G20 summit concludes with historic consensus on world growth

14:06, 6 September 2016

HANGZHOU. KAZINFORM The 11th summit of the Group of 20 (G20) major economies concluded here on Monday, reaching extensive consensus on pursuing innovative, invigorated, interconnected and inclusive world economic growth.

"Held at a critical time for world economic growth and the transformation of the G20, the Hangzhou summit attracted wide attention from the whole world and carried high expectations," Chinese President Xi Jinping said at a press conference after the summit's conclusion.

From Sunday to Monday, leaders of G20 members, guest countries and international organizations exchanged views on topics including more effective global economic and financial governance, robust international trade and investment, and inclusive and interconnected development.

They also discussed prominent issues affecting the global economy, including climate change, refugee, anti-terrorism financing and public health.

CHARTING A NEW COURSE

World economic recovery remains weak this year. The World Bank in June cut its 2016 global growth forecast to 2.4 percent from 2.9 percent projected in January, partly due to sluggish growth in advanced economies, stubbornly low commodity prices and weak global trade.

The forecast is much lower than a year-on-year growth of 6.7 percent in the first half of 2016 in China, in line with the government's target to keep its annual growth between 6.5 percent and 7 percent this year.

The world has been hoping for Chinese wisdom and prescription to cope with common challenges after the country took over the G20 presidency.

Xi said in a closing speech that leaders attending the summit decided to point out the way and set the course for the world economy.

"We will continue to reinforce macro-policy dialogue and coordination, work in the spirit of partnership to promote mutual help and win-win cooperation, and focus our minds and energy to pursue strong, sustainable, balanced and inclusive growth," Xi said.

A G20 Leaders' Communique of the Hangzhou Summit was adopted to set out the direction, targets and steps of G20 cooperation and depict the blueprint for future world economy.

A mix of effective tools, including fiscal, monetary and structural ones, must be implemented to buffer against short-term risks and unleash medium- to long-term potential, Xi said.

"This will send a strong signal of G20's commitment to promoting global growth, and help shore up market confidence and ensure stability of global financial markets," Xi said.