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G20 Discussing China Market Turmoil
World Economy

G20 Discussing China Market Turmoil

When the Group of 20 finance ministers and central bankers meet on Friday in Turkey, China’s market turmoil is likely to be the biggest problem they do nothing about.
Slower growth in China and rising market volatility have boosted the risks to the global economy, staff of the International Monetary Fund warned on Wednesday, citing a mix of potential dangers such as depreciating emerging market currencies and tumbling commodity prices, Reuters reported.
But the G20 is unlikely to come up with any concrete measures designed to address the spillover from the turmoil in the world’s second-largest economy, or to call on Beijing to address structural issues such as rising bad debts.
Such lack of action could reinforce the perception among critics that the G20 meetings are little more than a “talking shop” and a photo opportunity for policymakers, an impression Turkey–which holds the G20 presidency this year–has been keen to shake off.
Japanese Finance Minister Taro Aso said this week that it would be beneficial to have a “frank debate” at the G20 on what is happening in the Chinese economy, including a discussion on China’s structural problems.
The meeting will not single out Beijing for criticism over the recent market turmoil, a senior delegate told Reuters on Thursday.
“The (Chinese) market is not dropping like a stone the way it was 10 days ago. There’s a need to strike a reassuring tone” on China and global economy, the delegate said, speaking on condition of anonymity. The delegate added that the final communique would likely include a usual reference to the need to avoid currency manipulation.

 

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