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China: G20 outcome ensures global growth
September 6, 2016, 5:50 pm

In their final communique, G20 leaders pledged to protect free trade [Xinhua]

In their final communique, G20 leaders pledged to protect free trade [Xinhua]


Chinese State Councilor Yang Jiechi has hailed the agreements reached at the G20 summit in Hangzhou adding that the world economy now had a road map to pull it out of the crises of the past decade.

“The outcomes of the summit, many of which are of pioneering significance in the history of the G20, are expected to make the global economy regain its vitality,” Yang told reporters in an interview carried by state news agency Xinhua.

The summit ended on Monday amid concerns about the health of the global economy and acknowledgment by the G20 delegates that markets were undergoing continued shifts and significant change in the dynamics for growth.

In their final communique, the G20 said they will bolster integration of global markets.

“We will pursue innovative growth concepts and policies by forging synergy among fiscal, monetary and structural policies, enhancing coherence between economic, labor, employment and social policies as well as combining demand management with supply side reforms, short-term with mid- to long-term policies, economic growth with social development and environmental protection,” the communique said.

To this end, the members of the G20 pledged to make full use of all monetary, fiscal, and structural tools to reach the target of strong, sustainable, balanced and inclusive growth.

“The Hangzhou summit has made major breakthroughs in extent and depth of outcomes, which sets a new global standard,” Yang said.

Chinese President Xi Jinping, who hosted the summit, said “The global recovery lacks momentum.”

We need to do more to unlock the potential for medium and long-term growth,” he told the media following the final communique.

At the start of the summit on Sunday, Xi urged world powers to do their utmost to curb protectionist and isolationist trade policies, which he said hindered the potential for medium and long-term growth.

Xi, as well as US President Barack Obama, Canadian Prime Minister Justin Trudeau and other world leaders all called for global cooperation to ensure free trade.

“The benefits of trade and open markets must be communicated to the wider public more effectively,” the final communique said.

The BRICS Post with inputs from Agencies