Latest news with #globalization
News24
3 days ago
- Business
- News24
All you need to know about the G20 summit and why it matters to you
For the first time, South Africa is taking centre stage in global affairs in 2025 as we host the G20 Summit in November. The G20, or Group of Twenty, is an international forum for governments and policymakers from 19 countries and two economic regions: the European Union (EU) and the African Union (AU). Established in 1999, the forum brings together the world's major economies to discuss and coordinate policies on global economic challenges. 'This is a moment for Africa – and for South Africans – to shape the future, not just respond to it,' says Shadi Chauke, Sanlam's Group Executive for Corporate Affairs and Sustainability. Chauke says the G20 is a meeting based on diplomacy. Bringing the world's most influential leaders together on the biggest pressing global matters. The meeting doesn't make laws or regulations. 'Think of it as a forum where countries try to find common ground on shared global challenges – from inequality to energy security.' Paul Martin, former Canadian Prime Minister, describes the purpose of the G20 as 'recognition that countries cannot solve the problems of globalisation alone. Globalisation is a reality, climate change is a reality, and poverty in certain countries cannot be allowed to fester. We need to solve these together'. Read more | 'This is about shifting perceptions' – Khosi Nkosi heads to Milan and Paris fashion week 10 Things You Should Know About the G20 – And Why They Matter to You It's incredibly powerful The G20 countries, including the EU and AU represent 85% of the world's GDP, 75% of global trade and approximately two-thirds of the world's population. Decisions made here ripple out to every corner of the globe – including South Africa. Africa is under-represented – but that's changing South Africa is the only African nation with permanent membership in the G20. However, under this year's presidency, President Cyril Ramaphosa advocated for greater African inclusion, and formally invited Algeria, Egypt and Nigeria to participate as guest countries in this year's G20 proceedings. It was born out of necessity The G20 evolved from the older G7 group (seven major economies), which was seen as too exclusive to address today's complex global challenges. The G7 found out the hard way that countries would not implement solutions that were dictated to them rather than workshopped with them. The G20 was created to be more representative – including both developed and developing nations. It began with finance but has grown in scope The G20 started in 1999 in Berlin as a meeting of finance ministers and central bank governors. Its original focus was on global financial stability, but today it covers a wide range of topics such as – climate change, health, education, technology and social development. It's more informal than it seems Unlike the United Nations or World Health Organisation, the G20 is not a rules-based institution. Countries don't sign treaties, but they make commitments – and it's up to each country to implement them. This flexible structure allows for faster collaboration, but it also means accountability depends on individual governments. Read more | Cassie Ventura testifies about 'freak offs' in P Diddy case It shapes real-world outcomes Even though it's not a legislative body, the G20 sets the tone for global cooperation. For example, it agreed on measures to fight financial instability, committed to keeping global warming below 2°C, and pushed for reforms to benefit developing nations. South Africa is setting the agenda this year As hosts, we've chosen the theme: Solidarity, Equality, Sustainability. We're making sure African issues like inequality, food security, the debt crisis, digital inclusion and climate resilience are front and centre – and that the global conversation includes the realities of the Global South. It impacts your everyday life The G20 influences everything from the price of fuel and groceries to how we deal with global pandemics. For instance, during COVID-19, the G20 launched the Debt Service Suspension Initiative to help poorer countries survive economically. It also pushes for fairer tax systems and stronger financial regulation. Every year we have a new President The host country of the G20 is called the President because it holds the G20 Presidency for the year, leading and coordinating the agenda, meetings, and priorities. It refers to the country chairing the G20, not an individual leader. Many ideas and voices feed into the G20 Even though G20 decisions are made by governments, many people are involved in the G20 through a range of engagement groups where ideas from business, civil society, women, youth, and labour are gathered and shared with government leaders. These include: B20 – Business, C20 – Civil Society, W20 – Women, L20 – Labour, Y20 – Youth, to name a few.
