G20 summit concludes with historic consensus on world growth

G20 Summit

Chinese President Xi Jinping and his wife Peng Liyuan pose for a group photo with heads of foreign delegations and their spouses before a banquet for the Group of 20 (G20) summit in Hangzhou, capital of east China’s Zhejiang Province, Sept. 4, 2016. (Xinhua/Yao Dawei)

The 11th summit of the Group of 20 (G20) major economies concluded in Hangzhou, China 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 G20, the Hangzhou summit attracted wide attention from the whole world and carried high expectations,” Xi said at a press conference after the summit concluded.

For more on the two day summit, CCTV’s Han Peng gives a wrap up.

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, inclusive and interconnected development.

Barack Obama, Xi Jinping, Ban Ki-moon

U.S. President Barack Obama, right, and U.N. Secretary-General Ban Ki-moon shake hands in front of Chinese President Xi Jinping during a joint ratification of the Paris climate change agreement at the West Lake State Guest House in Hangzhou in eastern China’s Zhejiang province, Saturday, Sept. 3, 2016. (How Hwee Young/Pool Photo via AP)

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

Xi said at the closing meeting that leaders attending the summit decided to point the way and set the course for the world economy.

“Facing current risks and challenges in the world economy, we will continue to reinforce macro policy communication and coordination,” Xi said.

“We are determined to break a new path for growth to inject new dynamism into the world economy,” Xi said, adding that a G20 Blueprint on Innovative Growth was unanimously adopted at the summit.

The leaders were also determined to improve global economic and financial governance to enhance the resilience of the world economy, and to revitalize international trade and investment as the key engines of growth and build an open world economy, the president said.

Consensus was also made to promote inclusive and interconnected development, so that G20 cooperation will deliver benefits to the whole world, Xi said.

A communique was adopted at the summit, clarifying the development direction, targets and measures of G20 cooperation, while the Hangzhou Consensus was reached on facilitating world economic growth through long-term, comprehensive, open, innovative and inclusive measures, Xi added.

Further financial institution reform

G20 leaders also agreed to continue international financial institutions’ quota and voting right reform to better represent emerging-market and developing countries.

The leaders vowed to improve global economic and financial governance to enhance the risk resistance of the world economy, Chinese President Xi Jinping told reporters after the conclusion of the G20 summit in the eastern city of Hangzhou.

The G20 leaders expected the International Monetary Fund to ensure the next round of quota reform goes according to schedule, Xi said.

They also expect the World Bank to undertake its share-holding review to ensure equal voting power according to an agreed roadmap and schedule, Xi said.

The leaders have agreed on a joint drill of risk response to test the international and regional financial safety net, he said.

To boost cross-border investment and the world economy, Xi noted that leaders of the 20 major economies pledged to deepen cooperation on tax matters and combat tax evasion.

He confirmed that China will establish an international tax policy research center.

Story by Xinhua

G20 summit sets up number of agreements, initiatives between nations

After months of preparation, and days of meetings, G20 members meeting in the eastern Chinese city of Hangzhou wrapped up their summit with a final communiqué.

Leaders hope it could lead to a renewed global economic boom.

CCTV America’s Roee Ruttenberg has more.

The G20 final communiqué starts off by recognizing first and foremost that these are difficult times: sluggish economic recovery in large parts of the world, potential volatility in financial markets, fluctuations in commodity prices and slow productivity and employment growth in some countries.

There’s also the geopolitical reality: an increase in the flow of refugees and a rise in global terrorism and conflicts.

Jin Keyu on the accomplishments of this year’s G20 Summit

To take a look at what was accomplished during the two day G20 summit, CCTV America’s Rachelle Akuffo/Michelle Makroi spoke to Lecturer in Economics, London School of Economics, Jin Keyu.

Current affairs commentator Einar Tangen discusses G20 summit impact

To take a closer look at the impact and importance of this year’s G20 summit in Hongzhou, CCTV America’s Elaine Reyes spoke with current affairs commentator Einar Tangen.