Chinese Consul General in Lagos, Chu Maoming, yesterday revealed that the first ever G20 summit to be hosted in China will be held on September 4th -5th, in a southeast city Hangzhou, China.
According to him, “The 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, Thailand,Turkey, the United Kingdom, the United States, United Nations, the European Union, IMF, World Bank and WTO, etc. will attend the summit.
“With the highly-expected event approaching, China has got everything ready to welcome its most distinguished guests and partner with all other parties to work out a solution that can lead the world out of the dark tunnel of mired economy.”
Maoming also said that since 2008, the world has never been fully recovered from the global financial crisis, and even worse, falling oil and commodity price since 2014 has given a heavy blow to some developing countries 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 their solutions to the fiscal stimulus and monetary easing, which to some extent is working but with 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.”