Yahoo
4 days ago
- Business
- Yahoo
From Vision to Action: CIIE Empowers Global Development Through Inclusive Cooperation
SHANGHAI, June 25, 2025 /CNW/ -- Amid growing global uncertainty and anti-globalization sentiment, the China International Import Expo (CIIE) remains a vital platform for openness and cooperation. A UN-hosted event in Geneva on June 25, themed "Working Together to Implement the UN 2030 Agenda — How China International Import Expo Helps," showcased its role in fostering inclusive growth. At the event, representatives from dōTERRA, and Warmpaca shared how the CIIE has opened doors for them in the Chinese market. Since 2018, dōTERRA has partnered with Guizhou through the CIIE, using innovation to boost the value of traditional Chinese plants and raise local farmers' incomes. Warmpaca made its breakthrough at the inaugural CIIE. By partnering with over 1,000 families to produce handmade alpaca wool goods, it has successfully expanded into both the Chinese and global markets — creating jobs and empowering local communities along the way. As the expo approaches, preparations have entered a new and dynamic phase. On May 22, a dedicated matchmaking event was held in Chongqing, bringing together nearly 40 exhibitors and over 110 local buyers. The event laid a solid foundation for deeper cooperation in the lead-up to the CIIE. To date, an exhibition area of over 280,000 square meters has been booked for this year's CIIE. This year, the exhibition layout has been further optimized to spotlight innovation, advanced technologies, and cutting-edge services. Building on this momentum, the upcoming China-Central Asia Summit will boost exchanges and cooperation. As regular participants in the CIIE, Central Asian countries have continued to strengthen ties with China through this key platform. For instance, at the seventh CIIE, Kazakh businesses took part in an unprecedented scale, presenting a broader range of high-quality products to the Chinese market. The upcoming eighth CIIE is set to attract a broader spectrum of exhibitors, professional buyers and visitors across sectors. Meanwhile, the HQF will serve as a key venue for dialogue on open economies and inclusive globalization. For more information, visit CIIE official website: Contact: Ms. Cui Yan Tel.: 0086-21-968888 Email: exhibition@ View original content to download multimedia: SOURCE China International Import Expo (CIIE) View original content to download multimedia: Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CNA
4 days ago
- Business
- CNA
Countries should respond to weakening global rules by strengthening multilateralism, says Lawrence Wong
TIANJIN: Countries should respond to weakening global norms by promoting integration, breaking down barriers and strengthening multilateralism, said Singapore Prime Minister Lawrence Wong on Wednesday (Jun 25). Stressing that it is possible to update the rules of global trade and improve the multilateral system, he added: 'It is painstaking work, but there is no alternative. A new system does not just appear like magic. You have to work at it.' This could include what he described as 'flexible multilateralism' – start work with like-minded countries and others can join when they are more ready, he said during a dialogue with World Economic Forum (WEF) president Borge Brende. Speaking at the WEF Annual Meeting of New Champions in Tianjin, also known as the Summer Davos, Mr Wong noted that the world went through an unprecedented period of global integration after the Cold War ended. Unfortunately, the world is changing, he said. 'We see over the years, more pressures, discontent against globalisation has risen.' In more recent years, because of the COVID-19 pandemic and concerns over security because of conflict in Europe and the Middle East, the world is in a very different position today, he added. 'Global norms, global rules are weakening. Global institutions are weakening. And economic nationalism is replacing win-win cooperation,' said Mr Wong. Smaller countries like Singapore are worried because they have limited options and bargaining power, and risk being marginalised, he added. But even bigger countries will face challenges in this new environment because it will be harder for all to deal with common threats – pandemics, climate change or financial shocks, said Mr Wong. 'I think our response has to be collectively to try and still harness forces that will bring people together, promote integration, break down barriers and strengthen multilateralism,' said the prime minister, adding that Singapore will do its part. 'Multilateralism that is more resilient, more inclusive and better suited to the realities of our time.' Using the World Trade Organization (WTO) as an example, Mr Wong noted that the system is 'not working as well', and that some of its rules have 'lagged the realities of today's economy', like the rise of digital trade. 'Again, the response is not to jettison the rules, but to think about how it can be improved,' he added. Mr Wong noted that Singapore worked with Australia and Japan to co-convene the Joint Statement Initiative on E-Commerce. After five years of negotiations, more than 70 countries have now agreed on the first set of rules for digital trading. These illustrations show that it is possible to update the law to improve the multilateral system and global institutions that the world has today, said Mr Wong. US tariffs During the dialogue, Mr Brende asked Mr Wong about the 10 per cent tariffs placed on Singapore by the US, which the former described as a 'relatively good deal'. Singapore has a free-trade agreement with the US, and the US has a surplus with Singapore, Mr Wong noted, inviting the audience to 'look at the facts'. 'So on the basis of the FTA and the facts of the trade balance, we should have a zero tariff, not a 10 per cent tariff. But I think America has decided that 10 per cent is their baseline tariff, and they are probably not going to go below 10 per cent,' said the prime minister. 'We have been engaging the officials, but that, I think, is their sort of mindset at this stage,' said Mr Wong. He also noted that other Southeast Asian countries face higher tariffs. Singapore hopes that when America makes a decision on the "reciprocal tariffs", this will come down, closer to 10 per cent, he added. Mr Wong also responded to a question from Mr Brende about how Singapore balances its relationship with both the US and China. The prime minister stressed that Singapore has 'broad and substantial' relations with both countries. 'I know everyone monitors and tracks what we say and what we do very closely, trying to parse every hidden meaning behind every word, behind every action, whether we are moving close to one or the other,' said Mr Wong. 'But that's not how we look at things, that's not how we approach it.' Singapore's 'starting point' is what will advance the country's national interests, he said. With good relations with both the US and China, Singapore will continue to do whatever it needs to do to promote and advance Singapore's interests, he added. 'It's not about balancing between the two superpowers, but it's about being consistent and principled in advancing and promoting Singapore's interests.' If Singapore continues to do this in a 'consistent and principled manner', its partners – US, China and other countries – will see it as a reliable and trusted partner, said Mr Wong.
Bloomberg
4 days ago
- Business
- Bloomberg
China Seizes Moment to Globalize Yuan as Dollar Doubts Mount
China is launching a sweeping campaign to promote the yuan's global role, seizing what officials see as a rare strategic opening. With the dollar facing multiple challenges, Beijing is accelerating its long-standing campaign to reduce global reliance on the world's reserve currency. What sets the latest push apart is timing: Chinese policymakers see erratic US decision-making and geopolitical tensions as the most favorable backdrop in years to promote the yuan.
