Political Leaders Convene at G20 Summit on Economic Issues

Political Leaders Convene at G20 Summit on Economic Issues

By: Daniel Steingold | September 04, 2016

Political leaders from across the globe have convened at this year’s G20 summit in China to discuss policies to bolster the world’s economy.

This year marks the first year that the annual event is being held in China. There has already been controversy over whether U.S. President Barack Obama was snubbed by the Chinese, who did not provide him with a staircase to take down from Air Force One.

As for the actual event itself, China’s president Xi Jinping emphasized the need for the world’s 20 largest economies present to ensure economic growth.

The global steel crisis, the UK’s decision to leave the European Union (EU), and tax policy are also expected to be on the agenda. The lattermost issue has been particularly prominent as of late in the wake of the EU’s decision to make Apple pay billions in back taxes to Ireland.

Hosted in the city of Hangzhou, this year’s G20 summit marks the first summit for British Prime Minister Theresa May and the last for Obama.

Although there has been some tension as of late between the U.S. and China, England has faced perhaps larger acrimonious relations due to May’s indecision over approving a partially Chinese-funded nuclear power project in Hinkley Point, located near Somerset.

China’s production of cheap steel was one item that European Commission Jean-Claude Juncker spoke about, calling it “unacceptable” that Europe’s steel industry has had to shed so many jobs.

As for the Commission’s decision to make Apple pay up, Juncker said it was not a decision aimed at the U.S., but rather a way to enforce legislation.

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