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G7 chaos is a PR win for China
by Jethro Mullen @CNNMoneyJune 11, 2018: 4:25 AM ET
As the G7 summit ended with deep divisions over trade, another meeting of global powers was going a lot more smoothly.
President Donald Trump refused to endorse a joint communique with America's closest allies as the Quebec summit ended in chaos, in stark contrast to the carefully choreographed meeting of the Shanghai Cooperation Organization (SCO) in China.
While Trump clashed over tariffs with other G7 leaders like Canadian Prime Minister Justin Trudeau, China orchestrated an agreed statement on trade and security between the countries attending its summit in the city of Qingdao.
The language of the statement, which "stressed the importance of ... consistently strengthening and developing the multilateral trade system," echoed recent talking points of Chinese President Xi Jinping, who has sought to cast himself as the defender of global free trade.
Many experts question his credentials for that role, given China's own trade practices. But Trump's recent barrage of tariff announcements and attacks on the World Trade Organization give Beijing plenty of opportunities to position itself as a power that is committed to working with others to address global challenges.
Xi, Modi and Putin
Chinese state media seized the chance to contrast the G7 with the SCO summit, which was attended by Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and the leaders of several other Asian countries.
"Against the backdrop of rising unilateralism and anti-globalization, the SCO's opposition to trade protectionism in any form is especially encouraging," state-run newspaper China Daily said in an editorial published in English.
Another state-run media outlet, People's Daily, posted a tweet comparing photos of leaders at the two summits. The G7 picture showed a seemingly tense moment between European leaders and Trump, while the SCO image showed a group led by a smiling Xi and Putin.
The SCO includes the world's two fastest growing major economies. China alone is expected to contribute around 30% of the total increase in global GDP over the next decade, with India accounting for another 10%, according to IHS Markit.
http://money.cnn.com/2018/06/11/news/economy/sco-summit-g7-trade-china/index.html
by Jethro Mullen @CNNMoneyJune 11, 2018: 4:25 AM ET
As the G7 summit ended with deep divisions over trade, another meeting of global powers was going a lot more smoothly.
President Donald Trump refused to endorse a joint communique with America's closest allies as the Quebec summit ended in chaos, in stark contrast to the carefully choreographed meeting of the Shanghai Cooperation Organization (SCO) in China.
While Trump clashed over tariffs with other G7 leaders like Canadian Prime Minister Justin Trudeau, China orchestrated an agreed statement on trade and security between the countries attending its summit in the city of Qingdao.
The language of the statement, which "stressed the importance of ... consistently strengthening and developing the multilateral trade system," echoed recent talking points of Chinese President Xi Jinping, who has sought to cast himself as the defender of global free trade.
Many experts question his credentials for that role, given China's own trade practices. But Trump's recent barrage of tariff announcements and attacks on the World Trade Organization give Beijing plenty of opportunities to position itself as a power that is committed to working with others to address global challenges.
Xi, Modi and Putin
Chinese state media seized the chance to contrast the G7 with the SCO summit, which was attended by Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and the leaders of several other Asian countries.
"Against the backdrop of rising unilateralism and anti-globalization, the SCO's opposition to trade protectionism in any form is especially encouraging," state-run newspaper China Daily said in an editorial published in English.
Another state-run media outlet, People's Daily, posted a tweet comparing photos of leaders at the two summits. The G7 picture showed a seemingly tense moment between European leaders and Trump, while the SCO image showed a group led by a smiling Xi and Putin.
The SCO includes the world's two fastest growing major economies. China alone is expected to contribute around 30% of the total increase in global GDP over the next decade, with India accounting for another 10%, according to IHS Markit.
http://money.cnn.com/2018/06/11/news/economy/sco-summit-g7-trade-china/index.html
