Reports from global media on G20 Summit

Bloomberg

The Chinese economy remains a massive opportunity for Western companies, and a recent easing of US-China tension offers tailwinds for the global economy, said Axel Weber, former UBS Group AG chairman.

"What we saw in the G20 meetings recently has taken some of my biggest fears away that we would see a continued escalation of the conflict between China and the US," Weber said in a Bloomberg Television interview on the sidelines of the Bloomberg New Economy Forum on Wednesday.

"You cannot run the global economy without China and it's good that the US and China are trying to work together more," said Weber.

CGTN

The most significant feature of the meeting in Bali between Chinese President Xi Jinping and Australian Prime Minister Anthony Albanese is that the meeting took place. The outcomes of the meeting were less important than the meeting itself — the first face-to-face meeting between leaders of these countries in nearly three years. The meeting is like the first icy drops of liquid water in spring, and does signal the potential for warmer times to follow.

COUNCIL on FOREIGN RELATIONS

The (Biden-Xi) meeting will not place US-China relations on a new trajectory or produce consensus on thorny issues that have been at the heart of the relationship for decades. It could, however, lead to a shared understanding on the need to establish guardrails to ensure that the increasingly severe competition between the United States and China does not lead to outright conflict. While that would seem to be a modest outcome, it would be a positive development for a relationship that has steadily deteriorated.

THE STRAITS TIMES

Frictionless relations between China and the United States are probably not possible, but that should not necessarily lead to the division of the world economy into two disengaged camps, said Senior Minister Tharman Shanmugaratnam.

Speaking at the 2022 Bloomberg New Economy Forum at the Capella Singapore on Tuesday, he added: "Imagine a world where China and the US are decoupled in trade, in investments, data, payments, financial systems, intellectual property creation. That would be a profoundly dangerous world."

"A multipolar world was never going to be frictionless. But it is much safer than a world that is decoupled," he said.

REUTERS

The G20 economies agreed in their declaration to pace interest rate rises carefully to avoid spillovers and warned of "increased volatility" in currency moves, a sea change from last year's focus on mending the scars of the COVID-19 pandemic.

G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius — confirming they stand by the temperature goal from the 2015 Paris Agreement on climate change.

That could boost negotiations at the UN COP27 climate summit in Egypt, where some negotiators feared the G20 would fail to back the 1.5C goal-potentially thwarting a deal on it among the nearly 200 countries at the UN talks.

The Jakarta Post

The tasks of the Indonesian presidency of the G20 this year should have been the most challenging of all previous leaders' meetings. Nevertheless, similar to the G20 Rome Leaders' Declaration in October 2021, almost 50 percent of the 52 points of the 16-page G20 Bali Leaders' Declaration still addresses the ongoing problems in the economy and such sectors as fair, multilateral trade, energy and food security, financial structure and stability, international taxation and investment, digital economy, debt restructuring, etc. All the policy recommendations are aimed to support the theme "Recover Together, Recover Stronger," which Indonesia assigned to its presidency this year.