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Outcomes of the G20

Published 19 September 2023

The leaders of the G20 economies met in New Delhi last weekend in a time of increasing global tensions. Was the summit a success or failure? What accounts for China’s economic downturn? Explore our reading list for the latest developments in global trade.

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G20 New Delhi summit: Overview and results | China’s economic downturn | Automotive trade and subsidies | A new phone raises questions | Trade finance | More research from Hinrich Foundation

G20 New Delhi summit: Overview and results

What does the G20 do? The Council on Foreign Relations provides a helpful overview. G20 trade and investment ministers agreed to work together on digitalization, standards, and supply chains, while a subset of the G20 agreed to accelerate investments in infrastructure projects through the Partnership for Global Infrastructure and Investment, including announcing a new economic corridor connecting India, the Middle East, and Europe.  Was the G20 summit a turning point for the Global South? The Council of Councils, a grouping of think tanks from around the world, weighs in. Meanwhile, the WTO published the World Trade Report for 2023, calling for reglobalization for a better future. 

Mentioned publications

  1. What Does the G20 Do? – James McBride, Anshu Siripurapu, and Noah Berman, Council on Foreign Relations, August 23, 2023
    What has the G20 accomplished and what are its prospects for the future? 

  2. G20 Trade and Investment Ministers Meeting (TIMM) concluded with adoption of the G20 Trade and Investment Outcome Document and Chair’s Summary – Government of India, August 25, 2023
    Outcomes of the G20 Trade and Investment Ministers Meeting. 

  3. Fact Sheet: President Biden and Prime Minister Modi Host Leaders on the Partnership for Global Infrastructure and Investment – The White House, September 9, 2023
    A list of projects and initiatives agreed during the G20 meetings. 

  4. Memorandum of Understanding on the Principles of an India - Middle East - Europe Economic Corridor
    What will the new India-Middle East-Europe Economic Corridor accomplish?

  5. Was the G20 Summit a Turning Point for the Global South? – Council of Councils, September 14, 2023
    Perspectives from think tanks around the world about the meaning of the G20 outcomes.

  6. World Trade Report 2023: Re-globalization for a secure, inclusive, and sustainable future – World Trade Organization, September 12, 2023
    Trade fragmentation threatens to unwind growth and development. 

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China’s economic downturn

What are China’s growth prospects and how do China’s circumstances compare to Japan and Korea’s growth stories? Richard Katz offers his two-part analysis in Japan Economy Watch.  ASEAN members now form China’s largest export market, per Bloomberg. Diversification away from China is a long-term challenge, writes Rhodium Group. The US wants Vietnam to become a secure supply chain partner, bringing challenges and opportunities, describes the Center for Strategic and International Studies. 

Mentioned publications

  1. China’s Growth Prospects, Parts I and II – Richard Katz, Japan Economy Watch, September 6 and 12, 2023
    What accounts for China’s economic downturn, and how does it compare to Japan and Korea’s growth trajectories?  

  2. China’s Largest Export Market Is Now Much Closer to Home – Claire Jiao, Bloomberg, September 5, 2023
    ASEAN members now form China’s largest export market. 

  3. Irrational Expectations: Long-Term Challenges of Diversification Away from China – Agatha Kratz and Camille Boullenois, Rhodium Group, September 13, 2023
    How long will it take for companies to diversify production away from China?

  4. Vietnam: Biden Anoints a New Trusted Tech Partner – Erin L. Murphy and Thibault Denamiel, Center for Strategic and International Studies, September 15, 2023
    The US and Vietnam agree on a new partnership to encourage cooperation on critical and emerging technologies. 

 

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Automotive trade and subsidies

The EU is launching an anti-subsidy investigation related to Chinese electric vehicle exports to the EU, per Reuters, and Sam Lowe of Most Favoured Nation takes a first pass at what we can expect from it.  Will China find similar success in applying its industrial policy methods to hydrogen fuel cells?  Wan Gang sees a future for hydrogen vehicles, reports Bloomberg. Jennifer Hillman and Inu Manak of the Council on Foreign Relations are rethinking international rules on subsidies.

Mentioned publications

  1. EU to investigate 'flood' of Chinese electric cars, weigh tariffs – Philip Blenkinsop, Reuters, September 13, 2023
    The European Commission launched an anti-subsidy investigation into Chinese EV exports.  

  2. Most Favoured Nation: Anti-Subsidy Probe – Sam Lowe, Most Favoured Nation, September 14, 2023
    What can we expect from the EU’s anti-subsidy investigation? 

  3. Architect of China’s EV Strategy Sees Future for Hydrogen Vehicles – Bloomberg, September 6, 2023
    Will China’s industrial capacity make the difference in bringing hydrogen fuel cell vehicles to market?  

  4. Rethinking International Rules on Subsidies – Jennifer Hillman and Inu Manak, Council on Foreign Relations, September 2023
    How and why are current subsidies rules structured, and what can be done to improve them? 

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A new phone raises questions

Huawei released a new smart phone featuring an unexpectedly advanced chip.  Bloomberg calls the development a blow to US sanctions, while Politico explains why the new phone is freaking everybody out. 

Mentioned publications

  1. Huawei Teardown Shows Chip Breakthrough in Blow to US Sanctions – Vlad Savov and Debby Wu, Bloomberg, September 4, 2023
    What does a new mobile device tell us about the effectiveness of US export controls?  

  2. Why a new Chinese cell phone is freaking everybody out – Ben Schreckinger, Politico, September 5, 2023
    How did SMIC manage to produce such advanced chips counter to expectations?  

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Trade finance

A new report from the Asian Development Bank serves as a barometer for the state of trade finance. 

Mentioned publications

  1. 2023 Trade Finance Gaps, Growth, and Jobs Survey – Asian Development Bank, September 2023
    The global trade finance gap has reached an estimated 10% of global merchandise trade.

 

Mentioned publications from HF:

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