Xi Jinping may recalibrate after miscalculation of siding with ...
Mr. Mathias Cormann
Secretary-General, Organisation for Economic Co-operation and Development
Ms. Friederike von Tiesenhausen (Moderator)
Global Head of Public Affairs at Bloomberg LP
Ms. Khuong Thanh Ha
Deputy Director General of the Department for International Cooperation, the State Bank of Viet Nam (SBV)
Ms. Francesca Utili
Director-General for International Financial Relations, Department of the Treasury, Ministry of Economy and Finance, Italy
Prof. Ngaire Woods
Inaugural Dean of the Blavatnik School of Government and Professor of Global Economic Governance, Oxford University
Dr. Ludger Schuknecht
Vice President and Corporate Secretary, AIIB
H.E. Mr. Arkhom Termpittayapaisith
Minister of Finance, Thailand
Dr. Darian McBain (Moderator)
Sustainability Advisor to Monetary Authority of Singapore
Ms. Fang Eu-Lin
Partner, Sustainability & Climate Change Leader, PwC Singapore;
Asia Pacific Centre for Sustainability Excellence Lead
Mr. Sean Kidney
CEO, Climate Bonds Initiative
Mr. Nicholas Tan
Chief Operating Officer and Head of Structuring & Distribution, Bayfront Infrastructure Management
Dr. Joachim von Amsberg
Special Advisor to the President, AIIB
Mr. David M. Rubenstein
Co-Founder and Co-Chairman, The Carlyle Group
Dr. Kevin Lu (Moderator)
Partner and Chairman of Asia, Partners Group
Mr. Jose Isidro (Lito) N. Camacho
Former Secretary of Finance and Former Secretary of Energy of the Philippines
Dr. Alicia García Herrero
Chief Economist, Asia Pacific, Natixis
Mr. Premod Thomas
Chief Executive Officer and Executive Director, Bayfront Infrastructure Management
Mr. Konstantin Limitovskiy
Vice President, Investment Operations (Region 2), AIIB
Ms. Sharifa Khan
Secretary, Economic Relations Division (ERD) Ministry of Finance, Bangladesh
Mr. Husam Al–Ghailani
Executive Director, Head of Business Coverage – Public Sector at the National Infrastructure Fund of Saudi Arabia
Ms. Kartika Listriana
Assistant Deputy Minister for Strengthening Regional Competitiveness Coordinating Ministry for Economic Affairs, Indonesia
H.E. Mr. Satvinder Singh
Deputy Secretary-General of ASEAN for ASEAN Economic Community
Prof. Chris Zegras
Professor of Transportation and Urban Planning, Department Head of Department of Urban Studies and Planning (DUSP), Massachusetts Institute of Technology (MIT)
Dr. Urjit R. Patel (Moderator)
Vice President, Investment Operations (Region 1), AIIB
Ms. Lihui Zhang (Moderator)
President, Caixin Media
Mr. Suman Bery
Vice Chairperson, NITI Aayog
Mr. Jonathan Coppel
Head, Energy Investment Unit, International Energy Agency
Prof. Diane Coyle
Bennett Institute of Public Policy, University of Cambridge
Dr. Erik Berglof
Chief Economist, AIIB
Dr. Luky Eko Wuryanto
Vice President and Chief Administration Officer, AIIB
Mr. Scott Fitzgerald
Senior HR Officer, Head of HR Talent Acquisition, Human Resources Department, AIIB
Mr. Antoine Castel
Chief Risk Officer, Risk Management Department, AIIB
Ms. Elena Kolodiy
Senior Procurement Specialist, Facilities and Administration Services Department, AIIB
Ms. Mehek Marwaha
Senior Investment Operations Specialist, Infrastructure Investments Department, AIIB
Ms. Alliance Niyigena
Treasury Analyst, Office of the Treasurer, AIIB
Mr. Asim Rana
Manager, Banking Department Region 1, AIIB
Mr. Jin Liqun
President and Chair of the Board of Directors, AIIB
H.E. Dr. Mohamed Maait
Minister of Finance, Egypt
Ms. Haslinda Amin (Moderator)
Anchor and Chief International Correspondent for Southeast Asia, Bloomberg Television
Ms. Rachel Kyte
Dean of the Fletcher School at Tufts University and former CEO of Sustainable Energy for All
Mr. Wang Dongwei
Vice Finance Minister, Ministry of Finance, China
Sir Danny Alexander
Vice President, Policy and Strategy, AIIB
21 November 2019 - Beijing, People's Republic of China
(As prepared for delivery)
Dear Premier Li:
Thank you for your invitation to the fourth 1 + 6 Roundtable Meeting. Next year marks the 25th anniversary of OECD-China co-operation, and five years since your historic visit to our Headquarters in Paris, where we signed our first Joint Work Programme (JWP). We look forward to finalising our next JWP, which will bring China closer to our best practice international standards. This will be good for China, and good for the world!
The global economy remains lacklustre, with many problems and pressures building up.
The OECD’s November Economic Outlook – which we released today – projects growth to ease to 2.9% in 2019 and barely reach 3% in 2020. This is a steep downgrade from what we expected just six months ago in advanced and emerging economies. They are also the weakest annual growth rates since the global financial crisis in 2008. As we’ve heard from others around the table, trade policy tensions are the main force dragging down the global economy. The accumulation of risks in the financial system – high debts and deteriorating debt quality in particular – is also troublesome.
