Pubblicato in: Banche Centrali, Devoluzione socialismo

Mondo. Pil Ppa. I Brics hanno superato i paesi del G7.

Giuseppe Sandro Mela.

2021-09-19.

Per PIL si intende il valore di tutti i prodotti finiti e servizi prodotti in uno stato in un dato anno. Per parità dei poteri di acquisto si intende che le stime si basano sui valori rapportati al costo della vita e all’inflazione per i diversi paesi.

Gli istituti centrali di statistica e tutte le organizzazioni internazionali usano sempre il pil ppa nel fare le comparazioni tra stati.

Questi ultimi dati evidenziano come i Paesi del Brics rendano conto del 31.89% del pil ppa mondiale, superando i Paesi del G7 che ottengono un 30.99%.

2021-09-13__ World GDP PPa 002

Questi sono i macrodati, poi ciascuno se li commenti a piacer suo.

Pubblicato in: Brasile, Cina, India, Russia

Brics. 13mo Summit, con novità. Vogliono un ruolo politico internazionale.

Giuseppe Sandro Mela.

2021-09-09.

BRICS 001

Il Club dei Brics è formato da Cina, Brasile, Russia, India e South Africa.

«Together, the five-nation group accounts for almost a quarter of the world’s total GDP and over 16% of world trade»

* * * * * * *

«Chinese President Xi Jinping will virtually meet his counterparts from Brazil, Russia, India and South Africa during the 13th BRICS Summit on Sept. 9»

«The leaders are expected to discuss issues such as counterterrorism, reforming multilateral organizations like the UN or the IMF, as well as the Covid-19 pandemic and regional developments»

«When the term was first coined, BRIC referred to the four prominent emerging economies of Brazil, Russia, India and China. South Africa was added in 2010»

«Indian Prime Minister Narendra Modi will chair Thursday’s meeting, which will also be attended by Brazil’s Jair Bolsonaro, Russia’s Vladimir Putin and South Africa’s Cyril Ramaphosa»

«India has outlined four priority areas for its chairship including reforms for multilateral organizations such as the United Nations and the International Monetary Fund, counterterrorism and using technology to achieve sustainable development goals, according to India’s Ministry of External Affairs»

«it is expected that Afghanistan could be on the agenda»

«The fate of BRICS has diverged since the first summit was held in Russia more than a decade ago. While China and India have grown exponentially, Russia, Brazil and South Africa have stumbled in exerting their influence on the global economy»

* * * * * * *

Cina. Un j’accuse ferocemente e brutalmente rude, e vero, contro gli Stati Uniti.

Cina. Si avvia alla maggioranza nelle Nazioni Unite.

Rappresentando il 25% circa del Pil mondiale ed il 16% dei commerci mondiali, i Brics si apprestano adesso a svolgere anche un ruolo politico globale. È questa una grande svolta.

La Cina da sola può contare su quasi la metà dei voti in aula alle Nazioni Unite, ed i Brics dovrebbero avere la maggioranza dei votanti.

L’operazione sul Fondo Monetario potrebbe essere più difficile, ma i Brics non dovrebbero poter essere ignorati più a lungo.

I tempi stanno mutando molto velocemente.

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China’s Xi Jinping to attend virtual BRICS summit chaired by India

– Chinese President Xi Jinping will virtually meet his counterparts from Brazil, Russia, India and South Africa during the 13th BRICS Summit on Sept. 9.

– Indian Prime Minister Narendra Modi will chair Thursday’s meeting, which would also be attended by Brazil’s Jair Bolsonaro, Russia’s Vladimir Putin and South Africa’s Cyril Ramaphosa.

– The leaders are expected to discuss issues such as counterterrorism, reforming multilateral organizations like the UN or the IMF, as well as the Covid-19 pandemic and regional developments.

*

Chinese President Xi Jinping will virtually meet his counterparts from Brazil, Russia, India and South Africa during the 13th BRICS Summit on Sept. 9, the country’s foreign ministry said Wednesday.

When the term was first coined, BRIC referred to the four prominent emerging economies of Brazil, Russia, India and China. South Africa was added in 2010. Together, the five-nation group accounts for almost a quarter of the world’s total GDP and over 16% of world trade.

Indian Prime Minister Narendra Modi will chair Thursday’s meeting, which will also be attended by Brazil’s Jair Bolsonaro, Russia’s Vladimir Putin and South Africa’s Cyril Ramaphosa. India currently holds the group’s rotating chairship.

India has outlined four priority areas for its chairship including reforms for multilateral organizations such as the United Nations and the International Monetary Fund, counterterrorism and using technology to achieve sustainable development goals, according to India’s Ministry of External Affairs.

“In addition to these areas, the leaders will also exchange views on the impact of the Covid-19 pandemic and other current global and regional issues,” the MEA said Monday.

While the Indian ministry did not specify which global or regional issues would be discussed, it is expected that Afghanistan could be on the agenda. Developments in Kabul are likely to directly impact China, India and Russia.

India’s national security advisor Ajit Doval will present at the summit.

Modi previously chaired the BRICS summit in 2016 in Goa. Last year, the meeting shifted to a virtual format due to the pandemic.

The fate of BRICS has diverged since the first summit was held in Russia more than a decade ago. While China and India have grown exponentially, Russia, Brazil and South Africa have stumbled in exerting their influence on the global economy.

Meanwhile, the relationship between China and India deteriorated last year following border clashes high in the Himalayas.

Pubblicato in: Banche Centrali, Devoluzione socialismo

G7. La Cina condanna le affermazioni del G7.

Giuseppe Sandro Mela.

2021-05-11.

2021-05-07__ G7 001

Il Gruppo dei Sette, di solito abbreviato in G7, è un’organizzazione intergovernativa ed internazionale composta dai sette maggiori Stati ed economicamente avanzati dell’enclave liberal mondiale, ossia: Canada, Francia, Germania, Giappone, Italia, Regno Unito e Stati Uniti d’America.

Prendendo come riferimento l’anno 2019, ossia l’anno che ha preceduto quello della crisi innescata dall’epidemia di coronavirus:

Nel 2019 le nazioni afferenti al G7 avevano un pil di 36,828 miliardi Usd, ed un Pil PPP di 39,370 miliardi Usd.

I media liberal indicano i paesi del G7 come i più ricchi del mondo: ma questa è una menzogna.

Infatti, i paesi che costituiscono i Brics (ossia, Brasile, Cina, India, Russia, Sud Africa) avevano un Pil PPP di 41,017 miliardi Usd.

Nessuno si sogna di affermare che i paesi del G7 pesino economicamente poco: assommano una vasta parte del Pil PPP mondiale, che però risulta essere minore a quella evidenziata dai Brics. In altri termini, proprio non sono ‘il mondo’.

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Si aggiunga un’altra considerazione.

I governi degli stati liberal occidentali reputano loro diritto e loro dovere l’ergersi a giudici della morale e dell’etica degli altri stati, che ovviamente non riconoscono loro codesto diritto.

Né può sfuggire la violenza con la quale negli Stati Uniti, in Germania ed in Francia la polizia tratti coloro che dimostrano in piazza avendo idee differenti da quelle governative. Se negli Stai Uniti la polizia apre spesso e volentieri il fuoco sui dimostranti, a nessuno è sfuggita la barbara repressione della dimostrazione del 1° maggio a Berlino, con 354 arresti di pacifici dimostranti etichettati come ‘negazionisti’. Un reato di libero pensiero.

Similmente, Dac ed Oecd sono governate dai paesi del G7, ma adesso contano per quanto valgono quegli stati che li governano, che in sede UN hanno da tempo perso la maggioranza.

* * * * * * *

«G7 foreign ministers said in a communique after a London summit that China was guilty of human rights abuses and of using its economic influence to bully others»

«China condemned on Thursday a joint statement by G7 foreign ministers that expressed support for Chinese-claimed Taiwan and cast Beijing as a bully, saying it was a gross interference in China’s internal affairs»

«Speaking in Beijing, Chinese Foreign Ministry spokesman Wang Wenbin said the statement made “groundless accusations” that were a gross interference in China’s internal affairs, which it firmly condemned»

* * * * * * *

Gli equilibri mondiali stanno mutando molto velocemente. In passato il G7 avrebbe ‘ordinato’, adesso si limita alla sola condanna.

Ma non ci si stupisca più di tanto se tra dieci anni il blocco asiatico condanni l’ideologia liberal e la bandisca dal mondo civile.

*


China condemns G7 statement censuring Beijing, supporting Taiwan

China condemned on Thursday a joint statement by G7 foreign ministers that expressed support for Chinese-claimed Taiwan and cast Beijing as a bully, saying it was a gross interference in China’s internal affairs.

G7 foreign ministers said in a communique after a London summit that China was guilty of human rights abuses and of using its economic influence to bully others.

In an unusual step, the G7 also said they supported Taiwan’s participation in World Health Organization forums and the World Health Assembly – and expressed concern about “any unilateral actions that could escalate tensions” in the Taiwan Strait.

Speaking in Beijing, Chinese Foreign Ministry spokesman Wang Wenbin said the statement made “groundless accusations” that were a gross interference in China’s internal affairs, which it firmly condemned.

The G7 as a group should take concrete action to boost the global economic recovery instead of disrupting it, he added.

China regards Taiwan as its own territory and opposes any official Taiwan representation on an international level. China has also stepped up military activities near Taiwan in recent months, trying to assert its sovereignty claims.

The G7 statement was warmly received in Taipei, where the government said this was the first time the foreign ministers had mentioned the island in their joint communique.

Taiwan’s Presidential Office thanked the G7 for its support.

