Program of G20 will give an opportunity to develop the world economy

By Vestnik Kavkaza
Program of G20 will give an opportunity to develop the world economy

The G20 summit is to open tomorrow in the Chinese city of Hangzhou. The main theme will be ‘’The creation of innovative, healthy, coherent and inclusive global economy". In addition to the leading countries of the G20, the event will be attended by representatives from more than fifty other countries, in particular from African countries and Kazakhstan. By the way, Nursultan Nazarbayev have paid a working visit to China even on September 1st.

G20 World Forum for Economic Cooperation was founded in 1999 in Berlin on the initiative of the finance ministers of the seven leading industrialized nations – Britain, Canada, Italy, USA, Germany, France and Japan. The forum was attended by 20 largest economies in the world. In addition to the above mentioned G7, the BRICS countries (China, Russia, India, South Africa, Brazil), Argentina, Mexico, Australia, Indonesia, Republic of Korea, Saudi Arabia, Turkey and the European Union. G20 is 1/3 of the world's population, 90% of world GDP and 80% of world trade.

"The global economy has reduced the dynamic of economic growth, which led to increased risks in the global economy. How to minimize these risks? It is a very important for China, because until recently one of the main factors driving force of the Chinese economy was growing volume of exports, and China’s  export volume reached first place in the world. And today G20 accumulates more than 85% of the world GDP, which is very important for further development. China proposes to increase the role of developing countries in international economic institutions such as the WTO, World Bank and IMF. But because China has made this request for more than 10 years. China began to act on its own, as and the West did not react to this," the deputy chairman of the Scientific Council at the Institute of Far Eastern studies, Director of the Center for social and economic research of China, Andrey Ostrovsky said.

So, in 2013, China put announced the program of "economic zone of the Silk Road." "If this project is implemented, the volume of China's foreign and EU countries trade will grow from the current $560 billion to nearly trillion. Almost all the countries of Eurasia – from Russia in the north up to Syria in the south – will be involved in the project. And China is doing all possible to implement "the economic zone of the Silk Road," Ostrovsky added.

Another project is to increase the share of developing countries in international organizations, increasing the quota in banks. "China has formed its own bank – Asian Infrastructure Investment Bank. The Chinese capital is the key proportion of the basic capital. China has found the Fund of the Silk Road, the total of amount which is $40 billion,’’ the expert said, adding that he doesn’t now how Russia will react to these Chinese proposals, as well as how Russian business will participate in the development and implementation of programs of economic zone of the Silk Road.

Meanwhile, in his opinion, the program of the G20 meeting will give an opportunity to develop the world economy and remove additional risks: "These additional risks significantly influence the pace of growth in such developing countries as China and India with the current leading GDP. They are ahead of the Eurozone countries and even the United States. Many countries expect decisions at the G20 summit will accelerate the growth of the world economy. "

 

8255 views
Поделиться:
Print: