Every year, the famous G20 Summit is held in one of the world's leading capitals. The summit broadly focusses on many critical issues dealing with world economy. It also discusses the global finance and economic matters. In 2019, the first ever G20 summit was set to be hosted on Japanese soil. The major world conference would be held in Osaka City.The Osaka meeting was planned for 28–29 June 2019. The G20 Summit is always a perfect opportunity for all kinds of people worldwide to see and experience a newly revitalized and transformed world .This time, the focus would be on Japan and the larger Asian continent, including the world economic giant, China. Thanks to Japan and Asia's thriving inbound investment and booming corporate profits, the summit would be a major showpiece and a great learning experience for world economic enthusiasts.
The inbound investment is attributed to Asia's many economic stimulus policies and her bold regulatory reforms in particular. There is always a wildly celebrated wide-ranging appeal for regions that host these highly consequential discussions. Even this time, it is no exception. Truly speaking, it is time for Japan, Asia and economic giants like China to call the shots courtesy of the 2019 Osaka summit. There are thrills and excitements lurking here, in these kinds of global events with a huge impact on the international economy.
China, Japan Leading
Without a doubt, during its presidency and leadership of the G20 Summit, the Japanese government would determinedly demonstrate strong leadership, and advance discussions geared toward solving the myriad issues facing the international community. Interestingly, all the nine cities that have had the privilege of hosting the G20 Summit and its ministerial meetings in the past, have their own unique appeal. All of them boast of having a fascinating history, cuisine, and culture. Japan and China are certainly some of the leading countries that have a major say in this kind of global economic and cultural fiesta.
In retrospect, with a hindsight knowledge of similar previous meetings, a consensus had already been reached by all the finance ministers of the G-20. This consensus carried a stinging message: It spoke strongly against the devaluation of the major competitive currencies of the world. For instance, Haruhiko Kuroda, who is the current governor of the Bank of Japan, was quite upbeat. The governor enthusiastically shared the same sentiment that had been warmly ratified by many nations of the world, aside from the powerhouse G-20 countries.
Shanghai, China Declaration
What is not in question is that many other countries would also reap the benefits of this unanimous consensus by the world's leading countries. Mr. Kuroda made this announcement at a recent meeting held in Shanghai, China. The conference discussed the negative world interest rates and the remedial steps scheduled to be taken by the Bank of Japan. Such a step would materialize, regardless of a lack of space for opposing countries to maneuver. To achieve the Bank of Japan's target of a two percent rate of inflation, the institution planned to further lessen its rates. This would be done after an assessment of what impact the policy was likely to have on the prevailing situation.
China-Friendly G20 Policies
It is interesting to ponder what factors impacted on the G20 economic forum's overall assessment. First of all, the global economy was figured out as a whole unit, including the volatility elements touching on the capital flow reversal, finances, and the steep decline of the world commodity prices. As a rule, the global growth policies are usually implemented quite consistently by the G-20 countries. This is usually prioritized, aside from conducting a tactical reformation of structural integrity. Such a policy is geared towards the sustainment of an overall, balanced growth. The items of this policy include the fiscal, monetary, structural, individual, and collective factors. All these were used by the G-20 countries to achieve the envisaged communique in its entirety. With this kind of strategy employed by the G20 powerhouse nations, success was always lurking around the corner. The Osaka summit would be a perfect platform to implement these noble strategies.
No Devaluation Jitters in Asia
As a direct impact of the scheduled Osaka Summit, are there fears of devaluation of the major currieries of the Asian countries, including those of Japan and China? Not quite. But that is a subject for another day. In brief, in order to increase commercial competition, boosting exports and other similar aspects, the G-20 countries resolved not to encourage the trend to devalue currencies, be it the Chinese, Japanese or any other major world currency.