Pubblicato in: Devoluzione socialismo

Mondo. Ci si rassegni ad una decrescita infelice. – Bloomberg

Giuseppe Sandro Mela.

2020-11-03.

2020-10-28__ Decrescita infelice

Al mondo ci sono anche gli “altri”.

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«Time to reset expectations for world economy with virus untamed»

«New wave of pandemic means rising health fears, restrictions»

«scientists increasingly warn of a long and difficult road ahead»

«While drug companies are making progress in the quest to find a cure for a disease that triggered the worst recession since the Great Depression, questions remain about how effective the first wave of vaccines would be»

«While drug companies are making progress in the quest to find a cure for a disease that triggered the worst recession since the Great Depression, questions remain about how effective the first wave of vaccines would be»

«In terms of actually getting back to pre-Covid or trend growth, ….  it could take more than a year, …. The timing of the recovery will be delayed»

«This time is different, as investors look to scientists and data from vaccine and treatment trials for signs of hope just as much as they pore over stimulus plans coming out of Washington, Beijing or European capitals»

«Effective treatments that would also help the economic recovery are also a mixed picture. Disappointing trial results this month for the much-hailed drug remdesivir from Gilead Sciences Inc. showed the antiviral treatment doesn’t save the lives of Covid-19 patients»

«That all spells trouble for global growth, even as data in the U.S. and euro-area are likely to show this week that it rebounded smartly in the third quarter and didn’t collapse as much as once feared»

«That all spells trouble for global growth»

«The virus is creating a major element of uncertainty, …. Forecasting it is very precarious»

* * * * * * *


Dal nostro sommesso punto di vista, questo articolo è condivisibile solo in parte.

Se è vero che il Covid-19 abbia generato situazioni inibenti lo sviluppo economico ed i lockdown siano per definizione depressivi, sarebbe altrettanto vero constatare come il sistema economico occidentale non sia più  da lunga pezza il sistema economico mondiale, né quello di riferimento.

I paesi del Brics infatti non ne condividono le dottrine sociali, politiche ed economiche e sembrerebbero aver passato senza troppi triboli il periodo di crisi: nel terzo trimestre il pil cinese è cresciuto del 4.9%% anno su anno, e l’export è cresciuto del +9.9%, sempre anno su anno. È tornato alla crescita.

Gli economisti dovrebbero rassegnarsi al fatto che l’occidente non è più egemone, e che la sua Weltanschauung non rappresenta più la realtà mondiale, che non la condivide.

*


Time to Reset Expectations for World Economy With Virus Untamed.

– Questions remain on timing, distribution and use of vaccine

– New wave of pandemic means rising health fears, restrictions

*

Investors banking on a coronavirus vaccine to save the world economy in 2021 need to temper their ambitions as scientists increasingly warn of a long and difficult road ahead.

While drug companies are making progress in the quest to find a cure for a disease that triggered the worst recession since the Great Depression, questions remain about how effective the first wave of vaccines would be, how easy they will be to distribute to more than 7 billion people and then how many will agree to take them.

The future for global growth relies on the answers to those questions as a new wave of the pandemic means health fears and government restrictions continue to inhibit daily life and commerce. Even when a successful immunization system does come along, it won’t be an instant economic panacea, says Chris Chapman, a portfolio manager at Manulife Investment, which manages more than $660 billion.

“In terms of actually getting back to pre-Covid or trend growth, it could take more than a year,” said Chapman. “The timing of the recovery will be delayed, but there is still expectation of a vaccine at some point next year.”

For decades, the world economy relied on central bankers and finance ministers to pull it out of crisis, on the basis that if you pump the right amount of money into an economy, a recovery will eventually follow.

This time is different, as investors look to scientists and data from vaccine and treatment trials for signs of hope just as much as they pore over stimulus plans coming out of Washington, Beijing or European capitals. The longer the hunt for an effective vaccine lasts, the weaker economic expansions will be.

To be sure, science could yet make major breakthroughs in the near term. If even only a small proportion of the population such as healthcare workers and the most vulnerable are immunized, that could make a big difference to the resumption of everyday life. Savings built up by households and businesses in 2020 could be unleashed in 2021.

Pfizer Inc. said this month it could seek emergency-use authorization in the U.S. by late November for its vaccine with German partner BioNTech SE. Moderna, another frontrunner in the race, is also looking at the possibility of an emergency approval this year if it has positive interim results next month.

Balancing Act

“There is a fair prospect that by the late spring, vaccines will be available in quantities sufficient to protect the most vulnerable groups,” said Neil Ferguson, an epidemiologist at Imperial College London, and former Covid-19 adviser to the U.K. government. “But at least until then, life will unfortunately remain a balancing act between reopening society and keeping the virus in check.”

Scientific hiccups may slow things down too. Johnson & Johnson paused clinical trials of its Covid-19 shot this month after a participant fell ill, weeks after AstraZeneca Plc and the University of Oxford stopped studies for the same reason. On Friday, both companies announced plans to resume their U.S. trials.

Effective treatments that would also help the economic recovery are also a mixed picture. Disappointing trial results this month for the much-hailed drug remdesivir from Gilead Sciences Inc. showed the antiviral treatment doesn’t save the lives of Covid-19 patients, despite U.S. President Donald Trump extolling its benefits. Still, U.S. regulators cleared the drug for use this week and Gilead has challenged the recent findings citing other positive results.

While there are hopeful signs from some antibody treatments being tested, the steroid dexamethasone is one of the only other therapeutics showing a meaningful benefit, and is aimed at people with very severe symptoms.

Even if an effective vaccine is discovered, the logistics of distribution will still mean disruption to work, travel and leisure will remain, with only a small subset of the population expected to receive a shot in the first instance anyway.

That all spells trouble for global growth, even as data in the U.S. and euro-area are likely to show this week that it rebounded smartly in the third quarter and didn’t collapse as much as once feared.

Long gone though is talk of a V-shaped recovery, as winter nears in the northern hemisphere — and with it the risk the virus spreads more easily. Bloomberg Economics’s gauges of high-frequency data already point to a weakening of activity in many industrial nations in October, particularly those in Europe.

‘Very Precarious’

“The virus is creating a major element of uncertainty,” former Federal Reserve Chairman Alan Greenspan told Bloomberg Television last week. “Forecasting it is very precarious.”

Underscoring the pressure for an end to the pandemic is the knowledge economic scars are already forming. Among them: lost jobs, record debts, corporate bankruptcies, atrophying skills, missed investment, deglobalization, frayed mental health and rising inequality.

A recent study declared the U.S. economy alone will witness “large, persistent adverse effects” in the long term that outweigh the short-term hit in part because the virus means greater unease among the public.

“This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences,” World Bank Chief Economist Carmen Reinhart told Bloomberg Television. “There’s a long road ahead.”
Even in those parts of the world where the virus has been largely contained, consumers remain cautious. Chinese retail sales have only just begun to accelerate even though the most severe limits on movement were lifted months ago.

There is also the question of re-infection. Scientists have found it’s possible to get Covid-19 more than once, with a handful of confirmed cases globally. That presents another obstacle, which a vaccine may only partially solve.

There’s a high chance the coronavirus, like flu, could require regular shots to keep it at bay, meaning the virus could cast an even longer arc than already expected, cautioned Graham Medley, a professor of infectious disease modeling at the London School of Hygiene & Tropical Medicine, and member of the U.K. government’s Covid-19 advisory panel.

“If second and third infections are as infectious as the first infection, and the first generation of vaccines is not very efficacious, then it’s possible that Covid-19 will continue to be a major aspect of life into 2022,” he said.

Pubblicato in: Banche Centrali, Cina, Devoluzione socialismo, Stati Uniti, Unione Europea

Imf. Recessione storica. Non mondiale, bensì del blocco occidentale.

Giuseppe Sandro Mela.

2020-10-16.

Giulio Romano. Mantova. Palazzo Te. Caduta dei Giganti. 002 Particolare

«The guardians of the global economy will gather this week under the cloud of the worst recession since the Great Depression, and a recovery dependent on scientists finding a coronavirus vaccine»

«The International Monetary Fund and World Bank will hold their annual meetings, with both calling on the Group of 20 largest economies to extend a freeze in debt payments from the world’s poorest nations that’s set to expire at year end»

«While the fund last month flagged a “small upward revision” to its 2020 growth forecast from its June outlook, it warned the rebound will be long and uneven …. hopes for a rapid recovery may be optimistic»

«The IMF has been encouraging governments to spend whatever they need to confront the crisis, even while warning that debt as a percentage of GDP will rise to about 100% for the first time»

«Fund officials earlier this month proposed reforms to debt restructuring for countries that struggle to meet obligations, a burden likely to rise as the pandemic batters economies»

«With the virus count rising again in Europe, and stalled stimulus negotiations in the U.S., a better than expected third quarter is seguing into a worse than expected fourth»

* * * * * * *

Così alla fine il Fondo Monetario Internazionale riconosce che l’occidente è entrato in una ‘recessione storica‘ dalla quale resta ancora molto incerto intravedere una via di ripresa.

«hopes for a rapid recovery may be optimistic»

A nostro sommesso punto di vista, gli economisti occidentali persistono nella loro visione ideologica che l’economia occidentale governi tutta quella mondiale: ciò non è più vero. I macrodati disponibili al momento smentiscono questa posizione.

*

Se si considera il pil ppa, la Cina ha 27,805 miliardi Usd, l’India 11,321, la Russia 4,176 ed il Brasile 3,317.

Per contro, gli Stati Uniti hanno un pil ppa di 20,289 miliardi e l’Unione Europea di 18,377.

