From September 4-5, China hosted this year’s G-20 Summit in Hangzhou, a city known for beautiful scenery and its historical West Lake. Launched in response to the 2008 global recession, the forum was an opportunity for the world’s 20 largest economies to convene and discuss major challenges. Although commentary in China and Russia was quite positive about the Summit’s results, others in India, Japan, and South Korea were less enthusiastic. The gathering was also part of Barack Obama’s last trip to Asia as president and was closely watched by rising powers for signs of what the future might have in store for the international political and economic order. In this Policy Alert, we examine commentary from China, Russia, India, Brazil, Japan, and South Korea on the G-20 Summit.
China’s theme for the Summit was “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy.” As the host leader, Chinese President Xi Jinping urged leaders to avoid “empty talk” and instead seek “concrete actions to implement joint plans on sustainable development, green financing, and anti-corruption.” At a business focused event on the sidelines of the Summit, Xi promised China does “not seek to rewrite the international rulebooks” but instead wanted to “refine the existing mechanisms to facilitate global win-win cooperation.”
Most commentary in China hailed the Summit as a success and a clear sign of China’s rising economic and political strength on the world stage.
- Wang Peng, associate researcher at Fudan University, identified a “Hangzhou Consensus” emerge from the Summit with leaders recognizing the need to “revitalize globalization” in a “more comprehensive, innovative, and inclusive manner.”
- China Daily thought the host country left “its stamp on the G-20” by demonstrating “unswerving commitment to globalization,” expanding the existing global market system, fighting off protectionism, and aligning the G-20 agenda with UN development goals.
- Global Times declared “multiple victories” for China at the Summit, including recognition of Chinese soft power in spite of Western criticisms.
- Global Times blamed Western media outlets for making a “fuss over trifling issues” such as an awkward confrontation between Chinese officials and U.S. journalists/White House staff as Air Force One arrived in China.
- China Daily praised Hangzhou’s tour as host city and proving “how China has become a leader of growth, as the city is home to many new businesses and new management models.”
Following the Asia-Pacific Economic Cooperation (APEC) summit in Beijing two weeks ago, world leaders participated in a number of multilateral forums, including the East Asia Summit in Naypyidaw, Myanmar and the G-20 in Brisbane, Australia, as well as bilateral and trilateral meetings with allies and partners. The leaders sought to expand their interests and influence in the region as they discussed issues ranging from regional economic integration to international security. In this Policy Alert, we examine commentary from Russia, China, India, and Japan on the implications of this summit diplomacy for the regional order.
Russian President Vladimir Putin left the G20 meeting early in response to repeated criticism from Western leaders over Moscow’s actions in Ukraine. Putin said his decision to fly home had nothing to do with tensions over Ukraine and cited a need to catch up on sleep before returning to work. The majority of Russian media was supportive of Putin, praising him for defending Russia’s national interests. (more…)Continue Reading →
The Eurozone’s debt crisis has spurred talk about a possible role for BRIC countries to lend a helping hand through increased financing of the International Monetary Fund (IMF). While discussions are still under way over whether the IMF will even step into the euro crisis, rising powers such as China and Brazil continue to express interest. G20 finance ministers and central bankers met in Paris over the weekend and said they expected the October 23 European Union summit to “decisively address the current challenges through a comprehensive plan“. Today’s blog post highlights the views in China, India, and Russia on this issue:
The mixed views in China indicate an interest to help the Eurozone in such a way that is both economically practical and politically beneficial to China-EU relations.
- Several op-eds in the People’s Daily highlight China’s shouldering of responsibility in global finance. They point to China’s purchase of European debt securities, expressed confidence in the Eurozone, and continuing trade and investment relations with the EU.
- Nevertheless, some voices emphasized that “China has to be cautious while expanding in Europe,” and consider “many factors including investment return, security, risk and national interests.”
- Ding Gang, a senior reporter with the People’s Daily, was more blunt about what China should expect in return: It is only “the most basic fair treatment” to ask that the EU recognize China’s market economy status and end the arms sale ban on China.
- Specific policy recommendations came from a recently organized academic forum at Tongji University. It was reported that Qiao Yide, secretary-general of the Shanghai Development Research Foundation, recommended the following: 1) purchase bonds from multilateral institutions (the European Financial Stability Facility) instead of national bonds; 2) encourage Chinese businesses to expand in Europe; and 3) increase the euro’s weight in the currency basket of the Chinese yuan.
- A Global Times op-ed commented on the geopolitical opportunity of the crisis. (more…)