G20 prescribes recipes for global economy

Author : Oleksiy Koval

Source :

The 11th summit of "Big Twenty" Beijing used to promote its vision of a new economic consensus that would allow countries of the world enter the path of sustainable economic growth and development
23:30, 13 September 2016

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112 Agency

All recent G20 Summits China called almost meaningless, because there, according to Beijing's thought, world leaders were not concerned with practical matters, but only with talks that resulted to nothing, had no effect on the world economy, and solved no global problems. At the same time China came to the summit with a list of fresh initiatives, aiming to create a "qualitatively new foundation for growth and development" and to implement the UN agenda on sustainable development for the period up to 2030. Middle Kingdom believes that such initiatives can change the entire world, the structure of economic relations between rich and poor countries, between South and North. China also used its chairmanship in the "Big Twenty" to reiterate its ambitions of global leadership.

However, as has happened before, leaders of the major economies have come for the next G20 summit with their own challenges, goals and objectives. And in order to make Hangzhou agreement actually start working, it is necessary for all countries to begin thinking and acting at least a little "in Chinese way." But we can hardly expect this soon.

To unite the country's "twenty" for purposes voiced in Hangzhou – it’s not an easy task. After all, in fact, in addition to China, there are only a few countries that have actually shared these views and economic approaches to the construction of a new model of global growth. At the summit in Hangzhou, these countries were conditionally gathered in the "group of friends" because they have learned Beijing’s ideas better than others. Among them are Kazakhstan, South-East Asia (Laos, Thailand) and Africa (Chad, Senegal) which were invited to G20 meeting not because of the size of their economies, but exactly because their development policy have been already implemented in line with ideas, expressed in China.

Related: Klimkin: International community supports Ukraine at G20 summit

However, for the main part of summit leaders, Chinese ideas, though being interesting and global, are still less important than current internal issues and challenges. US President Barack Obama at the last for him G20 summit talked about the issues regarding American-Chinese relations, which essentially remained the same as at the beginning of his presidency. However, the dialogue between the countries became more intense. The only global act that China and the US could jointly organize during the summit in Hangzhou – it is the completion of the Paris agreement ratification of combating climate change.

Not to mention Germany and France - the leaders of these countries are more concerned about their political future through elections that in 2017. Germany, as the next presiding of G20, in its program will focus on investment in Africa - said Merkel in China, inviting all to come next year to Hamburg. The leaders of Britain, Turkey and Brazil also today mainly solve their own problems, which are also global - Brexit, the coup attempt and the war in Syria, the impeachment of the president. Prime Minister of India, Narendra Modi discussed at the G20 summit with four colleagues the preparation of BRICS summit, scheduled for mid-October in Goa and negotiated with the Frenchmen on the construction of new submarines for his country.

The Russian leader didn’t bring to Hangzhou his fresh economic ideas and even apologized that his country's economy falls. A month earlier, he threw all efforts to transform the meeting in Hangzhou in the field of his political "blitzkrieg" on the issue of Ukraine. But his ideas did not fit into the plans of the Chinese organizers, who canceled all sharp political themes from the agenda. In addition, the Russian leader also failed to play the "Ukrainian card" with the leaders of France and Germany. Putin received for his efforts just the expanding of sanctions against Russian citizens and companies from the US and their extension from the EU. As a result, Vladimir Putin had to recognize the need for "Norman format" with Ukrainian leader Petro Poroshenko and the inevitability of dialogue with him. The Kremlin’s game, which began with the provocations in the occupied Crimea in August failed. Perhaps this is the most significant outcome of the summit in Hangzhou for Kyiv.

However, Ukraine should analyze closely the economic agenda of the meeting. After all, if Kyiv wants to ever be invited to the summit of G20, the better reason for this would be the growth of Ukrainian GDP, not the war between Ukraine and Russia which continues to be the focus of world leaders.

Related: G20: Obama met Putin

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Related: Ukraine called on G20-member countries to discuss issue of its political prisoners


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