I Brics hanno ampiamente superato il blocco occidentale: costituiscono il 30.78% del pil ppa mondiale.

Ma se si considerasse il debito pubblico procapite espresso in ppa, sempre l’Ifm attesta che gli Stati Uniti sono a 46,645 Usd, la Germania 33,349, la Francia 41,040, l’Italia a 49,060. Per contro, la Cina è a 7,878, il Brasile a 13,064, l’India a 5,202, la Russia a 4,380.

Il blocco occidentale affoga nei debiti, mentre i Brics ne hanno una quota percentualmente ininfluente.

*

Questi dati ben evidenziano quali siano i risultati di due opposte Weltanschauung.

È quella del blocco occidentale che sta devolvendo, non certo quella dei Brics.

*

IMF Meets With Global Economy in Historic Recession.

– Nobel Prize for Economics is awarded on Monday in Stockholm

– Weekly take on events in the world economy and their fallout

*

The guardians of the global economy will gather this week under the cloud of the worst recession since the Great Depression, and a recovery dependent on scientists finding a coronavirus vaccine.

The International Monetary Fund and World Bank will hold their annual meetings, with both calling on the Group of 20 largest economies to extend a freeze in debt payments from the world’s poorest nations that’s set to expire at year end.

While the fund last month flagged a “small upward revision” to its 2020 growth forecast from its June outlook, it warned the rebound will be long and uneven.

Goodbye V, Hello L

50 years of economic history suggest hopes for a rapid recovery may be optimistic

Source: Bloomberg Economics

The IMF has been encouraging governments to spend whatever they need to confront the crisis, even while warning that debt as a percentage of GDP will rise to about 100% for the first time.

Fund officials earlier this month proposed reforms to debt restructuring for countries that struggle to meet obligations, a burden likely to rise as the pandemic batters economies. Debt vulnerabilities will be a key theme of the meetings, according to first deputy managing director Geoffrey Okamoto.

The G-20 agreed in April to waive billions of dollars in repayments by poorer nations until the end of the year under the Debt Service Suspension Initiative. The World Bank says this isn’t enough and wants borrowings reduced to prevent a bigger fallout.

The IMF has also been working to figure out how to transfer existing reserve assets known as special drawing rights from rich countries that don’t need them to poorer nations that do. A proposal to create $500 billion in SDRs was blocked in April by the U.S., the fund’s biggest shareholder, which criticized the plan as inefficient.

What Bloomberg’s Economists Say…

“With the virus count rising again in Europe, and stalled stimulus negotiations in the U.S., a better than expected third quarter is seguing into a worse than expected fourth. Looking into 2021, hopes for a strong rebound depend on containing the second wave of infections, a stimulus breakthrough in Washington DC, and widespread delivery of a vaccine by mid-year.”

–Tom Orlik, chief economist

Elsewhere, the Nobel Prize for Economics is awarded in Stockholm on Monday and central banks in Indonesia, Singapore, South Korea, Sri Lanka, Chile and Uganda hold monetary policy meetings.

U.S. and Canada                    

Federal Reserve Board Vice Chairmen Richard Clarida and Randal Quarles are scheduled to speak Wednesday and Thursday at an Institute of International Finance event that takes place on the virtual sidelines of the IMF meetings.

Friday will be the highlight for U.S. economic indicators with releases for September retail sales and industrial production and the Michigan consumer sentiment survey for early October. That’s the day after the weekly jobless claims data.

Asia

China returns from the Golden Week Holidays with trade data on Tuesday expected to show the export recovery continues, and inflation data on Thursday likely to show a moderation in price growth.

Central Bank Rate Decisions This Week

Indonesia, Singapore, South Korea and Sri Lanka have monetary policy meetings scheduled through the week. On Thursday, a speech from the Reserve Bank of Australia Governor will be closely watched for any signals he’s preparing to add stimulus, while employment data for September will be released.

Europe, Middle East, Africa

Any surprisingly bad reading of U.K. labor-market data this week will likely convince a minority of skeptics that more stimulus from the Bank of England is all but inevitable.

By contrast, data in Sweden, which adopted much lighter virus restrictions than the rest of Europe, will reveal whether the trend of decreasing joblessness will continue. In eastern Europe, Poland, the Czech Republic, Romania and Serbia all release inflation data.

Central bank officials from across Europe take part at the IMF and World Bank meetings. But key policy makers will also make virtual appearances elsewhere: European Central Bank Chief Economist Philip Lane and Governing Council members Francois Villeroy de Galhau, Robert Holzmann and Pablo Hernandez de Cos speak at an event on rising public debt and how to cope with it.

Turkish data on Monday is likely to show the nation ran a current-account deficit for a ninth straight month, as households hoard imported gold and foreign currencies to protect against lira depreciation and inflation.

In Ghana, inflation data on Wednesday may show price growth slowed for a second month in September, but remained above the central bank’s target band of 6% to 10%. Nigeria on Thursday is expected to report inflation accelerated to 13.3%, while Uganda’s central bank will probably hold its key interest rate for a second meeting.

Latin America

The IMF last week urged Mexico to boost government stimulus to speed up a weak recovery, and output and manufacturing figures posted Monday should underscore the point.

In Brazil by contrast, a less stringent lockdown and the government’s massive income support has buoyed demand, suggesting the August economic activity reading out Thursday will be consistent with that of a gradual recovery.

While inflation is picking up again across the region, it’s never gone away in Argentina: analysts expect monthly rates of just under 3% and annual rates near 40%.

Chile’s economy is struggling, but the central bank’s key rate is at a record-low 0.5%. Look for policy makers to keep it there for a seventh month when they meet Thursday.

Pubblicato in: Banche Centrali, Cina, Devoluzione socialismo

World Bank. Dopo il default dello Zambia molte altre nazioni sono a rischio.

Giuseppe Sandro Mela.

2020-10-13.

2020-10-08__ Wolrd Bank 001

Questo studio della World Bank merita di essere letto e ponderato a fondo.

A nostro sommesso avviso presenta la solita grave lacuna tipica degli economisti occidentali: tratta la materia come se al mondo esistesse il solo occidente e tutti gli altri stati fossero trascurabili.

Tuttavia l’Imf attesta che nel 2020 il pil ppa dei Brics vale 47,382 miliardi Usd, ossia il 34.25% del pil ppa mondiale. Per paragone, gli Stati Uniti valgono 20,289 miliardi (14.66%) ed il blocco europeo 18,377 (13.28%)

Essendo il blocco cinese di gran lunga il maggior produttore del pil mondiale sarà esso, non certo l’occidente, ad essere determinante.

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World Bank sounds alarm by developping world’s debt.

«After Zambia has announced it is unable to service its debt, more countries in the developing world are on the brink of bankruptcy. A debt moratorium is urgently needed, World Bank President David Malpass told DW.»

*

David Malpass, Presidente della World Bank, dice testualmente:

«Dopo che lo Zambia ha annunciato di non essere in grado di pagare il suo debito, altri paesi del mondo in via di sviluppo sono sull’orlo della bancarotta.»

Ma attenzione! La bancarotta dei paesi emergenti avrebbe ripercussioni severe sui mercati finanziari europei.

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«the COVID-19 pandemic is a crisis like no other»

«Its toll has been massive and people in the poorest countries are likely to suffer the most and the longest»

«It has knocked more economies into simultaneous recession than at any time since 1870»

«It has rapidly elevated some industries—especially the technology sector—while pushing others toward obsolescence»

«Topic 1: Poverty and Inequality»

«First, on poverty and inequality, COVID-19 has dealt an unprecedented setback to the worldwide effort to end extreme poverty, raise median incomes and create shared prosperity»

«by 2021 an additional 110 to 150 million people will have fallen into extreme poverty, living on less than $1.90 per day.»

«The current crisis is a sharp contrast from the recession of 2008, which focused much of its damage on financial assets and hit advanced economies harder than developing countries»

«This time, the economic downturn is broader, much deeper, and has hit informal sector workers and the poor, especially women and children, harder than those with higher incomes or assets»

«The scale of such purchases is unprecedented and has successfully propped up global financial markets. This benefits the well-to-do and those with guaranteed pensions, especially in the rich world, but it is not clear, either in textbook theory or in practice, how 0% interest rates and ever-expanding government asset and liability balances will translate into new jobs, profitable small businesses, or rising median income»

«Topic 2: Human Capital»

«Human capital is what drives sustainable economic growth and poverty reduction»

«It consists of the knowledge, skills, and quality of health that people gain over their lives»

«Since the outbreak, however, more than 1.6 billion children in developing countries have been out of school because of COVID-19, implying a potential loss of as much as $10 trillion in lifetime earnings for these students.»

«our early estimates suggest a potential increase of up to 45% in child mortality because of health-service shortfalls and reductions in access to food»

«Our private sector arm—the International Finance Corporation, or IFC—is also investing heavily in vaccine manufacturers through its $4 billion Global Health Platform»

«Out of school, children tend to backslide in their educational skills; and for children in the poorest countries, physical attendance in school is an important source of food and security, not just the reading and math that provide a critical ladder out of poverty»

«Topic 3: Debt Burdens»

«A combination of factors has led to a wave of excessive debt in countries where there is no margin for error»

«Global financial markets are dominated by low interest rates, creating a reach-for-yield fervor that invites excess»

«This is reinforced by an imbalance in the global debt system that puts sovereign debt in a unique category that favors creditors over the people in the borrowing country—there’s not a sovereign bankruptcy process that allows for partial payment and reduction of claims.»

«As a result, people, even the world’s poorest and most destitute, are required to pay their government’s debts as long as creditors pursue claims»

«it’s the modern equivalent of debtor’s prison.»

