G20 summit: six aspects to watch for – BBC News

On 30 November, G20 leaders will hold a two-day G20 summit in Buenos Aires, Argentina. The summit has focused on global issues such as the global economy, trade and investment, the digital economy, infrastructure and climate change.

BBC Chinese will give you some highlights of this summit.

The Sino-US trade turnaround

The summit was held at a time when Sino-US trade relations were tense and the question of whether the meeting between Chinese and US leaders could promote cease-fire trade between the two countries is at the center of this summit.

The main objective of China's participation was to persuade the United States to stop raising tariffs on the $ 200 billion worth of Chinese goods from 10% to 25%. China also hopes that the United States will waive the increase in tariffs on steel and aluminum products made in China.

On November 26, Trump said in an interview with The Wall Street Journal that it was "almost impossible" to postpone plans to increase tariffs on Chinese products. He added that if the G20 summit does not result in a favorable agreement to the United States, it would also impose a tariff of 10-25% on the remaining $ 267 billion of Chinese products.

Hong Kong economist Liu Zunyi told BBC Chinese that China and the United States could reach a framework agreement at the summit to prepare a trade armistice, but that the two countries still have a long way to go. go through to resolve their trade dispute.

After Kasjiji's death, Saudi diplomacy

Saudi Crown Prince Mohammed bin Salman will attend the G20 summit, the last leg of Muhammad's first visit since the death of Saudi journalist Jamal Khashoggi, and has received much attention.

Muhammad will meet the leaders of the United States, Canada and European countries at the G20 summit, which worries the outside world, whether Mohammed will use it to eliminate the harmful consequences of the murder.

Many national leaders have strongly condemned the killing of Kashuji and Saudi Arabia denied the fact that the incident was related to Mohammed. The US CIA has identified the Saudi Crown Prince as the mastermind of the murder, while US President Trump was vague, with the two countries carrying out a major exchange of oil interests.

In order to get rid of Saudi Arabia 's excessive dependence on oil, Muhammad has undertaken an active reform since taking office. Before arriving at the summit, Mohammed visited the Middle East's economic powers such as the United Arab Emirates, Bahrain, Egypt and Tunisia. It is believed that Muhammad received help from these countries to develop new cooperative relations.

The United States, Mexico and the three countries have signed an agreement

At the G20 summit, the United States, Mexico and Canada will also sign the US-Mexico-Canada agreement. The new agreement replaces the 24-year-old North American Free Trade Agreement, which provides for an annual trade volume of $ 1.2 trillion.

The United States has made this agreement one of the top priorities for their participation at the summit. It aims to encourage American companies to move their production from China to North America.

In a Wall Street Journal interview, Trump said a few days ago that it is possible to charge a 10% rate on mobile phones and laptops made in China and imported by Apple.

High tariffs have forced many US companies to consider relocating their production from China. Trump said, "I suggest that they build their factories in the US and produce goods here.There are many other options."

Trump can mean Mexico and Canada: the signing of this agreement means that the United States will continue to maintain its cooperation with both countries, what this model means will affect world trade and will also be the center of interest of the United States. outside world.

Reforming the WTO

The G20 summit will discuss the reform of the World Trade Organization (WTO). The recent EU proposal will encourage reform of the three functions of the WTO: negotiation, supervision and dispute settlement.

After Trump took office, he constantly wondered if the WTO could resolve international trade disputes. He is not satisfied with the existing WTO system and refuses the appointment of Judges of the Appellate Body. On November 26, the EU proposed to the WTO to appeal to the Appellate Body to reform its main dispute over mediation.

The United States also intends to drive China out of the WTO. The United States blamed China for using developing country members, in accordance with WTO rules, to subsidize Chinese state-owned enterprises, and urged China to reduce barriers trade and investment of international investors.

Chinese Vice Minister of Commerce Wang Shouwen said China supports WTO reform to strengthen its authority. However, he said the reform should ensure the special and differential treatment of developing members and respect the development model of each member.

Argentina requests international badistance

Argentina, the host country of the G20 summit, had to contend with currency crises and inflationary pressures and was forced to apply for a rescue loan of up to $ 56 billion from the G20 summit. International Monetary Fund (IMF). Argentine President Mauricio Macri is hoping to attend the G20 summit and seek the international badistance of the leaders.

In 2018, the Argentine peso depreciated more than 50% against the US dollar and domestic inflation reached 40%. The rising cost of living in the country has caused growing dissatisfaction and a large-scale protest recently.

Former Argentine President Cristina Fernandez resorted to protectionism during her reign, resulting in a deterioration of international relations between Argentina and many countries.

Financial Technology and Encryption Assets

The G20 Summit will examine ways to improve the international financial architecture and focus on the use of inclusive digital finance to help individuals and SMEs in the economy informal. China has developed guidelines for inclusive financial policies on digital and informal economies, which will be presented to participating leaders.

Chen Yulu, deputy governor of the People's Bank of China, said China already ranks among the world's best in terms of financial technology and encryption badets. The G20 summit is expected to strengthen policy coordination and exploit the opportunities offered by technology to strengthen supervision and prevent risks.