China has recently hosted G20 meeting in Hangzhou of Zhejiang. This important G20 convention is a step to wipe out the upcoming trouble. The global economic crisis has done lot of financial damages. The severe global terrorism is obviously a menace to threaten up many rich and advanced countries. Similarly, South Sea has opened a new chapter of cold war with a ridge in the bilateral relationship. America and China need to have the compromising measures to settle South Sea crisis. However, there are more issues like refugee rehab to reset at this summit. The outcome of G20 summit is not easy to summarize but all G 20 members are hopeful with resolutions to put their futuristic plans into action instead of providing mere lip service.

Background of G20 Summit

G20 is represented by 20 rich and more financially affluent nations including America , Argentina, Brazil, China, India, the UK , Australia, Indonesia and Italy. European Union has also membership to participate in G20 summit which was recently held in China. G20 was first established in 1999 to combat the financial crunch in Asia. The objective of these G 20 nations is to integrate developed and developing countries for solving complicated issues like global financial downturn/recession stabilizing the international market through uninterrupted investment.

New Resolution in G20 Summit

The city of Hangzhou was wrapped up in colors of joy and excitement to welcome foreigners and president of America. Roads and highways were given a new looking by removing all wasted products, and toxic elements. Factories were closed to prevent the air pollution. This city is one of the most polluted places in the world. The sky was clearly bright with the least remnant of poisonous gasoline component or black fume. However, many orthodox critics found this G 20 summit hopeless. This convention is defunct. There are so many overall assumptions and resolutions without giving any specific strategy to turn the vision into

reality. South Sea issue is accelerating more trouble to create crisis. American president wants more clarity from Chinese president over the land reclamation issue in South sea maritime zones. China has possessed Sprightly Island and it slowly increases military exercises with the escalation of army to patrol major islands in South Sea. American force will not be permitted to cross Economic Exclusive Zone set by Beijing. At G20 summit, Xi Xinping, Chinese President, was not shaky while discussing to evaluate the cause and effect of G20 Summit. Barak Obama didn’t indicate any productive solution to minimize the tension in South Sea. However, the US and China were very much cordial and friendly to finalize the Paris Climate change agreement/accord. Innovation has been prioritized with the stress on free trading and investment to boost up the global market.

Comments of Global Leaders over Outcome of G 20 Summit in China

Xi Jinping, the present Chinese prime minister, has called for more constructive uniformity and solidarity to bring a reform in the global economy tackling all adversities brilliantly. He is agreed with American President to handle terrorism, gun running and drug trafficking boldly. He also put emphasis on the introduction of innovative monetary and fiscal reform which must enhance the futuristic growth potentiality. Theresa May, honorable British Prime Minister, is responsive with intention to go for free trading after taking decision to choose Brexit. She wants new business collaboration and tie-ups with China, India and other Asian countries to have good dominance over the global market after canceling EU membership. She wants to sideline corruption and terrorism. At G 20 summit, she expects innovation in free trading and anti-terrorism campaign. In this connection, German Chancellor, Merkel, praised Chinese prime minister due to escalation in the economic development through a financial rebalancing theory. China and German will be key participants to participate in the joint venture to enhance the over expansion of steel manufacturing industry. She also supported the introduction of automatic information exchange to make the taxpaying process significantly better/more comfortable to clear taxes. Climate changing issue was also prioritized by Merkel to detoxify the global environment.

New Tax Reform with Innovation in Taxation at G20

20 wealthier financial nations have done workouts to introduce a global financial reform plan to restructure world economy by reducing strong negative impact of recession. G 20 convention is not a debacle or unproductive event for these rich financers who represent the meeting in China. New tax reform and emphasis on the acceleration of the production of steel will be implemented to turbocharge the world economic structure. Multinational corporate sectors will be given tax relief to pay the taxes. They will pay the taxes in those countries where profit percentages are overwhelmingly good. Taxes must be paid or cleared by entrepreneurs to rejuvenate the global market. In the case of smooth tax payment, G 20 has chalked out an automatic tax exchange portal to improve the tax collection process. Right now, the strong globalization forces international entrepreneurs and multinational corporate sectors install hi- tech tools or software to share information. It is necessary to know whether companies in different jurisdictions of G 20 nations have paid their taxes on time. This fast virtual cloud based automatic tax exchange office will be activated to track the tax payment process. Information will be available online over the perfect tax collection in various provinces. The smart automatic information exchange will work in compliance with the law. Experts will review and evaluate the various financial accounting reports, and tax clearance details using this automatic tax exchange. In this connection, BEPS or Base Erosion Profit Shifting plan was also placed at G20 summit with a view to enhance the fairness in tax clearance. It is one of the promising plans to develop the business and nurture the global economy.

Both developing and developed countries including EU have supported the implementation of base erosion and profit sharing mechanism.
In addition, DRM or domestic resource mobilization strategies will be properly used to mobilize the development of neglected regions.

Conclusion

The innovation and prosperity are indivisible to reinforce all G 20 nations.
Finally, refugee rehabilitation issue will also be taken care of to end the poverty and crisis in Asia. Merkel’s pro refugee rehab plan seems to encourage China and other G20 countries to give status to asylum seekers by modifying conventional laws. Vision of G 20 is yet to achieve but there is certain possibility of better negotiations to have consistence in the overall development of economy.