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G20 focus on global economic growth baton APEC
Source:China Trade News Network | Author:wxyanyang | Published time: 2014-11-12 | 1089 Views | Share:
    Evening of November 10, APEC (APEC) CEO Summit closing, then brilliant fireworks let the world experience the hospitality of the Chinese road. And shortly after the APEC summit, Australia will also be busy. November 15 to 16, the Group of Twenty (G20) summit will be held in Brisbane, Australia. Prime Minister of the Federal Government of Australia Abbott invitation of Chinese President Xi Jinping will attend the G20 summit.
    According to media reports, this is the most important meeting of world leaders in Australia held to date. Upgrade security, selection of volunteers, training "hug messenger" koala ...... It is reported that the Australian government has been busy.
    Australian Prime Minister Abbott recently published on the upcoming G20 summit statement said that Australia is honored to host the summit, the summit will focus on global economic growth, to create a stronger world economy.
    A few days ago, the Australian Embassy in Treasury offices Jimmy Ye Ming, Minister Counsellor at the G20 summit introduced on the relevant circumstances also to the "China Trade News" reporter confirmed: "Given the global economic recovery is inconsistent, uneven, Australia the theme of this year's G20 meeting to make the global economy back on track. "

Growth Plan encounter frustrations
    2014 The world economy is full of complexity, uncertainty and challenges. Not long ago, International Monetary Fund (IMF) lowered its third global economic growth in 2014 to 3.3%.
    Jimmy Ye Ming said the global economic outlook is more complex, the economic crisis is still lingering. And for the realization of "Let the global economy back on track," the macro themes, this year in February, G20 finance ministers and central bank governors set a specific goal, namely the commitment of Member States, for the next five years and strive to domestic production gross (GDP) increased by 2%, based on the current forecast, the members are developing a specific action plan on this goal. Abbott said that Australia will lead by example, is working to reduce taxes and simplify the regulatory policies and reached free trade agreements with many countries, the expansion of infrastructure.
    German officials on Monday (November 10) also said that the German government is expected to introduce relevant measures G20 summit in 2018, the G20 countries to enhance economic growth by 2%.
    But Jimmy Ye Ming said that some members of this year due to lower than expected economic growth situation, members of the development because there is no external oversight measures may be shelved, this unprecedented growth plan has also been questioned.
    Australian Ambassador to China Frances Adamson said that in September this year, the 900 Member States to identify a number of measures to achieve a 90% certainty of 2% GDP growth target. She said that at present these measures can achieve more than 1.8 percent growth. "In the future, there is still time to introduce more measures to achieve the 2% target."
    Jimmy Ye Ming stressed that compared to the introduction of measures to implement the measures even more important. He said the ministers and central bank governors agreed to assume responsibility for the implementation of the measures, IMF (IMF), the Organization for Economic Cooperation and Development (OECD) members will monitor the implementation of policies and economic development.

WTO called for the elimination of trade barriers G20
    It is worth noting that the World Trade Organization (WTO) has called on G20 to eliminate barriers to trade since the beginning of 2008 the global economic crisis set in, in order to make the return to strong growth in international trade early this century. In its latest report said that despite the global economic rebound, but the G20 countries in 1244 trade restrictive measures introduced in the past six years, there are 962 still being implemented.
    Last September, G20 leaders issued a statement that the free trade and investment is a key factor in promoting economic growth, determined to reduce the new trade protectionist measures.
    However, the above report, G20 countries are still introduced new regulations to restrict trade in the past year, the introduction of 18 month average, which makes the total number of restrictive measures currently in force increased by 12% since November 2013.
    "The global economic uncertainty persists highlights, G20 countries need to introduce new restrictive measures to show restraint, and to effectively remove existing measures." WTO declared in the report.
    Data show, G20 countries account for 80% share in global trade, the proportion of total global economic output as high as 85%. According to media reports, many people who support free trade that the G20 including the United States hundreds of new tariff measures, although its has promised not to interfere with trade. Obviously, the elimination of barriers to trade issues will be the focus of attention during the G20 summit.
    According to Mak Ye Ming, the objectives, G20 GDP would expect on the basis of the current upgrade 2%; in infrastructure, G20 proposed global infrastructure projects; in financial regulation, G20 financial regulation agenda concerns; in global revenue side, G20 proposed international tax measures.