• 4 days 3 Restaurant Stocks In Full Recovery Mode
  • 5 days Bitcoin Is Driven By Testosterone
  • 10 days Quantum Computing Is The Newest Megatrend In Silicon Valley
  • 11 days How To Invest In The Cybersecurity Boom
  • 13 days Investors Are Patient With Unprofitable Giants
  • 15 days Wells Fargo Back In The Scandal Spotlight Once Again
  • 17 days 5 Stocks To Keep A Close Eye On This Year
  • 18 days As Auto Giants Flail, Look To Chip Stocks For Gains
  • 19 days Central America Is Ready For The Bitcoin Hustle
  • 20 days China’s Video Game Restrictions Unlikely To Slow Down Booming Industry
  • 22 days Top Performing Stocks As Inflation Fears Grow
  • 23 days US Airline Stocks Take A Beating On New EU Restrictions
  • 24 days This IPO Could Open Sustainable Fashion Floodgates
  • 25 days Crypto Crime Nets Another $2B Fraudster
  • 26 days This Week’s Hottest Meme Stocks
  • 28 days Why World Markets Should Be Watching Germany Closely
  • 30 days Could ‘Cultured’ Meat Rival The Plant-Based Megatrend?
  • 32 days ‘Easy Money’: Crypto Is Still Attracting Newbie Investors
  • 34 days Foreign Syndicates May Have Stolen Up To $400B In COVID Benefits
  • 35 days Gold Jumps Above $1800 Ahead Of Jackson Hole Summit
  1. Home
  2. Markets
  3. Other

Main Achievement of G-20: 'Global Body Monitoring Steel Overproduction'; Top Five G-20 Achievements

To highlight the sheer uselessness if not outright stupidity of G-20 meetings, one need only look at the alleged main achievement of the boondoggle:

"The G-20 endorsed setting up a global body monitoring steel overproduction."

The Wall Street Journal reports G-20 Reaches 'Broad Consensus' on Supporting Global Economy, China's Xi Jinping Says.

China rallied the Group of 20 around a call to use new levers to revive global growth, though the group's nine-page statement was short on concrete steps and there were few signs that Beijing would lead by example.

Speaking at the conclusion of the meeting, the International Monetary Fund's Christine Lagarde said, "There must be more growth and growth must be more inclusive."

In opening the summit, Mr. Xi urged leaders from major economies to be an "action team" rather than a "talk shop." Ahead of a spectacular gala performance Sunday night, he pointed to the logo the host country designed for the summit — a stylized bridge consisting of 20 lines in light green — as Beijing's way of promoting international cooperation.

"The Group of 20 is like a bridge, bringing together people from all over the world," Mr. Xi said.

For foreign delegates, the event reinforced a sense of China's power, including its capacity to nearly empty a city of nine million. Offers of vacations and encouragement for residents to go out of town had turned Hangzhou into a ghost town of empty streets for the meeting.

Behind closed doors and in press conference, China faced pressure from its guests. According to one European official, tensions over the communiqué adopted by G-20 leaders revolved around steel from China, which produces half the world's supply.

"If you're looking for blood, steel overcapacity was the issue," the official said.

In the end, the G-20 endorsed setting up a global body monitoring steel overproduction—a result the official said was Europe's main achievement at the summit.

The final communiqué, as others at G-20 gatherings before it, didn't single out China, saying, "We recognize that excess capacity in steel and other industries is a global issue which requires collective responses."

Ding Xuedong, chairman of China Investment Corp., the country's giant sovereign-wealth fund, said he has noticed a rising tide against globalization.

"We'll need to improve communication with other countries and enhance transparency," he said.


Top Five G-20 Achievement Candidates

  1. Recommendation for global body to monitor steel overproduction
  2. China turns city of 9 million into a ghost town to hold the summit
  3. Christine Lagarde's speech on inclusive growth
  4. Final communiqué blaming everyone for excessive steel
  5. Australian prime minister's speech on need to "civilize capitalism".

For option number 5 please see Australia's Prime Minister, an ex-Goldman Sachs Banker, Warns G20 to "Civilize Capitalism"


You Make the Call

I do not believe this is close.

The top achievement of this G-20 summit has to be China's ability to empty a city of 9 million people, on command, turning the city into a virtual ghost town.

 

Back to homepage

Leave a comment

Leave a comment