China Financial News

World Trade Organization's dispute settlement system, which has been dysfunctional since 2019, leading to protectionism in global trade by 2024, as per a joint declaration released on Saturday. “We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024," the G20 New Delhi Leaders’ Declaration said.

Joe Biden on Saturday said it would have been nice to have China's President Xi Jinping at the G20 Summit, but it was «going well».

An official says that one of Myanmar’s biggest and most powerful ethnic minority militias has arrested and repatriated more than 1,200 Chinese nationals allegedly involved in criminal online scam operations

Italian Premier Giorgia Meloni has met with Chinese Premier Li Qiang on the sidelines of the G20 summit

G20 Summit on Saturday reiterated their commitment towards reform of the World Trade Organization (WTO), dispute settlement and that trade and environment policies should be mutually supportive consistent with global trade rules and multilateral environmental agreements. In the New Delhi Leaders’ Declaration, the grouping- which added the African Union as its new permanent member- emphasised on avoiding discriminatory green economic policies. “We renew our commitment to ensure a level-playing field and fair competition by discouraging protectionism and market distorting practices, to foster a favourable trade and investment environment for all,” the bloc said, highlighting its commitment to 'positive outcomes at the WTO’s Thirteenth Ministerial Conference (MC13).' The 37-page declaration has the trade and investment agenda in a subhead titled 'Unlocking Trade for Growth.' “We affirm that a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core, is indispensable,” they said.

G20 leaders on Saturday called for a strong, sustainable, and inclusive growth as an answer to the uneven recovery the world has seen from the pandemic-infused plunder, and flagged trillions of dollar that countries would need to meet their climate goals and clean energy technologies. The New Delhi Declaration adopted at the Summit of leaders of the world's top 20 economies held under India's presidency also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of exchange of tax-relevant information on crypto assets by 2027. The declaration called for accelerating efforts to phase down unabated coal power, phase-out of inefficient fossil fuel subsidies and low-cost financing for energy transition of developing countries. While developing countries need USD 5.8-5.9 trillion in the pre-2030 period for their climate goals, the world would need another USD 4 trillion per annum investment by 2030 to help reach net-zero carbon emission goal by 2050. Stating that cascading crises have posed challenges to long-term growth, the declaration called for well calibrated macroeconomic and structural policies to counter the challenge of an uneven recovery, and boost long-term growth.

Russia-Ukraine crisis, India worked very closely with Brazil, South Africa and Indonesia. I want to say that it was the emerging markets which played a very key role. There was very tough, very ruthless negotiations for several days non-stop," said India’s G20 Sherpa Amitabh Kant during a press briefing.

semiconductors and technologies." Mint earlier reported that G20 summit may pass a marquee declaration to ensure energy and supply chain security including for critical minerals. The declaration also recognized the importance to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation, including renewable energy, as well as energy efficiency measures, including accelerating efforts towards phasedown of unabated coal power, in line with national circumstances and recognizing the need for support towards just transitions.

NASA satellite -- Lunar Reconnaissance Orbiter (LRO) – recently captured an image of the Chandrayaan-3 landing site. The Chandrayaan-3 spacecraft is currently near the Moon’s South Pole since its successful soft landing on August 23.

President Joe Biden and his allies have outlined plans to create a rail and shipping corridor linking India with the Middle East and ultimately Europe

China has raised objections to the US hosting the Group of 20 nations in 2026 as already announced by President Joe Biden’s administration, according to four people familiar with the discussions.G-20 members rotate their presidency of the group, including the annual summit of world leaders, and the US has said it will take it on after India, Brazil and South Africa complete their respective yearlong stints. China’s objection — backed by Russia, according to one of the people — is mostly symbolic as it’s unlikely the decision will be reversed. The people asked not to be named since the discussions on the sidelines of the current G-20 in India are private. The Chinese move was first reported by the Financial Times. Beijing asked that its displeasure be recorded, according to the people, who didn’t know the reasons for China’s objections.

digital companies including Intel, GlobalFoundries and Google are expected to attend a business meeting on Monday in Hanoi as President Joe Biden visits Vietnam to boost ties, two people familiar with the plan said. The meeting, which is still being arranged, would confirm U.S. plans to boost Vietnam's global role in different segments of chipmaking, as part of Washington's broader strategy to reduce the sector's exposure to China-linked risks, including trade restrictions and tensions over Taiwan.

