Significance of G20 China summit as economic gravity center moves toward East
This year’s G20 China summit, which is scheduled for Sept. 4-5, is a continuation of last year’s G20 Turkey summit in many ways. Last year, Turkey brought up basic policies that highlight inclusive growth and increase the share of developing countries in world trade through this inclusive perspective, as well as the scope of the application of these basic policies. Most probably, China will bring up its new development strategy as one of the topical issues during this year’s summit. China’s new development strategy started emerging in 2012 and was announced by President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) meeting in 2014, saying that China would make $1.25 trillion-worth of foreign investments in the next decade. Can this strategy, which China introduced to the world under the name of One Belt, One Road (OBOR), be a new Eastern development project as an alternative to the Western development that started staggering in the 20th century and that entered a dissolution process at the beginning of the 21st century? I think all developing countries, including Turkey, will seek an answer to this question during the upcoming G20 summit.
Until recently, or perhaps until the G20 Turkey summit, developing countries interpreted the G20’s main headings of growth, financial governance, taxation justice, protectionism, the regulation of world trade, debt issues, climate change, unfair income distribution, fighting the financing of terror, combatting corruption and planning infrastructure investments as a way to contribute to inclusive growth. For instance, while developed countries suppress the East to remove customs walls as part of protectionism, they have started applying high protectionism in traditional sectors like iron and steel. The U.S., the U.K. and EU countries, where the crisis is continuously intensifying, have brought up the same double standards in this area as they practice in all areas. Therefore, the content of strategic topics such as fighting terrorism and corruption must absolutely be revised. Developed countries have never addressed the global financial oligarchy’s trillions of dollars of acts under the topic of corruption. I wonder why the G20 has never discussed the chain of financial corruption such as the one that started with the Enron scandal in the U.S. in 2001, continued with the bankruptcy of giant insurance companies like American International Group (AIG) and peaked with the London Interbank Offered Rate (Libor) scandal.
Another trick is being seen in the topic of financing terrorism. When the financing of terrorism is mentioned, the U.S. and its buddies understand the monetary cycle apart from the swap mechanism and the dollar. All off-record financial activities, ranging from the fight against drugs to money laundering, are addressed by indexing them on the unaudited dollar cycle, which goes through without informing the U.S. As such, corruption and the financing of terrorism is piled on the bureaucracy of developing countries and drug and arms barons alone. Indeed, the financial oligarchy that settles down in the capitals of developed countries are behind these drug and arms traffickers.
This being the case, the West fails to or does not want to understand Turkey’s fight against the Gülenist Terror Group (FETÖ) and that this fight is aimed at both the financing of terrorism and hundreds of billions of dollars in global corruption. Certainly, Turkey’s current fight against the financing of terrorism is a new-generation struggle in this regard as it has gained significant experiences in this area through FETÖ probes.
Today, the U.S. must address billions of dollars in bribes that FETÖ gave to U.S. politics. Most of these bribes were given as election campaign donations. Turkey will bring up this issue during the upcoming G20 summit.
Currently, FETÖ manages an illicit money trafficking and bribery mechanism worth billions of dollars through the schools it founded in the underdeveloped regions of the world. This intoxicates politics and spoils the functioning of the market mechanism. Through FETÖ, Turkey will bring up a new perspective and vision in the topics of corruption and the financing of terrorism. Turkey, China and other developing countries will say that the Kissinger doctrine has become a thing of the past during this year’s G20 summit. Kissinger suggests that the U.S. has the best administrative system in the world and the rest of humanity can only achieve peace and welfare if they abandon traditional diplomacy and accept respect for international law and democracy. These statements are too clear to be commented on and as a doctrine it shaped the world throughout an entire century.
The super structure and law of world trade, which was formed by the World Trade Organization (WTO), was a trade cycle that prioritized developed countries (the West) alone. This approach has collapsed. Many areas including protectionism, world trade, monetary systems, customs legislations and the banking system will be revised. The trading rules and standards have always been determined by prioritizing the U.S. and the West on the basis of the Kissinger doctrine in all G20 platforms. This is one of the main reasons why the East missed the Industrial Revolution. Now, if the East, or developing countries including Turkey, do not want to miss the switch to the knowledge society, they must be partners in determining the trade cycle and standards of the knowledge society. The G20 platform stages the highest level struggle against this.