«Further, the political incentive and opportunity for government officials to borrow heavily has increased»

«An added factor in the current wave of debt is the rapid growth of new official lenders, especially several of China’s well-capitalized creditors»

«Debt service suspension is an important stopgap, but it is not enough. First, too many of the creditors are not participating, leaving the debt relief too shallow to meet the fiscal needs of the inequality pandemic around us. Second, debt payments are simply being deferred, not reduced. It doesn’t produce light at the end of the debt tunnel»

«The risk is that it will take years or decades for the poorest countries to convince creditors to reduce their debt burdens enough to help restart growth and investment»

«The Bank for International Settlements has estimated that 50% of businesses do not have enough cash to pay their debt-servicing costs over the coming year.»

«Rising corporate debt distress has the potential to put otherwise viable firms out of business, exacerbating job losses, depressing entrepreneurship, and slowing growth prospects well into the future»

«Topic 4: Fostering an Inclusive and Resilient Recovery»

«national borders offer little protection against some calamities»

«To speed recovery, countries will need to find a better balance between, on the one hand, maintaining core public and private sector businesses and, on the other, recognizing that many businesses won’t survive the downturn»

«This once-in-a-century crisis has demonstrated why history doesn’t exactly repeat itself—because humankind does learn from its mistakes»

* * * * * * *

Per dirla in una prospettiva decennale, eliminare la povertà sarà compito dei cinesi.

*


The World Bank. Reversing the Inequality Pandemic: Speech by World Bank Group President David Malpass.

Thank you, Jens. And thanks to Frankfurt School and the Bundesbank for hosting me virtually. I look forward to engaging with you and taking questions from students, who will be future business leaders in a post-COVID world. I’m here to set the stage ahead of the IMF and World Bank Group’s Annual Meetings, which will focus primarily on COVID and debt, and will also engage partners in urgent discussions on human capital, climate change, and digital development.

Before I begin, I would be remiss not to mention that this is the first time that the positioning speech for the World Bank Group Annual Meetings is being held in continental Europe. Germany is a major anchor for the World Bank Group and the rest of Europe; it is IBRD’s fourth largest shareholder, and the fourth largest contributor to IDA, and Chancellor Merkel has always been a strong supporter of World Bank Group priorities, including tackling debt and COVID, as well as action on global public goods. I understand that these priorities are also the focus of Germany’s EU Presidency, which runs through the end of 2020.

As Jens said, the COVID-19 pandemic is a crisis like no other. Its toll has been massive and people in the poorest countries are likely to suffer the most and the longest. The pandemic has taken lives and disrupted livelihoods in every corner of the globe. It has knocked more economies into simultaneous recession than at any time since 1870. And it could lead to the first wave of a lost decade burdened by weak growth, a collapse in many health and education systems, and excessive debt.

The pandemic has already changed our world decisively and forced upon the world a painful transformation. It has changed everything: the way we work, the extent to which we travel, and the manner in which we communicate, teach, and learn. It has rapidly elevated some industries—especially the technology sector—while pushing others toward obsolescence.

Our approach has been comprehensive—focused on saving lives, protecting the poor and vulnerable, ensuring sustainable business growth, and rebuilding in better ways. Today, I’m going to focus on four urgent aspects of this work: first, the need to redouble efforts to alleviate poverty and inequality; second, the associated loss of human capital and what must be done to restore it; third, the urgent need to help the poorest countries make their government debt more transparent and permanently reduce their debt burdens, two necessary steps to attract effective investment; and finally, how we can cooperate to facilitate the changes needed for an inclusive and resilient recovery.

Topic 1: Poverty and Inequality

First, on poverty and inequality, COVID-19 has dealt an unprecedented setback to the worldwide effort to end extreme poverty, raise median incomes and create shared prosperity.

Jens has referred to the World Bank’s new poverty projections, which suggest that by 2021 an additional 110 to 150 million people will have fallen into extreme poverty, living on less than $1.90 per day. This means that the pandemic and global recession may push over 1.4% of the world’s population into extreme poverty.

The current crisis is a sharp contrast from the recession of 2008, which focused much of its damage on financial assets and hit advanced economies harder than developing countries. This time, the economic downturn is broader, much deeper, and has hit informal sector workers and the poor, especially women and children, harder than those with higher incomes or assets.

One reason for the differential impact is the advanced economies’ sweeping expansion of government spending programs. Rich countries have had the resources to protect their citizens to an extent many developing countries have not. Another is central bank asset purchases. The scale of such purchases is unprecedented and has successfully propped up global financial markets. This benefits the well-to-do and those with guaranteed pensions, especially in the rich world, but it is not clear, either in textbook theory or in practice, how 0% interest rates and ever-expanding government asset and liability balances will translate into new jobs, profitable small businesses, or rising median income—key steps in reversing inequality.

Poorer economies have fewer macro-economic tools and stabilizers and suffer from weaker health care systems and social safety nets. For them, there are no fast ways to reverse the sudden reduction in their sales to consumers in advanced economies or the almost overnight collapse in tourism and remittances from family members working abroad. It’s clear that sustainable recoveries will require growth that benefits all people—and not just those in positions of power. In an interconnected world, where people are more informed than ever before, this pandemic of inequality—with rising poverty and declining median incomes—will increasingly be a threat to the maintenance of social order and political stability, and even to the defense of democracy.

Topic 2: Human Capital

Second, on human capital, developing countries were making significant progress before COVID-19—and, notably, starting to close gender gaps. Human capital is what drives sustainable economic growth and poverty reduction. It consists of the knowledge, skills, and quality of health that people gain over their lives. It is associated with higher earnings for people, higher income for countries, and stronger cohesion in societies.

Since the outbreak, however, more than 1.6 billion children in developing countries have been out of school because of COVID-19, implying a potential loss of as much as $10 trillion in lifetime earnings for these students. Gender-based violence is on the rise, and child mortality is also likely to increase in coming years: our early estimates suggest a potential increase of up to 45% in child mortality because of health-service shortfalls and reductions in access to food.

These setbacks imply a long-term hit to productivity, income growth and social cohesion—which is why we’re doing everything we can to bolster health and education in developing countries. In the area of health, the World Bank Group worked with our Board in March to establish a fast-track COVID response that has delivered emergency support to 111 countries so far. Most projects are now in advanced stages of disbursement for the purchase of COVID-related health supplies, such as masks and emergency room equipment.

Our goal was to take broad, fast action early and to provide large net positive flows to the world’s poorest countries. We are making good progress toward our announced 15-month target of $160 billion in surge financing, much of it to the poorest countries and to private sectors for trade finance and working capital. Over $50 billion of that support takes the form of grants or low-rate, long-maturity loans, providing key resources to maintain or expand health care systems and social safety nets. Both are likely to play a key near-term role in survival and health for millions of families.

We are also taking action to help developing countries with COVID vaccines and therapeutics. I announced last week that, by extending and expanding our fast-track approach to address the COVID emergency, we plan to make available up to $12 billion to countries for the purchase and deployment of COVID-19 vaccines once the vaccines have been approved by multiple stringent regulatory agencies around the world. This additional financing will be to low- and middle-income developing countries that don’t have adequate access and will help them alter the course of the pandemic for their people. The approach draws on the World Bank’s significant expertise in supporting public health and vaccination programs and will signal to markets that developing countries will have multiple ways to purchase approved vaccines and will have significant purchasing power.

Our private sector arm—the International Finance Corporation, or IFC—is also investing heavily in vaccine manufacturers through its $4 billion Global Health Platform. The aim is to encourage ramped-up production of COVID-19 vaccines and therapeutics in advanced and developing economies alike—and to ensure that emerging markets gain access to available doses. IFC is also working with the vaccine partnership—CEPI—to map COVID-19 vaccine manufacturing capacity, focusing especially on potential bottlenecks.

To mitigate the impact of the pandemic on education, the Bank is working to help countries reopen primary and secondary schools safely and quickly. Out of school, children tend to backslide in their educational skills; and for children in the poorest countries, physical attendance in school is an important source of food and security, not just the reading and math that provide a critical ladder out of poverty. The Bank is working in 65 countries to implement remote-learning strategies, combining online resources with radio, TV, and social networks, and printed materials for the most vulnerable. We are also partnering with UNICEF and UNESCO on school-reopening frameworks.

In Nigeria, for example, we provided $500 million in new funding for the Adolescent Girls Initiative for Learning and Empowerment (AGILE), which aims to improve secondary education opportunities among girls. The project is expected to benefit more than 6 million girls, using TV, radio, and remote-learning tools.

Topic 3: Debt Burdens

My third urgent topic is debt. A combination of factors has led to a wave of excessive debt in countries where there is no margin for error. Global financial markets are dominated by low interest rates, creating a reach-for-yield fervor that invites excess. This is reinforced by an imbalance in the global debt system that puts sovereign debt in a unique category that favors creditors over the people in the borrowing country—there’s not a sovereign bankruptcy process that allows for partial payment and reduction of claims. As a result, people, even the world’s poorest and most destitute, are required to pay their government’s debts as long as creditors pursue claims—even so-called “vulture” creditors who acquire the distressed claims on secondary markets, exploit litigation, penalty interest clauses and court judgments to ratchet up the value of the claims, and use attachment of assets and payments to enforce debt service. In the worst cases, it’s the modern equivalent of debtor’s prison.

Further, the political incentive and opportunity for government officials to borrow heavily has increased. Their careers benefit from the availability of long-maturity debt because the repayment cycle is often well after the political cycle. This undermines accountability for debt, making transparency much more important than in the past.

An added factor in the current wave of debt is the rapid growth of new official lenders, especially several of China’s well-capitalized creditors. They’ve expanded their portfolios dramatically and are not fully participating in the debt rescheduling processes that were developed to soften previous waves of debt.

To take a first step toward debt relief for the poorest countries, at the World Bank’s Spring Meetings in March, I, along with Kristalina Georgieva of the IMF, proposed a moratorium on debt payments by the poorest countries. It was partly a response to COVID and the need for countries to have fiscal space, and also a recognition that a debt crisis was underway for the poorest countries. With endorsement by the G20, G7 and Paris Club, the Debt Service Suspension Initiative, or DSSI, took effect on May 1. It enabled a fast and coordinated response to provide additional fiscal space for the poorest countries in the world. As of mid-September, 43 countries were benefiting from an estimated $5 billion in debt-service suspension from official bilateral creditors, complementing the scaled-up emergency financing provided by the World Bank and IMF. The DSSI has also enabled us to make significant progress on debt transparency, which will help borrowing countries and their creditors make more informed borrowing and investment decisions. This year’s edition of the World Bank’s International Debt Statistics, to be released next Monday, October 12, will provide more detailed and more disaggregated data on sovereign debt than ever before in its nearly 70-year history.

Many more steps are needed on debt relief. One avenue is to broaden and extend the current debt initiative so that there is time to work out a more permanent solution. The World Bank and the IMF have called on the G20 to extend the DSSI’s relief through the end of 2021, and we are highlighting the need for G20 governments to urge the participation of all their private and bilateral public sector creditors in the DSSI. Private creditors and non-participating bilateral creditors should not be allowed to free-ride on the debt relief of others, and at the expense of the world’s poor.

Debt service suspension is an important stopgap, but it is not enough. First, too many of the creditors are not participating, leaving the debt relief too shallow to meet the fiscal needs of the inequality pandemic around us. Second, debt payments are simply being deferred, not reduced. It doesn’t produce light at the end of the debt tunnel. This is particularly apparent in today’s low-for-long financing environment. The normal time value of money simply isn’t working, so the creditors’ offer of a deferral of payments with a compounding of interest often means that the burden of debt goes up with time, not down. The historical use of net present value equations in debt restructurings has to be scrutinized for fairness to the people in the debtor countries.

The risk is that it will take years or decades for the poorest countries to convince creditors to reduce their debt burdens enough to help restart growth and investment. Given the depth of the pandemic, I believe we need to move with urgency to provide a meaningful reduction in the stock of debt for countries in debt distress. Under the current system, however, each country, no matter how poor, may have to fight it out with each creditor. Creditors are usually better financed with the highest paid lawyers representing them, often in U.S. and UK courts that make debt restructurings difficult. It is surely possible that these countries—two of the biggest contributors to development—can do more to reconcile their public policies toward the poorest countries and their laws protecting the rights of creditors to demand repayments from these countries.

Several steps are needed. First, as I mentioned, full participation in the moratorium by all official bilateral and commercial creditors, to buy time. Second, full transparency of the terms of the existing and new debt and debt-like commitments of the governments of the poorest countries. Both creditors and debtors should embrace this transparency, but neither has done enough in this regard. Third, using this fuller transparency, we need a careful analysis of a country’s long-term debt sustainability to identify sovereign debt levels that would be sustainable and consistent with growth and poverty reduction. This degree of transparency and analysis would also be strongly beneficial for the public commitments of developed countries, such as outlay projections for public pension funds. Fourth, we need new tools to push forward with the reduction of the stock of debt for the poorest countries. The World Bank and IMF are proposing to the Development Committee a joint action plan by the end of 2020 for debt reduction for IDA countries in unsustainable debt situations.

Looking more broadly, since the arrival of COVID-19, the challenge of high debt burdens has expanded to endanger the solvency of many businesses. The Bank for International Settlements has estimated that 50% of businesses do not have enough cash to pay their debt-servicing costs over the coming year.

Rising corporate debt distress has the potential to put otherwise viable firms out of business, exacerbating job losses, depressing entrepreneurship, and slowing growth prospects well into the future. The World Bank and IFC are both working with our client countries to address this issue, helping them bolster and improve insolvency frameworks while shoring up the working capital of systemically important businesses.

Topic 4: Fostering an Inclusive and Resilient Recovery

My fourth topic is on fostering an inclusive and resilient recovery. COVID-19 has demonstrated—with deadly effect—that national borders offer little protection against some calamities. It has underscored the deep connections between economic systems, human health, and global well-being. It has concentrated our minds on building systems that will better protect all countries the next time, especially our poorest and most vulnerable citizens.

It is critical that countries work toward their climate and environmental goals. A high priority for the world is to lower the carbon emissions from electricity generation, meaning the termination of new coal- and oil-dependent power generation projects and the wind-down of existing high-carbon generators. Many of the largest emitters—in the developing world but, I must say, also in the developed world—are still not making sufficient progress in this area.

Amid the pandemic, the World Bank Group has remained the largest multilateral financier of climate action. Over the last five years, we have provided $83 billion in climate-related investments. Our work has helped 120 million people in over 50 countries gain access to weather data and early-warning systems crucial to saving lives in disasters. We have added a total of 34 gigawatts of renewable energy into grids to help communities, businesses and economies thrive. I’m happy to say that, in Fiscal Year 2020, my first full year as President, the World Bank Group made more climate-related investments than at any time in its history.

We intend to step up that work over the next five years. We are helping countries put an economic value on biodiversity—including forests, land, and water resources—so they can better manage these natural assets. We are helping them assess how climate risks affect women and others who are already vulnerable.

We are also working with governments to eliminate or redirect environmentally harmful fuel subsidies and to reduce trade barriers for food and medical supplies. Global progress in this area, however, has remained slow. COVID-19 spending packages could have a decisive effect on promoting more low-carbon energy sources and facilitating a stronger, more resilient recovery.

And on the economy itself, recognizing the severity of the downturn and the likely longevity, a key step in a sustainable recovery will be for economies and people to allow change and embrace it. Countries will need to allow capital, labor, skills, and innovation to shift to a different, post-COVID business environment. This puts a premium on workers and businesses using their skills and innovations in new ways in a commercial environment that is likely to rely more on electronic connections than travel and handshakes.

To speed recovery, countries will need to find a better balance between, on the one hand, maintaining core public and private sector businesses and, on the other, recognizing that many businesses won’t survive the downturn. In many cases, support efforts will be more effective if they aid families rather than propping up pre-COVID business structures.

The business environment needs change and improvement to build a faster, more sustainable recovery. A key part of this process of change is for the ownership and repurposing of distressed assets to be resolved as quickly as possible. This will likely entail a combination of faster bankruptcy proceedings, new legal avenues for settling small claims, and other out-of-court alternatives such as arbitration. These are important building blocks for effective contracts and capital allocation, but only a few developing countries have them in place. The severity of the downturn makes the prompt streamlining and transparency of commercial law as vital for recovery as the availability of new debt and equity capital.

None of these steps will be enough, and the reality is that aid, even from the most generous donors, can’t make ends meet. Just to reverse COVID’s likely increase in extreme poverty in 2020 would require $70 billion per year ($2 per day times 100 million people). That’s well beyond the World Bank Group’s financial capacity or any of the development agencies. My view is that sustainable solutions can only come by embracing change—through innovation, new uses for existing assets, workers and job skills, a reset on excessive debt burdens, and governance systems that create a stable rule of law while also embracing change.

Conclusion

In conclusion, I raised the urgency of addressing poverty, inequality, human capital, debt reduction, climate change, and economic adaptability as elements in ensuring a resilient recovery. This once-in-a-century crisis has demonstrated why history doesn’t exactly repeat itself—because humankind does learn from its mistakes. The pandemic so far has not triggered the devastating side effects of earlier crashes—neither hyperinflation, nor deflation, nor widespread famine. Even though the loss of income and the inequality of the impact have been worse than in most past crises, the global economic response, so far, has been much bigger than we might have expected at the start of this crisis.

The development response will need to be extended and intensified, both in terms of the health emergency and the efforts to help countries find effective support systems and recovery plans. Greater cooperation will enable us to share knowledge and develop and apply effective solutions far more swiftly. It will enable innovators to develop a vaccine that beats the virus and restores people’s confidence in the future. Working through all channels, my hope—and my belief—is that we can shorten the downturn and build a strong foundation for a more durable model of prosperity—one that can lift all countries and all people.

Thank you very much.

Pubblicato in: Banche Centrali, Cina, Devoluzione socialismo, India, Russia, Stati Uniti

Pil ppa 2019-2023. Brics 36%, G7 27%. I Brics valgono 3.5 volte l’eurozona.

Giuseppe Sandro Mela.

2019-03-08.

2019-03-08__Pil PPa Mondo G7 Brics

L’International Monetary Fund World Economic Outlook (April – 2018) è una miniera di dati, tra i quali figurano anche le proiezioni del pil ppa al 2023.

Pil 2016 e proiezioni 2020. Sorprese in arrivo. Ripercussioni mondiali.

Pil 2018 – 2022. – Previsioni dell’IMF. Grandi sorprese in arrivo. 

*

Le prime dieci nazioni classificate per pil ppa proiettato al 2023 sarebbero la Cina, gli Stati Uniti, l’India, il Giappone, la Germania, l’Indonesia, la Russia, il Brasile, il Regno Unito, e la Francia.

Ma subito dopo verrebbero il Messico, la Turkia, la Korea, la Repubblica Islamica dell’Iran e l’Arabia Saudita.

Sempre nella proiezione al 2023, la Cina si collocherebbe al primo posto con 37,067 miliardi Usd, seguiti dagli Stati Uniti con 24,537 miliardi Usd. L’avvenuto sorpasso è diventato chiaramente evidente.

