G20 Summit kicks off in China. China’s Xi at G20 says world economy at risk.
Like Beijing before the 2008 Olympics, the Chinese city of Hangzhou has been given an expensive facelift for the upcoming G20 Summit. China has reportedly spent an eye-opening $24 billion (160 billion yuan) to impress the world leaders who will be gathering there on September 4-5.
The host of the summit, Xi Jinping, can well afford throw around this kind of cash. In 2015, the Chinese Party-State’s unfair trading practices netted him and his one-party dictatorship a whopping $366 billion from the U.S. alone. China’s trade surplus with the U.S. may well surpass $400 billion in 2016, costing more Americans their jobs.
China’s ongoing cybertheft of America’s intellectual property, however, may be even more costly to the U.S. economy, especially over the long run. The loss of not only cutting-edge technology, but also blue-sky research into future technologies, could put even more of American industry at risk of succumbing to unfair competition from Chinese counterfeits.