Argentinean entrepreneur hails China's role in fighting poverty

The Vice-President of Argentina's Industrial Union, Daniel Funes de Rioja, hailed China's role in the fight against poverty on Sunday during the Business 20 (B20) summit in the Chinese city of Hangzhou.

According to Argentinean news portal Terra, Funes de Rioja said in Hangzhou that "globalization and interconnectivity bring us today opportunities that were never had before," pointing to how China has benefited tremendously from global trade.

"Globalization and growing interconnectivity between countries and regions do not only stimulate growth and create jobs, but also contribute to development and to greater inclusion," added Funes de Rioja.

"China has been very efficient in its fight against poverty thanks to globalization, not despite it," he told the B20 summit, which was attended by business leaders and officials including those from the Group of 20 (G20) economies.

According to the entrepreneur, "the debate over globalization often ignores how global trade has been highly positive for social and economic development."

However, he warned that the impact of globalization as a source of job creation had often been over-estimated.

Funes de Rioja said that the global level of unemployment in 2015 stood at around 197 million people, over 27 million more than before the crisis, and that around 2.3 million more people would become unemployed this year.

In his view, a country's laws and policies are far more important in determining if it will benefit from globalization than its geographical location.

"Governments must act so that their development targets can become reality," said Funes de Rioja.

"This includes creating and allowing favorable business environments, removing barriers to creating and growing a company, and making employability a priority in national education and training programs, aligning these with the needs of the labor market," he said.

The two-day B20 summit, which was scheduled on Saturday and Sunday ahead of the G20 summit, attracted more than 1,100 business leaders to discuss hot topics and difficulties for the world economy.