Associated Press
5 days ago
- Business
- Associated Press
C&D Inc. Shares Three Key Experiences to Help Chinese Enterprises Navigate Global Commodity Risks
HANGZHOU, China, June 24, 2025 (GLOBE NEWSWIRE) -- As the era of Globalization 3.0 approaches—marked by rising calls for 'de-globalization' on one hand, and the vigorous global expansion of Chinese enterprises on the other—the 'Born to Be Global' 2nd Global Summit of Chinese Enterprises Going Overseas and 2025 Mid-Year Industry Summit was held at the National University of Singapore from June 19 to 20, 2025. Jointly launched by Hangzhou Ba Jiu Ling Cultural Creative Co., Ltd., Jidang Business Studies, and the Sino-Commercial Overseas Industrial Alliance (SCOIA), and co-organized by C&D Inc., the summit brought together over 50 political and business leaders, along with representatives from international business associations and more than 1,000 corporate delegates from China and abroad, to explore the latest trends and opportunities in global expansion. As a leading player in the supply chain sector, C&D Inc. was invited to share its insights on using futures instruments to help global enterprises mitigate the risks of commodity price volatility in international markets. Li Zhi, General Manager of the Futures Management Department of the Risk Control Center, C&D Inc., delivering a keynote speech at the summit. In his speech titled 'Proactive Risk Management: Tackling Supply Chain Black Swans,' Li Zhi highlighted the key challenges faced by Chinese enterprises going global. Drawing from historical lessons and innovative practices, he offered a systematic analysis of how futures instruments can play a critical role in stabilizing global supply chains. In his presentation, Li Zhi highlighted three core concepts in price risk management: Breakthrough, Exploration, and Transformation. Breakthrough: From the 'Soybean Incident' to Financial Tool Innovation Li Zhi began his speech by revisiting the 2004 'Soybean Incident,' a crisis that shook China's grain and oil industry. The international soybean market underwent extreme volatility over a six-month period—prices surged and plunged by more than 50%—driven by multiple factors, including the price discovery mechanisms of the Chicago Board of Trade (CBOT). The shock was severe for China's soybean processing sector, which was highly dependent on imports. 'Nearly 1,000 Chinese companies went bankrupt,' he said, 'with 85% of the processing capacity shifting to foreign ownership, resulting in total economic losses exceeded 15 billion yuan (approximately USD 2.1 billion)'. The crisis became a catalyst for change. According to Li Zhi, the adoption of futures instruments helped compress the price volatility of soybeans from 1,300 cents to just 210 cents per bushel—an 85% reduction. This has been a key factor in preventing similar crises since the 'Soybean Incident.' Leveraging futures instruments to effectively manage price volatility has become a critical strategy for enterprises seeking to navigate international markets. Exploration: C&D Inc.'s Three Core Practices Even today, many Chinese enterprises remain unfamiliar with the use of futures instruments in global markets. Citing data, Li Zhi noted that 98% of Fortune 500 companies utilize financial derivatives for hedging purposes, whereas only about 30% of non-financial listed firms on China's A-share market do the same. With four decades of experience in international operations, C&D Inc. stands out as a leading Chinese enterprise in the strategic use of financial derivatives within the supply chain sector. During his speech, Li Zhi shared how C&D Inc. has built an effective framework for using futures instruments, structured around three core pillars: risk control, business operations, and research. He distilled this approach into a guiding principle: 'Risk control comes first, business forms the foundation, and research supports the base.' Transformation: From Managing Its Own Risks to Empowering Others As C&D Inc. has matured in its application of futures instruments, it has progressively integrated its proprietary futures framework into its broader supply chain services. By leveraging these tools, the company has helped over 900 industrial clients build robust risk management shields—enabling stable upstream pricing, consistent midstream margins, and predictable downstream costs. As acclaimed Chinese financial commentator Wu Xiaobo observed, 'C&D Inc. has transformed its externally driven resource integration capabilities into internally driven service delivery—offering end-to-end support across information, logistics, and finance.' As Chinese enterprises embark on this new wave of globalization, it is companies like C&D Inc.—with deep operational experience and robust overseas supply chain capabilities—that must step forward to share their know-how and open up their resources. Only then can Chinese firms expand globally in a more professional, secure, and efficient manner. In closing, Li Zhi emphasized, 'In this new era of global navigation, only by jointly building a shared risk-bearing mechanism can Chinese enterprises chart a steady course through turbulent global waters and achieve sustainable success.' 'One struggles alone, but thrives together.' This is not only a recognition of C&D Inc.'s forward-thinking practices, but also a broader call for Chinese enterprises to embrace collective resilience in navigating global risks. Organization: Hangzhou Ba Jiu Ling Cultural Creative Co., Ltd Contact Person: Daisy Xing Website: Email: [email protected] Disclaimer: This press release is provided byHangzhou Ba Jiu Ling Cultural Creative Co., Ltd A photo accompanying this announcement is available at
