G20 Summit and XI Jinping Speech Analysis

  • the Coronavirus pandemic is purely the fault of China
  • China wants universal health QR code, to gain even more intelligence access.
  • China wants lowering of trade tariffs.

The G20 15th summit is under way in the Saudi Arabia. On November 21st, the president of China Xi  Jinping stated that humanity is experiencing the worst pandemic of this century. The Group of Twenty, or the G20, is the premier forum for international economic cooperation. The G20.

Xi Jinping is a Chinese politician who has served as General Secretary of the Chinese Communist Party and Chairman of the Central Military Commission since 2012, and President of the People’s Republic of China since 2013.

Currently, there are over 58 million infected and over 1.4 million deaths around the world. It should be noted, the Coronavirus pandemic is purely the fault of China.

There are confirmation from multiple sources, including the French virologist and a Nobel Prize winner that the Covid-19 in fact did originate from the lab. This incident happened due to Wuhan lab working on the AIDS vaccine by merging multiple viruses.  In March, G20 held an antiviral conference with the key speaker being Xi Jinping.

Chinese leader emphasized the need to reduce tariffs and barriers and liberalizing trade. In another words, it is bad enough China released the virus to the world, now he wants to have Chinese goods to move to the world, that possibly contain lead, poisonous substances. Lastly, there has been cases of China installing trackers in their products to gather intelligence on the foreign nationals overseas.

According to Xi, The world needs to further align policies and standards, and create “Express corridors” to facilitate the orderly movement of people.  He also called for promoting the formation of a unified system of “health Code” through a generally recognized two-dimensional code.

In nother words, let China steal health data as well, or stiffing Canada, while working together on the Coronavirus vaccine. Ironically, XI blamed the failure of the global governance pertaining of the pandemic handling. Yet, China is the one that downplayed the virus, when it was originally reported to the Chinese government.

China, overcoming its own difficulties, is fully implementing the Initiative to suspend debt service payments (DSSI) put forward by the G20, totaling more than $1.3 billion. China also suggests that an international conference on reducing food losses should be convened at the appropriate time.

XI called for promoting the healthy growth of the digital economy and jointly creating an environment for digital development that is open, fair, equitable and non-discriminatory. Hence, let China control the funds of the foreign nationals as well. The launch of the Yuan Crypto is the prime example of such.

The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank.

The users can’t cash in the funds or transfer them out of China. The crypto system also gathers and stores all the information. Therefore, the trading with China the western companies would have to keep their funds in China and only spend in China too. Perhaps China used the operation Bernhart playbook.

Furthermore, the global economy has fallen into decline. This scenario is much worst in comparison to the 2008 crisis. The financial crisis stretched over more than a year, whilst causing the  collapse of Lehman Brothers in September 2008 and the government bailout of the Wall Street. The aftermath in US resulted in many mortgage defaults and largest number of the real estate short sales.

Chinese President XI Jinping stressed the need to resolutely protect the multilateral trading system, which is based on international norms and is characterized by transparency, non-discrimination, openness and inclusiveness. “We must oppose unilateralism and protectionism and confront the challenges of economic globalization in order to promote economic globalization in a more open, inclusive, comprehensive, balanced and mutually beneficial way.”

Overall, G20 members should demand China to pay reparations to the world. China should be held accountable for the pandemic. Xi speech is downright hypocritical. The world needs to stand up to China, including human rights violations against Ungurs, animal abuse and murder, pollution, etc.

The Coronavirus pandemic continues and the world enters second wave. Many nations are on consecutive lockdowns. It is clear, the economic recovery would be a long process and will require a lot of check and balances in place.

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Christina Kitova

I spent most of my professional life in finance, insurance risk management litigation.

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