Ma ciò che più salta agli occhi è la disparità tra il gruppo dei paesi G7 e quelli facenti capo ai Brics.

Con 48,179 miliardi Usd i paesi del G7 renderebbero conto del 27.06% del pil ppa mondiale, mentre i Brics si attesterebbero a 63,907 miliardi Usd, ossia al 35.90%.

* * * * * * *

Nel 2008 l’eurozona aveva un pil di 14,113 miliardi Usd, ma a fine 2017 aveva registrato un pil di 12,589 miliardi Usd; la Cina, nello stesso arco temporale, era passata da un pil di 4,804 miliardi Usd ad un valore di 12,237 miliardi Usd. Per quanto riguarda il pil espresso in valori assoluti, e non relativi al potere di acquisto, la Cina a fine 2017 eguagliava l’eurozona.

La differenza di performance tra questi due sistemi socio-economica è lampante.

L’eurozona è regredita mentre la Cina è cresciuta, ed anche di molto.

Nelle proiezioni al 2023 l’eurozona rende conto di un pil ppa di 18,413 miliardi Usd: il 10.34% del valore mondiale. Troppo poco per contare realmente, troppo poco per poter dettare condizioni.

Qualsiasi persona di buon senso dovrebbe trarne le conseguenze: qualsiasi perdita può essere rimediata, tranne quella del tempo. Il tempo andato via è perso per sempre.

Pubblicato in: Devoluzione socialismo

G7. De profundis per l’Occidente. Atto di morte.

Giuseppe Sandro Mela.

2017-09-29.

2017-09-29__Torino__001

A Torino è in corso il

G7 Labour and Employment Ministers’ Meeting

tra il comune disinteresse ed un assodante silenzio della stampa internazionale e domestica.

G7 di Venaria su industria, scienza e lavoro. Flop totale.

*

Eppure il G-7 avrebbe dovuto essere il Summit dei paesi occidentali più industrializzati, insomma, di quei paesi che ritengono di poter governare il mondo.

Il tema poi sarebbe anche stato di estrema attualità: il lavoro e l’occupazione.

Ma quanto conta il G-7?

Quanto contano gli stati del G-7?

Mr Trump si è fatto il G-1.

Mr Abe è dimissionario. Mrs May gestisce un governo di minoranza. Mr Macron ha conquistato al senato 22 seggi su 140: non certo definibili come maggioranza. Frau Merkel ha preso una mazzata sui denti che la resa edentula.

I sistemi economici dei paesi afferenti il G-7 rendono ragione di circa il 30% dell’economia mondiale, poco meno dell’ammontare di quelli dei Brics, per non parlare dei Brics Plus.

Ma il discorso è ben più ampio di quello meramente economico.

La vera perdente è l’attuale Weltanschauung occidentale, quella di derivazione liberal a socialista ideologica.

Questo G-7 è il suo atto di morte.

*

Eppure si era mossa persino la International Trade Union Confederation.

Aveva presentato anche un documento che sembrerebbe essere stato scritto ai primi dell’ottocento, prima per intenderci delle guerre per l’indipendenza italiana.

Titolo oltremodo ambizioso:

Framing the Future of Work with Just Transition Principles.

«The G7 Ministers of Labour and Employment are meeting in Turin on 29 and 30 September to address the Future of Work in the context of rising inequalities and gaps in job quality, coupled with major structural changes to our economies driven by digitalisation, demographic changes and migration»

*

«The discussion on the Future of Work should be firmly based on Just Transition principles by which special attention should be paid to regions and sectors that may be impacted by climate change, to ensure that workers are not paying the cost of adjustment to the Next Production Revolution and the digitalisation of our economies»

*

«Support social dialogue at firm-level through worker participation mechanisms to help anticipate changes and incrementally improve innovation»

*

«Enable the labour market participation of women and youth by formalising informal work with targeted active labour market policies, investing in quality child care, minimum wages and universal social protection and introducing measures on equal pay legislation and effective wage policies»

* * * * * * *

È un testo schizofrenico.

Parlano di concetti oramai deprivati dei loro contenuti.

Chiusi in una riunione che non interessa a nulla e nessuno parlano di problemi inesistenti e dei quali nessuno più si cura: sembrano un gruppetto di ricoverati in ospedale psichiatrico che si dichiarano vicendevolmente. “io sono Napoleone” ed “io sono Giulio Cesare“. In realtà sono solo ricoverati in manicomio.

Il fatto reale è semplice: il G7 non conta più nulla.

*

Ma questa stagione di deliri schizoidi mica che sia finita qui!

Reset G7, tensioni alla Street Parade

Duecento persone, un mix di ragazzetti e tante teste bianche, hanno inscenato a Torino durante la notte una manifestazione contro Dio solo sa che cosa.

Dire che siano patetici sarebbe un troppo grande complimento.

“Schiavi”?

Sì: sono schiavi dei loro deliri.


International Trade Union Confederation. 2017-09-26. Trade Union Statement to the G7 Labour and Employment Ministers’ Meeting – Turin, September 2017

Framing the Future of Work with Just Transition Principles

Trade Union Statement to the

G7 Labour and Employment Ministers’ Meeting

Turin, September 2017

*

 The G7 Ministers of Labour and Employment are meeting in Turin on 29 and 30 September to address the Future of Work in the context of rising inequalities and gaps in job quality, coupled with major structural changes to our economies driven by digitalisation, demographic changes and migration.

The discussion on the Future of Work should be firmly based on Just Transition principles by which special attention should be paid to regions and sectors that may be impacted by climate change, to ensure that workers are not paying the cost of adjustment to the Next Production Revolution and the digitalisation of our economies. G7 Ministers are urged to identify principles and concrete actions to secure an equitable distribution of the gains from globalised and digitalised economies.

Ministers should:

  • Endorse Just Transition principles for workers by committing to strengthening the role of labour market institutions, including collective bargaining;

  • Commit to tripartite social dialogue frameworks at national and sector level on the impact of automation and digitalisation and the design, development and introduction of digital and green technologies;

  • Support social dialogue at firm-level through worker participation mechanisms to help anticipate changes and incrementally improve innovation;

  • Ensure fundamental labour rights – including freedom of association and the right to bargain collectively – decent wages and social protection across the digital economy, and specifically in the platform economy, in the face of rising forms of non-standard jobs, self-employed workers or the use of civil contracts. Employers, including platform providers, should be held responsible for the wage and working conditions of their employeesiii;

  • Stimulate job creation, public and private investment in the green and care economies, ICT and STEM related sectors and high-speed broadband coverage;

  • Enable the labour market participation of women and youth by formalising informal work with targeted active labour market policies, investing in quality child care, minimum wages and universal social protection and introducing measures on equal pay legislation and effective wage policies;

….»

Pubblicato in: Cina, India, Russia

‘Time for BRICS to assume a leadership role’

Giuseppe Sandro Mela.

2017-09-04.

2017-09-04__Cina__001

Il miglior commento al Summit di Xiamen sembrerebbe essere quello fatto dal Governo della China:

Time for BRICS to assume a leadership role

«For decades, resources have been monopolized by developed nations, leaving developing nations lacking infrastructure and social development.

Contributing more than half of global growth over the past ten years, the BRICS nations are finding their own solutions to address the governance disparity.

The bloc’s New Development Bank (NDB), which was launched in 2014 with a focus on infrastructure and sustainable development projects, stands as a good example of what a new kind of world governance would look like.

In contrast to the quota system of other international financial institutions based on the role of a certain member, members of the NDB have equal voting power, a distinctive feature of the bank.

China has put forward the “BRICS Plus” proposal this year by inviting the leaders of Egypt, Guinea, Mexico, Tajikistan and Thailand to attend the Dialogue of Emerging Markets and Developing Countries during the summit and engage in dialogue with the BRICS members.

This will allow the BRICS summit to be an effective platform for voicing the needs, demands and aspirations of both the developing and underdeveloped nations in the world, and enable the organization to play a more decisive role in global governance.»

*

«Xi will chair the Dialogue of Emerging Markets and Developing Countries on Sept. 5, which will be attended by the leaders from the five BRICS countries, as well as the leaders of Egypt, Mexico, Tajikistan, Guinea and Thailand.»

* * * * * * *

«Time for BRICS to assume a leadership role»

*

Da un punto di vista meramente economico, se si considera il pil per potere di acquisto, il mondo genera 108,036,500 milioni Usd, la Cina 17,617,300 (16.31%) e gli Stati Uniti 17,418,00 (16.12%). L’Eurozona rende conto di 11,249,482 (10.41%) ed il Gruppo dei G7 di 31.825,293 (29.46%). Però i Brics conteggiano un pil ppa di 32,379,625 Usd, ossia il 29.97% del pil ppa mondiale. I Brics valgono come i paesi del G7.

Di conseguenza, la voce dell’Occidente vale nel mondo al massimo per il 29.46%, ma quella degli Stati Uniti vale solo il 16.12% e quella dell’Eurozona uno scarno 10.41%.

*

Fatevi adesso un piccolo conto: quando valgono i Brics Plus?


China Org. 2017-09-04. Xi shares vision on BRICS new ‘golden decade’

Chinese President Xi Jinping has shared his vision for the BRICS cooperation which he believes will enter a second “golden decade” if the emerging-market countries work together to overcome the challenges of weak growth and threats to world peace.

Addressing the BRICS Business Forum in Xiamen on Sunday, with Brazilian President Michel Temer and South African President Jacob Zuma in audience, Xi said after ten years a fully-fledged BRICS cooperation framework is taking shape.

