G20 opens in Hangzhou amid weak global economy

G20 Summit

CHINA-G20-SUMMITChina’s President Xi Jinping (C) and G20 leaders pose for family photo in Hangzhou on September 4, 2016. / AFP PHOTO / POOL AND AFP PHOTO / STEPHEN CROWLEY

China’s President Xi Jinping has called for the G20 to develop a strategic vision for the world economy. He also called for action, not “empty talk.”

The road to healthy growth Xi said needs G20 “remedies” and “therapies.” He warned against the contagion of protectionism. CCTV’s Han Peng reports from Hangzhou.

The G20 Summit gathers 20 of the world’s most powerful leaders, but it’s far from a superstar carnival.

International trade is facing its lowest growth rate in three decades, and the global jobless rate is nearly six percent.

Some analysts warn protectionism has become an appealing choice for many politicians, particularly in countries that are going through elections like the United States.

A day before the Summit, business leaders from the 20 economies submitted policy recommendations to the G20 leaders.

Their most urgent call is to remove protectionist measures that hamper trade and use innovation to drive growth.

“People don’t like globalization not because globalization is bad. If globalization can really benefit everybody, and enable every individual and small business to take part, it will be a great stuff. So we give our proposal,” Jack Ma, founder of Alibaba said.

Jack Ma’s proposal is to launch an electronic World Trade Platform, or e-WTP.

The aim is to enable small businesses to trade globally through e-commerce platforms.

It’s one of several recommendations from global business leaders that bear a “China mark”.

China’s economy is growing quite fast in the world. They really want to learn from China’s experiences and practices, and want Chinese companies to share their ideas with the business representatives from other countries.

G20 countries account for two-thirds of the world’s population, and over 80 percent of global GDP and trade volume.

It’s widely seen as the most effective platform for global governance.

Business leaders around the world have reached a consensus on resisting protectionism and promoting innovation, as the Business 20 meeting wrapped up on Sunday. But getting them approved, adopted and effectively implemented will still take quite a few discussions and debates among G20 leaders.