Governments must coordinate and take action to steer their economies towards stronger, more inclusive and sustainable growth. In advanced economies, this requires a stronger use of fiscal policy, geared towards public investments to seize the opportunities of digitalisation and accelerate the energy transition. Fiscal action should be accompanied by a renewed commitment to structural reform. The OECD’s report, Progress on Structural Reform Under the G20 Enhanced Structural Reform Agenda (ESRA) – which we are releasing today – finds that G20 economies have made insufficient progress in advancing the structural reform agenda endorsed at the G20 Leaders’ Summit in Hangzhou, and must go further.
Let me share three global priorities on trade, markets, and tax to support today’s discussions.
First, halting the build-up of new trade restrictions and restoring predictability for people and businesses.
While tariffs are a big part of the story, trade facilitation also matters. Domestic regulations affecting both goods and services matter even more. For trade to flow freely, regulations must be transparent, non-discriminatory, and proportionate to the objective being pursued. We must address these concerns together, while also tackling new challenges, such as trade in the digital era and the dangerous impacts of trade on the environment. Reducing trade policy uncertainty will facilitate private investment and help revitalise growth prospects, particularly if agreed at the multilateral level.
Second, supporting fair, efficient, and well-governed markets.
The OECD’s international standards – reinforced by our Business for Inclusive Growth Initiative, which I launched with President Macron on the eve of the G7 Biarritz Summit last August – are key to levelling the global playing field.
We are continuing our dialogue with China on combatting bribery and corruption, strengthening corporate governance practices through China’s endorsement of the G20/OECD Principles of Corporate Governance, and elevating responsible business conduct practices.
Moving closer to OECD standards benefits the global economy while also helping China to diffuse tensions, ensure the best practice design of Belt and Road projects, and accelerate the progress of domestic reforms. For example, our recently revised Code of Liberalisation of Capital Movements can support China’s efforts to liberalise its capital flows. We look forward to working with China towards adherence to the revised Codes and our Anti-Bribery Convention, in line with the G20’s call for all Members to endorse these instruments.
Third, delivering a consensus-based global solution to the tax challenges arising from the digitalisation of the economy.
The G20 has mandated the OECD, working through the Inclusive Framework on BEPS, to deliver this solution by the end of 2020. Over 130 countries are working together on an equal footing to reconcile different perspectives, priorities and ideas into a common way forward. Our work on this issue represents multilateralism at its best; it shows what is possible when all countries embrace a spirit of co-operation. We aim to have an agreement on the core structure of the global solution by January, and a final agreement for political endorsement by June 2020. China’s leadership and support for this work is commendable and must continue.
China’s economic outlook.
Turning to China’s economic outlook, GDP growth will moderate to around 5.5 per cent in 2021, as the economy continues rebalancing from investment to consumption-led growth, and trade tensions remain high.
Against the backdrop of slowing investment, our forthcoming 2020 Economic Outlook for Southeast Asia, China and India recommends that China place greater emphasis on the efficiency of investment projects, and let the market play a greater role in allocating resources and pricing of the factors of production. This recommendation is consistent with calls made by the Third Plenum of the 18th Central Committee in 2013.
Tackling current headwinds requires structural reforms that will support growth. For example, import tariff cuts over the past year have lifted per capita GDP growth by 2.5 percentage points over the long-run. An even greater impact is expected from reducing barriers to foreign direct investment: if China reduced FDI restrictiveness to the OECD average level, GDP growth would be boosted by over 10 percentage points in the long run!
As noted in our 2019 Economic Survey of China, efforts to support competitive neutrality should also continue.
Ladies and Gentlemen:
The OECD is proud to partner with China as it seeks to integrate further into the global economy and become a key pillar of the multilateral system. Multilateralism is the only way forward if we want to address the many problems we face, including the climate emergency. It brings all parties to the negotiating table, enhances mutual understanding and supports the development of best practices and international standards that address common global challenges.
The OECD looks forward to keep working with and for China to design, develop and deliver better policies for better lives. Thank you.
have a look at some tours we are developing with googles relatively new tool
in 2020s we need more detailed mapping
coastal belts are vital as 90% of world trade of goods is shipped
however natures voices have been reported by eg atenborough-
7 worlds one planet reports from 7 contuntal lands
it foollow on blue oceans series that repored from ocean view
as un reminds u quarter of all nations are sids- small island developing states
-they have huge ocean fronts if little lan resources
thir ciral gets devasstated by ocean warming
their fish get suffcated by platic
their natural defence agaibst tsunmi gets destroyed by tourism developments
now their torist undustry may be devastated by virus travel restrictions
they are often in huurican pathways
many have since subprime been penalised - a few islands thatmoney lunder cause all islands to be punished by some of the digital world standard makers
-a reminder of how we humans have no futureif we cant map deepest local diversitie- much smarer education is needed gennmically if the younger half of the world are to be the sd generation
fortuately someone like jack ma is a universal local hero- helping unctad choose 100 youth from each developing nation - how can tech big data apps remap the borderless world weneed to share life critical last mile service designs around