China to Host First G20 Summit in September
According to a economist the coined the acronym BRIC that describes the four emerging powerhouse economies of Brazil, Russia, India and China thinks that China will be paying a very important role in the promotion of the economic participation at the G20 Summit this September. Jim O’Neill a former chief economist with Goldman Sachs and now the commercial secretary of the Treasury in the British Government, told reporters during an interview that he is expecting Chine to nurture the growth of the emerging economies as they play host to the G20 Summit which will be held for the first time in China.
He said that China plays an important role in a broader sense of economic cooperation since China is the second largest economy in the world with purchasing power that is also the largest of close to it. Also in order to sustain a global economic grow a shared consensus, but not necessary the same policies but a shared consensus on the appropriate polices that comes from different parts of the world. The G20 Summit in China will mark a change in the approach in the international community’s economic roles as it will be a historic moment in the global economic governance since China never hosted the Summit before.
O’Neill who is also the chair for the Review on Antimicrobial Resistance, will be examining ways to tackle the threat of superbugs that has become stronger and more resistant to antibiotics. The cost could reach 20 trillion US dollars by 2050 and these superbugs could kill around 10 million people each year unless the necessary action is taken. The findings of the review will be unveiled in London and taken to the G20 Summit for talks and discussions. O’Neill is hopeful that culminating in the G20 will come up with a decision that is agreed by all G20 members in coming up with the right amount of money to buy the new drugs.