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27 August - 02 September
2016
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From
the CEO OF EMIS
This weekend, world leaders met in Hangzhou for the latest G20 summit. It was the first time that the meeting had been held in China and offered the host government an opportunity to present itself as a central player and thought leader in global economic affairs.
The choice of Hangzhou as a venue was in itself instructive of China’s desire to be seen as a modern, forward-thinking nation in contrast to its sluggish western counterparts.
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The city is home to Alibaba, the e-commerce giant, and several other successful high—tech companies. In the lead up to the summit, the government took steps to ensure that pollution levels were reduced in Hangzhou through the closing down of factories and forced reduction in traffic levels. This is a trick that China has pulled off before, notably at the Beijing Olympics.
Leaving aside the government’s rather transparent attempts to present China’s “shiny” side, what can’t be disputed is that the country does have an opportunity to play a pivotal role in setting the global economic agenda. Traditional powerhouses in the west are beset by slow growth and the inconvenience of having to adjust policy to suit increasingly disillusioned and fearful electorates. China is the foremost power in the world’s most successful region in terms of economic growth. Other countries in Asia like India and the Philippines are growing at striking rates and, in spite of concerns about China’s so-called slowdown, the country is still expected to account for just under 40% of total global growth this year.
China has promised to offer solutions to aid the global economy through the G20 summit by pushing initiatives like “green finance” and resistance to trade protectionism to the top of the agenda. All of this may sound somewhat ironic given how China’s rise to economic power has been achieved but should still be welcomed as signs of the country’s determination to be a responsible global economic leader. Past G20 summits have tended to generate more talk than action. China has a chance to be different.
Guy Dunn
Chief Executive Officer.
P.S. Below are some articles related to the G20 summit from the EMIS platform in the past week.
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CHINA: THE G20 CHAIR AND THE GLOBALISATION´S OUTLOOK
China as the G20 Summit host this year seeks to create new sources of growth for the global economy, ward off growing protectionism in key economies, and upgrade the G20 itself as a platform for global governance.
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G20: STAKES ARE HIGH FOR CHINA AND FOR THE GLOBAL ECONOMY
The stakes are high for host China, but equally high for the global economy. China has made clear that the G20 summit opening on Sunday in Hangzhou will be different, with more developing countries than ever before invited to join the world's major economies.
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FREE TRADE NEEDS DEFENCE IN G20
Wedged in between the Brexit vote and the U.S. presidential election, leaders of the world's major economies meet this weekend in China needing to mount a realistic defence of the free trade and globalisation they have long championed.
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Infographic
of the week
Brazil is the world’s leader in renewable energy power generation. Notably, at the end of 2015, renewable energy sources accounted for 70.4% of the installed capacity and for 75.9% of the power generation in the country.
Although hydropower is undoubtedly the dominant element in the electric energy mix, with more than 71% of total power generation in 2015, wind power has been the fastest growing energy source over the last years.
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Weekly
News summary
Below
are the most read articles in the past week on EMIS
Perspectives, our daily blog of
emerging market news and insights.
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