China | Government expresses concern over economic challenges

Chinese government has expressed concerned over economic challenges facing Nigeria and other developing countries in the world, but it is hopeful that these will soon be a thing of the past.

Speaking on the G20 Summit in China, tagged: The Light at the End of Tunnel, Chinese Consul General in Lagos, Mr. Chao Xiaoliang, said that, the event is the first ever G20 Summit to be hosted in China.

He added that, 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.

According to him, 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.

“Since 2008, the world has never 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,” he added.

He explained that with two third of the world’s population and more than 80 per cent of global economic output, G20 nations deserve, and are expected, to play a bigger role in managing the world economy.

“The upcoming summit is, undoubtedly a prime opportunity, and has the potential to play a significant role in the rebooting of global growth. The focus of the summit will be sustained global growth. As the host nation, China will use the conference to spur dialogue among developed and developing countries around the potential to foster growth through reforms and innovation.

“The G20 summit will also have some reference for the economic development of Nigeria. China and Nigeria share so many similarities; we are both largest economies and populous countries in our respective regions. As developing countries, the difficulties we meet in the process of development are quite similar. With the absorption of Chinese wisdom, the solution proposed by G20 summit will be of reference significance for all developing countries including Nigeria.

“The G20 summit also offers a golden opportunity to express voices from developing countries. As one of China’s most important partners in Africa, Nigeria’s voice and opinions would be carefully listened to and cherished by China. China will announce concerns and proposals in the summit on behalf of developing countries including Nigeria,” he said.