 05:00:15 +0000 US President Barack Obama is likely to have discussions with world leaders at the G20 meeting in China about controlling corporate tax avoidance and creating a fairer global tax system, the White House said. White House spokesman Josh Earnest said he did not expect progress on corporate tax avoidance from the G20 meeting of global economic leaders that runs from Sunday to Monday in Hangzhou. “But I would anticipate that this is an issue that the President will engage in, in the context of... https://www.scmp.com/news/china/diplomacy-defence/article/2012920/barack-obama-raise-corporate-tax-avoidance-g20-summit?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2012920/barack-obama-raise-corporate-tax-avoidance-g20-summit?utm_source=rss_feed Fri, 02 Sep 2016 04:21:12 +0000 China is hoping to find a recipe to revive global economic growth when it hosts its first G20 summit next week, but challenges are mounting in the form of domestic problems and regional tensions, with this week’s suicide car bombing at the Chinese embassy in Kyrgyzstan only adding to them. Around 40 world leaders are expected to attend the two-day summit, which will begin in Hangzhou, Zhejiang province, on Sunday. Among them will be representatives of the 19 richest countries and the European... https://www.scmp.com/news/china/diplomacy-defence/article/2012090/china-faces-myriad-challenges-it-puts-plan-revive-world?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2012090/china-faces-myriad-challenges-it-puts-plan-revive-world?utm_source=rss_feed Fri, 02 Sep 2016 02:15:15 +0000 China warmed up for the Group of 20 (G20) summit in Hangzhou by assuring the world that its currency will be stable. At a newly renovated press centre for the forum for the world’s top 20 economies, Yi Gang, a deputy central bank governor, said the yuan had withstood market shocks and stayed largely stable, and that G20 policy coordination would only make the currency “more stable”. Yi said the yuan exchange-rate fluctuations had been “smaller than most of the reserve currencies and much smaller... https://www.scmp.com/news/china/economy/article/2012376/china-warms-g20-summit-promise-stable-yuan?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/2012376/china-warms-g20-summit-promise-stable-yuan?utm_source=rss_feed Thu, 01 Sep 2016 14:45:30 +0000 To fully understand China, one must first understand the rest of the world. The reality is that the Chinese economy is doing quite well, and that much of the world outside China is doing poorly. Take the United States for example. According to the Federal Reserve, US industrial production has contracted for 11 consecutive months, year on year, and the fact remains that the US is not doing nearly as well as its robust stock indices would suggest. G20 offers China a chance to save the world... https://www.scmp.com/comment/insight-opinion/article/2011741/chinese-economy-picture-enviable-growth-compared-rest-world?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2011741/chinese-economy-picture-enviable-growth-compared-rest-world?utm_source=rss_feed Wed, 31 Aug 2016 09:48:40 +0000 China’s hosting of the G20 summit allows it to help set the agenda for global financial cooperation over the next year or two. China is also demonstrating leadership in other areas. On climate change, its commitment to clean energy shows foresight that many Western nations would do well to emulate. But, as China’s economy continues to develop, the government’s internet doctrine puts it at odds with many of its G20 counterparts. Over the course of history, trade has flourished on the back of a... https://www.scmp.com/comment/insight-opinion/article/2011158/why-rising-china-needs-raise-its-internet-shutters?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2011158/why-rising-china-needs-raise-its-internet-shutters?utm_source=rss_feed Wed, 31 Aug 2016 03:47:21 +0000 China and the United States – the world’s two largest economies and worst carbon polluters – are expected to make public a cross-checking of each other’s fossil fuel subsidies at the G20 summit in Hangzhou this weekend, people familiar with the matter say. It will be the first time that China has allowed a foreign country to review its domestic energy subsidies. The arrangement is also the first among G20 powers. While the real impact may be small, it signifies that China will, on a limited... https://www.scmp.com/news/china/policies-politics/article/2011376/china-us-set-release-review-each-others-fossil-fuel?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2011376/china-us-set-release-review-each-others-fossil-fuel?utm_source=rss_feed Wed, 31 Aug 2016 02:30:00 +0000 The world’s 20 largest economies will gather in Hangzhou ( 杭州 ) under the Chinese presidency on September 4 and 5 for their annual summit. In the light of sluggish world growth, finding new avenues for future growth will be high on the agenda. Following this logic, the G20 will focus on the digital economy as one of the prime motors for invigorating the global economy. Enmeshing Germany’s “Industry 4.0” – shorthand for a fourth industrial revolution – with China’s industrial modernisation... https://www.scmp.com/comment/insight-opinion/article/2010768/dont-let-chinas-outdated-cybersecurity-laws-block?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2010768/dont-let-chinas-outdated-cybersecurity-laws-block?utm_source=rss_feed Tue, 30 Aug 2016 09:04:31 +0000