Pres. Jacob Zuma arrives in China
President Jacob Zuma has arrived in Hangzhou in the People's Republic of China, to attend the G20 Leaders' Summit.
According to a statement from the presidency, China presides over the work of the G20 this year and under its Presidency, has adopted an overarching theme of working "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy".
South Africa is a member country of the Group of 20 (G20) which consists of 19 countries plus the European Union (EU), the 20th member. G20 members have been meeting regularly since 1999 to discuss global economic policy coordination.
The G20 was conceptualised to stabilise and strengthen the global economy, by bringing together the major advanced and emerging market economies.
These economies together represent around 85% of global GDP, 80% of global trade and two-thirds of the world's population.
The G20 membership includes systemically important advanced and emerging-market economies.
These economies meet to discuss the global economy, the international financial architecture, financial regulatory reform and global economic governance.
The G20's prominent membership provides a strong platform for influencing global economic policy. It is widely credited with coordinating the response to the 2008 global financial crisis and, therefore, the subsequent global economic recovery.
South Africa's participation in the G20 is to provide strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for South Africa, Africa and the developing world.
"The President will also participate in the annual B20 engagement with G20 business community. As per usual, an important informal meeting of the BRICS leaders will take place on the margins of the G20 to take forward the agenda of this important forum ahead of its summit in Agoa, India next month," the statement read.
President Zuma is accompanied by the Minister of International Relations and Cooperation, Ms Maite Nkoana-Mashabane and the Minister of Finance, Mr Pravin Gordhan to the G20.
- Press Release