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Business/Finance See other Business/Finance Articles Title: China to play "very important role" at G20 Summit: Jim O'Neill LONDON, May 21 (Xinhua) -- The economist who coined the acronym BRIC to describe the four powerhouse emerging economies of Brazil, Russia, India and China has said that he thinks China will play a "very important role" in promoting economic cooperation at the G20 Summit held in China in September. Jim O'Neill, formerly chief economist with Goldman Sachs and now a minister in the British government as commercial secretary to the Treasury, told Xinhua in an exclusive interview that he expected China to nurture the growth of emerging economies when it hosts the G20 Summit, held for the first time in China in the city of Hangzhou in September. O'Neill said: "I think China can play a very important role (at the Hangzhou Summit) in a broader sense of economic cooperation. China has become the second largest economy in the world, on some criteria, purchasing power parity, it is already the largest or close to it." He added: "We need to have, in order to sustain global economic growth, shared consensus -- not necessarily the same policies but shared consensus, about the appropriate policies that come from different parts of the world." O'Neill said that China had had "remarkable success," not withstanding some of its considerable challenges, in raising the welfare and wealth of its 1.3 billion people. "I think it can help others, especially in the emerging world, of moving down a similar path and contributing to a stable and more prosperous world economy," said O'Neill. O'Neill said the G20 Summit to be held in China marked a change in the approach to the international community's economic role: "It is a very historic moment in global economic governance. China has not hosted the G20 before." O'Neill is chair of the Review on Antimicrobial Resistance, set up to examine how to tackle the threat of superbugs, which become stronger and more resistant to antibiotics the more they are exposed to them. The cost to the world economy could be 20 trillion U.S. dollars by 2050, and the superbugs could be killing 10 million people each year, one million of which in China, unless action is taken, according to the review. The findings of the review, which was unveiled this week in London, will be taken to the G20 Summit and talks are underway at the moment, according to O'Neill. "We are hopeful that culminating in the Chinese G20 in September there will be a decision that will be agreed by all 20 G20 members as to how they are going to come up with the right amount of money to get us to new drugs," he said. "I am reasonably hopeful that progress will be made because there are already the beginnings of discussions that have taken place at the so-called G20 Sherpa Level." Related: Interview: G20 Hangzhou summit to be "great opportunity" to advance global economic agenda WASHINGTON, May 21 (Xinhua) -- The 2016 Group of Twenty (G20) Summit will be a great opportunity for the world to push forward the global trade agenda and promote economic governance and reform, a U.S. global economics expert told Xinhua in a recent interview. There is a great opportunity for the bloc to advance the international trade agenda by seeking new approaches to finalize the long-stalled Doha round of trade liberalization talks, said Matthew Goodman, a senior adviser for Asian economics at the U.S. think tank Center for Strategic and International Studies.Full Story Spotlight: G20 summit this year to contribute to global economic governance BEIJING, May 1 (Xinhua) -- As the world economy continues to face new and tough challenges in 2016, experts envision this year's G20 summit, scheduled for September in Hangzhou, China, will play a key role in boosting world economic growth and improving global economic governance.Full Story Key Words : China 分享 • Interview: G20 Hangzhou summit to be "great opportunity" to advance global economic agenda • Russia prefers G20 to G8: Kremlin • Chinese delegate urges G20 members to start implementing 2030 SDGs Poster Comment: China will play a "very important role" in promoting economic cooperation You'd think US, being entrepreneurly and technologically most advanced nation, would lead in boosting economic co-operation but instead is sowing discord with its wars for Israel. Post Comment Private Reply Ignore Thread
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