« 米中首脳会談 アジア安定に心残りはないか | トップページ | 日中首脳会談 関係改善には緊張緩和が要る »

2016年9月 7日 (水)

G20首脳宣言 中国の「有言実行」が問われる

The Yomiuri Shimbun
China being tested over whether it will actually live up to G-20 accords
G20首脳宣言 中国の「有言実行」が問われる

It is essential to raise the growth potential of the global economy by steadily promoting structural reform and free trade, thereby putting the global economy on a sustainable recovery path.

The Group of 20 major economies wrapped up its summit meeting Monday after holding a two-day session in Hangzhou, China.

In a communique issued after the summit, the G-20 leaders warn that global growth is weaker than anticipated and that downside risks exist. The communique also mentions that all three policy tools of monetary and fiscal policies, and structural reform must be used separately or collectively.

Given Britain’s decision to leave the European Union and the decline in the prices of resources, both advanced and emerging economies lack the power to serve as an engine for global economic growth.

The G-20 communique adhered to the agreements reached at the Ise-Shima Summit of the Group of Seven advanced nations hosted by Japan in May. It is highly significant that the G-20 economies, including emerging and oil-producing countries with different economic powers, have shared common views on the global economy.

The crucial point is for all G-20 countries to play their role.

During the G-20 summit, Prime Minister Shinzo Abe said it was important for all the countries to demonstrate their commitment through concrete action. It was natural for him to make such a statement.

The key to reinvigorating the global economy is likely to be promotion of structural reforms to enhance productivity and boost growth.

Japan has announced plans to reform ways of working, including correcting long working practices and realizing equal pay for equal work. Fulfillment of the Abenomics economic policy package will lead to realization of the G-20 agreements.

Key structural issue

The communique took up excessive production of steel and other products as a serious structural problem for the first time.

The overproduction issue was triggered by China, which has kept protecting loss-making state-owned companies. There have been rampant increases in the number of these so-called zombie firms, which have actually gone bankrupt but have continued to be supported by the Chinese authorities, posing a risk to the global economy.

It was agreed during the summit to set up an international framework to promote information-sharing in a bid to resolve the overproduction issue. Because China served as the host nation to work out the agreement, China will be required to carry out its commitments in deed.

As for free trade, which is indispensable to economic expansion, the G-20 agreed to reject all forms of protectionism.

In the United States, both the Republican and Democratic presidential nominees have expressed opposition to the Trans-Pacific Partnership free trade framework. In emerging economies, import restrictions to protect their domestic industries have been invoked one after another.

Signatories to the TPP agreement, including Japan and the United States, must promote early ratification of the accord while emerging economies must exercise self-restraint on excessive import restrictions. Each G-20 nation must work toward advancing free trade.

A questionable point is that China guided G-20 discussions into concentrating on economic issues in a bid to avoid discussions over the South China Sea, where it has been building military strongholds. If China remains indifferent to regional stability, it is doubtful whether the country will fulfill its commitment to economic cooperation, too.

(From The Yomiuri Shimbun, Sept. 6, 2016)


« 米中首脳会談 アジア安定に心残りはないか | トップページ | 日中首脳会談 関係改善には緊張緩和が要る »





« 米中首脳会談 アジア安定に心残りはないか | トップページ | 日中首脳会談 関係改善には緊張緩和が要る »