Narendra Modi during a session on Saturday. “Through the hard work of our teams, and through the cooperation of you all, we have reached agreement on the New Delhi G20 Leaders Summit Declaration. I propose that we adopt this New Delhi Leaders Declaration," Modi said, addressing his counterparts at a session.

Narendra Modi on Saturday held a bilateral meeting with his Japanese counterpart Fumio Kishida on the first day of the two-day G20 Summit in New Delhi. In a post on X (formerly Twitter), Modi said, «Held productive talks with PM Kishida. We took stock of India-Japan bilateral ties and the ground covered during India's G20 Presidency and Japan's G7 Presidency.

Group of 20 nations have hammered out compromise language on Russia’s invasion of Ukraine, overcoming differences between Moscow and the rest of the group that had threatened to derail hopes of a joint communique from this weekend’s summit. The phrasing is broadly similar to that agreed at last year’s summit in Bali, Indonesia, according to people familiar with the discussions. They asked not to be identified to describe internal deliberations. The language still must be approved by G-20 leaders, but that’s seen as likely now that senior staff have agreed on the language, they said. The US and its allies had sought tougher phrasing than the Bali compromise to denounce what they see as Russia’s aggression, while Moscow wanted to weaken the reference — and for a time enjoyed the support of China.

The US Dollar Index rallied for the eighth consecutive week, which is its longest winning streak since 2005. The Greenback gained as the US economy is presently doing better than its peers, especially the European economies.

One is pricey and slow: For a new force of up to 13 nuclear-powered attack submarines, the Australian taxpayer will fork out an average of more than AUD$28 billion ($18 billion) apiece. And the last of the subs won't arrive until well past the middle of the century.

Europe appears to be headed for a recession if it’s not there already, and matters are worse if you ask: Who will save it this time? Maybe Europe will have to fix itself. Previous dismal estimates for gross domestic product in the second quarter of the year were revised down to abysmal Thursday. The European Union had zero growth quarter-on-quarter, and 0.4% year-on-year.

Also Read: G20 Summit: PM Modi, Prez Biden hold bilateral talks; discuss technology, democracy Over the past few years, India has actively established itself as a prominent advocate, highlighting the issues, difficulties, and aspirations of the Global South, particularly the African continent. Prime Minister Modi has been at the forefront of these efforts, especially in advocating for the African Union's inclusion as a member of the G20.

spy agency published a strong-worded criticism of India hours before Group of 20 leaders met in New Delhi, accusing the summit host of pushing its own agenda and causing disagreement. The commentary lamented that India held two prior G-20 sessions in disputed territories — one in Arunachal Pradesh that China also claims, and another in Kashmir, contested by Pakistan. The move has “sabotaged the atmosphere for cooperation at the G-20,” the China Institute of Contemporary International Relations said on its official WeChat account on Saturday. The post reveals a possible explanation for President Xi Jinping’s decision to stay away from the summit hosted by Prime Minister Narendra Modi after the Foreign Ministry declined to explain the absence.

African Union as a permanent member, a powerful acknowledgement of Africa as its more than 50 countries seek a more important role on the global stage. US President Joe Biden called last year for the AU's permanent membership in the G20, saying it's been «a long time in coming.» Indian Prime Minister Narendra Modi has said the bloc was invited to join during the G20 summit his country is hosting this week. The African Union has advocated for full membership for seven years, spokesperson Ebba Kalondo said.