Companies
G20 holds hope of unique consensus
Luo jie / China Daily
The 2016 G20 summit will be held in Hangzhou, East China’s Zhejiang province, in September under the theme of “Toward an innovative, invigorated, interconnected, and inclusive world economy”. An integral part of the theme is inclusive and interconnected development.
China holds the presidency of the G20 this year and under its initiative, for the first time, the G20 is highlighting development issues in the framework of global macro-policy and working on a systematic plan of action for the implementation of the United Nation’s 2030 Agenda for Sustainable Development.
Adopted at the UN Sustainable Development Summit in September last year, the agenda is a future-oriented blueprint and a powerful written commitment. But setting the goals is only the first step. It must be followed through with hard work and cooperation of all countries. The G20 is a major platform for international economic cooperation, and the international community expects it to play a leading role in this respect.
Promoting G20 development cooperation is crucial for tapping new potential for world economic growth. As global economic growth, trade and investment remain sluggish, and the macro-policies of major economies diverge, new inequalities and imbalances in development may emerge. There is tremendous potential for the development of developing countries, which is like a blue sea yet to be navigated. Tapping this potential could unleash immeasurable power for growth and promote a global economic recovery.
Promoting development cooperation is China’s unique contribution to the G20. China, the world’s largest developing country, has been on a unique journey of development and maintains close connections with other developing countries. It is playing the leading role in pushing the G20 to fully implement the 2030 Agenda for Sustainable Development, find a new path for world economic growth, and make its due contribution to…
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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