With Russia’s Vladimir Putin and India’s Narendra Modi joining in, the leaders of the world’s five major developing countries will chart way forward for the bloc at the ninth BRICS summit scheduled for Sept. 3-5.

Xi on Sunday refuted the assertion that BRICS is losing luster.

He said despite headwinds causing growth setbacks, the BRICS countries are “fully confident” about their growth potential and the future outlook.

Tangible Benefits

BRIC was first coined in 2001 to describe four emerging economies with fast growth and great potential. The concept turned into a formal cooperation framework in 2006. Four years later, South Africa joined. BRIC became BRICS.

Xi said the past decade has seen the BRICS countries making headway in pursuing common development. Their combined GDP grew 179 percent, trade increased 94 percent and urban population expanded 28 percent during the period.

The development of the BRICS countries over the past decade has delivered tangible benefits to more than 3 billion people.

Xi said three important practices of the shared value should be carried forward — treating each other as equals, seeking results-oriented cooperation, and bearing in mind the well-being of the world.

“Dialogue without confrontation, partnership without alliance,” Xi summed up the cooperation principle in a simple phrase.

He said the principle has gained growing endorsement and has become a positive energy in the international community.

Rising Up To Challenges

The Chinese president said the global economy remains in a period of adjustment featuring weak growth and no apparent new drivers. Due to sluggish growth, protectionism and inward-looking mentality are on the rise. Uneven development and a deficit of fairness have become more acute.

He challenged BRICS countries to create new impetus for growth and continue to improve global economic governance.

“We should not ignore problems arising from economic globalization or just complain about them. Rather, we should make joint efforts to find solutions,” Xi said.

He said the BRICS countries should promote the building of an open global economy, advance trade and investment liberalization and facilitation, build new global value chains, and rebalance economic globalization.

“Only openness delivers progress, and only inclusiveness sustains such progress,” Xi said.

The long road to peace is not smooth, Xi said, calling on the BRICS countries to play a constructive part in the process of resolving geopolitical hotspot issues and make due contributions.

He envisioned flames of war dying and displaced refugees returning home as dialogue and consultation settle issues in Syria, Libya and the Palestine-Israel conflict.

Making Bigger Pie

The Chinese president said the development of emerging market and developing countries is not intended to “move the cheese of anyone” but to “make the pie of the global economy bigger.”

Over the past ten years, the share of the five BRICS countries in the global economy has more than doubled. They have contributed to more than half of global growth.

Xi said more emerging market and developing countries should be involved because BRICS, as a platform with global influence, concerns more than five countries.

During the Xiamen summit, China will hold the Dialogue of Emerging Market and Developing Countries, where the leaders of Egypt, Guinea, Mexico, Tajikistan and Thailand will join the BRICS leaders in discussing global development cooperation and South-South cooperation.

While outreach programs have existed in past BRICS summits since 2013, it is the first time participating leaders have come from around the world, but not just neighbors of the host country.

Xi said this “BRICS Plus” approach should be promoted to build an open and diversified network of development partners for the bloc.

Marching On With Reform

Turning to China, Xi said the country had made the “right choice” on deepening reform and will march on in strides.

“The past decade has not only seen solid progress in the BRICS cooperation; it has also witnessed the unfolding of all-round reform and opening up in China and its rapid economic and social development,” Xi told the forum.

He said China’s economic aggregate grew by 239 percent over the past ten years and the lives of its 1.3 billion-plus people have been significantly improved.

In the first half of 2017, the Chinese economy expanded by 6.9 percent and added 7.35 million new urban jobs.

Xi said China has been making increasingly more contribution to regional and global economy.

He said the Belt and Road Initiative, for example, is not a tool to advance any geopolitical agenda, but a platform for practical cooperation.

The initiative is not a foreign aid scheme, but one that advocates interconnected development with extensive consultation, joint contribution and shared benefits.

“Going forward, China will continue to put into practice the vision of innovative, coordinated, green, open and inclusive development,” he said.

“We will adapt to and steer the new normal of economic development, push forward supply-side structural reform, accelerate the building of a new system for an open economy, drive economic development with innovation, and achieve sustainable development,” Xi said.


China Org. 2017-09-04. Xi, Putin meet on bilateral ties, DPRK nuclear test

Chinese President Xi Jinping met with his Russian counterpart Vladimir Putin on Sunday, calling for enhancing mutual support and strategic coordination.

The two leaders also agreed to appropriately deal with the latest nuclear test conducted by the Democratic People’s Republic of Korea (DPRK).

Putin is in the southeastern Chinese coastal city of Xiamen, Fujian Province, to attend the ninth BRICS summit and the Dialogue of Emerging Market and Developing Countries scheduled for Sept. 3-5.

The two sides should consolidate the high-level mutual political trust, firmly strengthen mutual support and enhance strategic coordination, Xi said.

The role of bilateral cooperation mechanisms should be well played to advance projects in key areas including energy, aerospace and aviation, as well as nuclear power.

He urged advancing the integration of the Belt and Road Initiative with the Eurasian Economic Union.

Mutual understanding and friendship between the two peoples should be promoted through closer people-to-people and cultural exchanges and those at local levels, he said.

Xi also called on enhancing military cooperation as well as coordination on multilateral arenas.

China is willing to join hands with Russia to raise the bilateral relations to a higher level, promoting respective development and jointly safeguarding regional and world peace and stability, he said.

On BRICS cooperation, Xi said it is in line with the interests of the BRICS countries and the expectation of international community, especially the emerging market and developing countries, to enhance the group’s cooperation and enable the BRICS countries to play a more important role in international affairs.

The BRICS countries should consolidate solidarity and cooperation to send out positive signals to the world, chart the course and define the priorities for cooperation based on the overall situation, strengthen coordination to enhance international influence, and improve mechanisms of BRICS cooperation, said Xi.

China is willing to work with Russia and other BRICS countries to achieve fruitful results at the Xiamen summit and implement the outcomes effectively so that the BRICS can usher in a second “golden decade” of cooperation.

For his part, Putin said it is significant for China and Russia to strengthen comprehensive strategic partnership of coordination and boost communication and coordination on major international and regional issues.

He said Russia stands ready for closer cooperation with China in such areas as investment, energy, agriculture, infrastructure, and aerospace and aviation.

The two countries should also increase exchanges in culture, education, sports, media and tourism as well as those at local levels. Military exchanges should be closer, he said.

While discussing international and regional issues, the two leaders agreed to appropriately deal with the DPRK’s latest nuclear test.

The DPRK on Sunday successfully detonated a hydrogen bomb that can be carried by an intercontinental ballistic missile (ICBM), DPRK’s Central Television announced. This was the sixth nuclear test the DPRK has undertaken.

China’s Foreign Ministry issued a statement, expressing firm opposition to and strong condemnation of the nuclear test.

Xi and Putin agreed to stick to the goal of denuclearization on the Korean Peninsula and keep close communication and coordination to deal with the new situation.

After the meeting, the two leaders visited an exhibition on intangible cultural heritage originated from southern Fujian Province.


China Org. 2017-09-04. Xi calls for synergizing development strategies among BRICS countries.

Chinese President Xi Jinping on Monday called on BRICS countries to synergize their development strategies to stimulate growth potential.

Xi made the remarks while addressing the ninth BRICS summit in the southeastern Chinese city of Xiamen, which was also attended by leaders of Brazil, Russia, India and South Africa.

The five countries should find areas where their respective development policies and priorities converge, and work to build a big market for trade and investment, achieve smooth flow of currency and finance, and realize infrastructure connectivity, Xi said.

“Despite our differences in national conditions, our five countries are in a similar stage of development and share the same development goals. We all face an arduous task in growing the economy,” Xi noted.

He said strengthening the complementarity of their development strategies will bring out their comparative strengths in resources, market and labor force, release the growth potential of the five countries and the creativity of their 3 billion people, and open up huge space for development. P Xi said the five countries need to plan well at the macro level and take concrete actions in key areas.

“With a focus on structural reform and sustainable development, we need to expand our converging interests and share experience on innovation, entrepreneurship, industrial development and production capacity to boost our economic development,” said Xi.

He said it is important to strike a balance between the speed of growth and the quality and efficiency of growth. By implementing the 2030 Sustainable Development Agenda, BRICS countries have the opportunity to achieve balanced economic, social and environmental progress, and bring about interconnected and inclusive development, said Xi.


China Org. 2017-09-04. China to enhance cooperation with Thailand: Xi

Chinese President Xi Jinping met with Thai Prime Minister Prayut Chan-o-cha on Monday, calling for enhanced bilateral cooperation in various fields.

Prayut is in the southeastern Chinese coastal city of Xiamen to attend the Dialogue of Emerging Market and Developing Countries scheduled for Sept. 5.

China appreciates Thailand’s active participation in the Belt and Road Initiative, and is willing to strengthen cooperation with Thailand in areas of investment, railway, Internet finance, digital economy and e-commerce, Xi said.


China Org. 2017-09-04. Xi stresses China-Mexico strategic synergy

Chinese President Xi Jinping said Monday China and Mexico should synergize development strategies on the basis of their cooperative achievements since the two sides forged diplomatic ties 45 years ago.

Xi made the remarks when meeting with Mexican President Enrique Pena Nieto, who came to the southeastern Chinese coastal city of Xiamen to attend the Dialogue of Emerging Market and Developing Countries scheduled for Sept. 5.


China Org. 2017-09-04. China expects stronger partnership for upcoming BRICS summit

China wants to build stronger partnerships within and beyond the five BRICS countries during the upcoming BRICS Xiamen Summit, Chinese Foreign Minister Wang Yi said in Beijing Wednesday.

