China urges G20 to find a cure for sluggish global growth

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China urges G20 to find a cure for sluggish global growth
Chinese President Xi Jinping and his wife Peng Liyuan welcome US President Barack Obama to a dinner banquet at the G20 summit in Hangzhou.

hangzhou - The G20 brings together representatives of 85 per cent of the world's GDP

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Published: Sun 4 Sep 2016, 8:02 PM

Last updated: Sun 4 Sep 2016, 10:06 PM

Chinese President Xi Jinping urged world leaders to avoid "empty talk" and confront sluggish economic growth and rising protectionism as their summit opened on Sunday in the city of Hangzhou.

The Chinese leader said the world economy "still faces multiple risks and challenges, including a lack of growth momentum and consumption, turbulent financial markets, receding global trade and investment".

The rise of protectionism is challenging economic globalisation, imperilling multilateral trade arrangements and despite regulatory reforms, market volatility is gathering pace, he said.

"We hope the Hangzhou summit will come up with a prescription for the world economy and lead it back to the road of strong, balanced, comprehensive and sustainable growth," Xi said.

The G20 brings together representatives of 85 per cent of the world's GDP and two-thirds of its population.

But experts fear the gathering will be short on substance, with no acute crisis pushing leaders to defy rising populist sentiment and to take difficult steps such as liberalising trade.

Xi told leaders the G20 "should work with real action, with no empty talk".

China is hoping a successful meeting will portray it as an assured and powerful nation ready to assume a role on the international stage that befits its status as the world's second-largest economy.

The summit was preceded by a flurry of diplomatic activity on issues ranging from climate change and the war in Syria to international trade. The US and China on Saturday ratified the Paris climate accord. - AFP


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