G20 Summit in China, Light at the end of tunnel – Chao Xiaoliang
The G20 summit scheduled for September 2016 in Southeast city of Hangzhou, China has been described as light at the end of the tunnel by Chinese Consul General in Lagos , Chao Xiaoliang.
It is also the first ever G20 summit to be hosted in China and will host leaders of Argentina, Australia, Brazil, Canada, China, Chad, Egypt, France, Germany, India, Indonesia, Italy, Japan, Kazakhstan, Laos, Mexico, Republic of Korea, Russia, Saudi Arabia, Senegal, Singapore, South Africa, Spain, ThailandÿTurkey, the United Kingdom, the United States, United Nations, the European Union, IMF, World Bank and World Trade Organisation,WTO.
A statement issued in Lagos by Chao Xiaoliang said: “With the highly-expected event approaching, China has got everything ready to welcome its most distinguished guests and partner with other parties to work out a solution that can lead the world out of the dark tunnel.”
Chao Xiaoliang said that since 2008, the world has never been fully recovered from the global financial crisis, adding that falling oil and commodity prices since 2014 have given a heavy blow to some developing country such as Nigeria.
“The mediocre economy features rising unemployment, soaring debt, sluggish trade and investment and turbulent financial and commodity markets. Many countries, including both developed and developing countries, resort to fiscal stimulus and monetary easing, which to some extent is working but with a serious side-effect. For some developing countries, the use of fiscal policies is severely constrained by their high debt level. Added to the already complicated global political and economic situation, Brexit, trade protectionism, and terrorism are exacerbating the problem. Now, the world is calling for an effective solution.’’