Speaking at a press briefing on the summit, Wang said that China expects outcomes in several areas, including strengthening economic and security cooperation, increasing cultural and people-to-people exchanges, enhancing institutional building, as well as promoting stronger partnerships with other emerging market countries and developing countries.

China will hold the BRICS Business Forum from Sept. 3 to 4, which will be the largest so far, Wang said.

Chinese President Xi Jinping will attend the opening ceremony of the forum and deliver a keynote speech, reviewing the progress that BRICS countries have made in the past ten years and looking to the future. Leaders of some other countries will also address the forum.

The BRICS Xiamen Summit opens on Sept. 4.

Xi will chair a small meeting of BRICS leaders, discussing world economy, global governance, international and regional hotspot issues, and national security and development. A larger meeting will focus on deepening cooperation, promoting cultural and people-to-people exchanges, as well as enhancing institutional building.

The BRICS leaders will also attend the opening ceremony of the BRICS Cultural Festival and Photo Exhibition, a meeting of the BRICS Business Council and a signing ceremony, which will be followed by a welcome banquet hosted by Xi and his wife, Peng Liyuan.

Three pillars

The BRICS mechanism has entered a new stage featuring the three pillars of economic cooperation, political and security cooperation, and people-to-people exchanges, Wang said. He added that there will be an increase in cultural activities involving BRICS countries this year as China holds the BRICS chairmanship.

China held the 2017 BRICS Games in its southern city of Guangzhou in June, marking the first comprehensive multilateral sports and cultural exchanges under the framework of BRICS cooperation.

China has also held a media forum, film festival, traditional medicine meeting and young diplomats forum, to promote friendship and understanding between the peoples of BRICS countries.

“The leaders of the BRICS countries will continue to accumulate consensus on strengthening people-to-people exchanges during the upcoming BRICS Xiamen Summit,” Wang said.

Beyond BRICS

Xi will chair the Dialogue of Emerging Markets and Developing Countries on Sept. 5, which will be attended by the leaders from the five BRICS countries, as well as the leaders of Egypt, Mexico, Tajikistan, Guinea and Thailand.

“It is in the interests of all sides to strengthen cooperation among emerging markets and developing countries through the BRICS platform, therefore China has proposed the ‘BRICS plus’ concept based on past experiences,” Wang said.

The dialogue will focus on deepening cooperation and promoting common development, and a statement will be released on the outcomes achieved on implementing a sustainable development agenda, promoting South-South cooperation, building partnerships and improving global governance.

Xi will hold a press conference after the dialogue to summarize the outcomes of the BRICS Xiamen Summit.

“China stands ready to work with other BRICS countries to make BRICS cooperation bigger, stronger and more solid to benefit not only the five BRICS countries, but also the whole world,” Wang said.


China Org. 2017-09-04. Ambassadors on BRICS Plus

BRICS Plus, as a model of expansion, was proposed by China on the basis of successful practices in former BRICS Summits. It is sought to establish widespread partnerships between BRICS member countries and other developing countries through dialogues and cooperation, expand our circle of friends, and shape the BRICS mechanism into an influential cooperation platform for South-South cooperation, so as to better reflect the common ground and collective will of the developing countries.

Then how do other developing countries make of the proposal? What opportunities does the BRICS Plus promise to them? To get some insight about these, China Today interviewed ambassadors of Iran, Georgia, Nepal, and South Sudan to China as well as two diplomats from Argentina and the Hashemite Kingdom of Jordan.

Iranian Ambassador to China Ali Asghar Khaji

“Since its founding, the BRICS cooperation mechanism has been representing a new cooperation concept, and played an important role in giving a voice in the international community on behalf of the developing world. The Iranian government showed its support to the BRICS Plus proposal when it was first put forward. As an important developing country in the region of North Africa and West Asia, Iran is poised to strengthen its cooperation with China under the framework of the Belt and Road and the BRICS Plus. In addition, we also hope China as a leading developing country, can play a bigger role in advancing cooperation among developing countries on such aspects as economy, security and social development.”

Pubblicato in: Cina, Russia

Brics Summit. Xiamen. Punto di vista della Bbc.

Giuseppe Sandro Mela.

2017-09-04.

2017-09-04__Xiamen__001

Diciamo subito che questo riportato sembrerebbe essere più un articolo di routine che un ripensamento approfondito.

A nostro sommesso parere, ovviamente opinabile, considera il Summit esclusivamente dal punto di vista occidentale: questa è una caratteristica, non certo un difetto. Ma l’ottica resta pur sempre parziale.

Non solo. Sicuramente l’aspetto economico e finanziario è del massimo interesse, ma ciò non esclude che esista e si stia sviluppando anche un progetto politico.

«China’s vice minister of commerce, Wang Shouwen, also suggested China was interested in establishing a free trade agreement with Mexico.»

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«The Mexican President Enrique Pena Nieto is attending the dialogue at the invitation of the Chinese president.»

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«The development of emerging markets and developing countries won’t touch anyone’s cheese, but instead will diligently grow the world economic pie»

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«I am convinced that the Belt and Road initiative will serve as a new platform for all countries to achieve win-win cooperation»

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«But the initiative has made India in particular quite uneasy, as it includes projects worth $62bn (£48bn) to be implemented in its neighbour and rival Pakistan»

*

«Construction began over the weekend on headquarters in Shanghai for the New Development Bank (NDB), which is the Brics alternative to the World Bank»

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«To date, the NDB has invested in 11 projects, lending $1.5bn in 2016 with an additional $2.5bn in loans set for this year»

*

«China’s official Xinhua news agency reported that Chinese President Xi Jinping and Russian President Vladimir Putin met on the sidelines of the Brics meeting, and agreed to “appropriately deal” with North Korea’s nuclear test.»

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«China said it strongly condemned the nuclear test and urged Pyongyang to stop its “wrong” actions»

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«The US President suggested on Twitter that the US might stop “all trade with any country doing business with North Korea”»

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Attendiamo che siano diffuse le relazioni ufficiali e le conclusioni del summit, tenendo però ben presente che non tutti gli accordi potrebbero essere resi pubblici.

Notiamo soltanto che alla presenza dell’Egitto si è aggiunta quella del Messico. Altri tasselli si stanno aggiungendo al puzzle sino-russo.


Bbc. 2017-09-04. Four things to watch at the Brics summit

The leaders of Brazil, Russia, India, China and South Africa are meeting amid heightened geopolitical tensions.

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The summit of the so-called Brics nations brings together the five fast-growing economies, who are seeking a greater say in world affairs.

Economic ties will top the agenda at the three-day gathering in Xiamen, China which began Sunday.

But North Korea’s nuclear test and a border standoff between China and India could also colour discussions.

So what are the four key things to watch out for at this meeting?

  1. ‘Growing the pie’ without ‘touching the cheese’

While US President Donald Trump has pushed a protectionist trade agenda, pulling the US out of the Trans Pacific Partnership and renegotiating the North America Free Trade Agreement, China is striking a very different tone.

Chinese President Xi Jinping told the meeting that there is little to fear from closer trade ties.

“We should push for an open world economy, promote trade liberalisation and facilitation, jointly create a new global value chain, and realise a global economic rebalancing,” President Xi Jinping told Brics business leaders and senior officials in a speech on Sunday.

“The development of emerging markets and developing countries won’t touch anyone’s cheese, but instead will diligently grow the world economic pie,” he said.

But many countries have criticised China’s trade policies, saying they discriminate against foreign businesses.

Even within Brics, trade is heavily tilted in China’s favour, which has led to complaints from fellow members.

China’s vice minister of commerce, Wang Shouwen, also suggested China was interested in establishing a free trade agreement with Mexico.

The Mexican President Enrique Pena Nieto is attending the dialogue at the invitation of the Chinese president.

  1. One Belt One Road

The sheer scale of China’s massive international infrastructure project – known as One Belt One Road – means it is often on the agenda at high level economic meetings like this one.

The project aims to expand trade links between Asia, Africa, Europe and beyond through infrastructure investments.

“I am convinced that the Belt and Road initiative will serve as a new platform for all countries to achieve win-win cooperation,” said President Xi.

But the initiative has made India in particular quite uneasy, as it includes projects worth $62bn (£48bn) to be implemented in its neighbour and rival Pakistan.

Also, tensions between China and India remain high after a border standoff, which was resolved just days before the conference.

  1. The New Development Bank

Construction began over the weekend on headquarters in Shanghai for the New Development Bank (NDB), which is the Brics alternative to the World Bank.

The NDB was seen as the first major Brics achievement after the group came together to press for a bigger say in the world’s financial affairs.

The bank aims to address a massive infrastructure funding gap in the member countries, which account for almost half the world’s population.

To date, the NDB has invested in 11 projects, lending $1.5bn in 2016 with an additional $2.5bn in loans set for this year.

Still, the bank is small potatoes when compared with the World Bank, and some have questioned China’s commitment, given it heads up the bigger Asian Infrastructure Investment Bank.

  1. The nuclear elephant in the room

The conference had an unwelcome surprise in the form of North Korea’s sixth nuclear test on Sunday.

China’s official Xinhua news agency reported that Chinese President Xi Jinping and Russian President Vladimir Putin met on the sidelines of the Brics meeting, and agreed to “appropriately deal” with North Korea’s nuclear test.

China said it strongly condemned the nuclear test and urged Pyongyang to stop its “wrong” actions.

The US President suggested on Twitter that the US might stop “all trade with any country doing business with North Korea”.

China is an obvious target of his comments, given that it is North Korea’s largest trading partner.

Some critics, however, have suggested that this is very unlikely, as it would do significant damage to the US economy because China is also America’s largest trading partner.