G20 trade and investment ministers to meet on global economy

Saudi Arabia’s Minister of Trade, Dr. Majid Al-Qasabi (pictured) and investment minister Khaled Al-Falih will hold a press conference after the G20 meeting. (SPA)
Short Url
Updated 19 September 2020

G20 trade and investment ministers to meet on global economy

  • The ministers will address G20 measures to support international trade and investment in response to the emerging coronavirus pandemic

LONDON: Ministers of trade and investment from G20 countries will hold a meeting on Tuesday with the aim of strengthening policy cooperation, Saudi Press Agency reported.

The meeting will look at ways the group of 20 countries can grow a sustainable economy in light of the novel coronavirus (COVID-19) pandemic.

The ministers will address G20 measures to support international trade and investment in response to the emerging coronavirus pandemic, which were adopted on May 14, and ways to support reforms of the multilateral trading system.

They will also look at how to encourage the competitiveness of micro, small and medium-sized companies globally in a greater way, in order to enhance economic diversification and investment, SPA reported. 

Saudi Arabia’s Minister of Trade, Dr. Majid Al-Qasabi and investment minister Khaled Al-Falih will hold a press conference after the meeting to present its outcomes.

Saudi Arabia holds the G20 presidency this year and is set to host the G20 Summit in the capital Riyadh on Nov. 21-22.


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.