Ac­tion, not words needed to lift econ­omy

Pres­i­dent tells world lead­ers China will strive to boost growth, aid devel­op­ment

China Daily (USA) - - FRONT PAGE - By XIN ZHIMING and WANG YIQING in Hangzhou Con­tact the writ­ers at xinzhim­ing@chi­nadaily.com.cn

Pres­i­dent Xi Jin­ping urged the lead­ers of the world’s big­gest economies to de­liver “real ac­tion” and “no empty talk” as they at­tempt to steer the global econ­omy out of its slug­gish state.

In his open­ing speech at the start of the two-day G20 Sum­mit on Sun­day, he said theG20 had drawn up ac­tion plans in mul­ti­ple fields, in­clud­ing sus­tain­able devel­op­ment, green fi­nance, en­ergy ef­fi­ciency and anti-cor­rup­tion, “and we should im­ple­ment each of them se­ri­ously”.

The Hangzhou sum­mit has come at a time when the world econ­omy is plagued by prob­lems, short and long term, such as poor growth mo­men­tum, chang­ing de­mo­graph­ics, ris­ing trade pro­tec­tion­ism and low in­vest­ment, Xi said.

But he in­sisted that G20 mem­bers will “face the prob­lems squarely” and col­lab­o­rate in de­vel­op­ing so­lu­tions.

World lead­ers vowed at the meet­ing to find work­able so­lu­tions to re­store strong growth and achieve more-in­clu­sive devel­op­ment that re­duces in­equal­ity. They also agreed that more fo­cus should be placed on struc­tural re­forms, in­no­va­tion and high-tech­nol­ogy, as tra­di­tional growth en­gines have weak­ened.

Ger­man Chan­cel­lor An­gela Merkel said lead­ers had agreed that they must work to­gether to boost global eco­nomic growth, and she wel­comed China’s fo­cus on struc­tural re­form.

She added that dig­i­tal min­is­ters from the world’s big­gest economies will meet for the first time next year and that the group planned to set up a task force for in­no­va­tion, Reuters re­ported.

Xi said in his speech that while the world needs to bet­ter co­or­di­nate mon­e­tary and fis­cal poli­cies and carry out struc­tural re­forms, pri­or­ity should be given to achiev­ing balanced growth. He said the G20 will help less-de­vel­oped coun­tries, in­clud­ing those in Africa, with in­dus­tri­al­iza­tion as well as green en­ergy and fi­nance to bridge the gaps in global devel­op­ment.

The G20 has been crit­i­cized in the past for fail­ing to take con­crete mea­sures to co­or­di­nate world economies. While urg­ing mem­bers to take sub­stan­tial ac­tion, Xi said the group “should con­tinue to build our mech­a­nisms to en­sure our co­op­er­a­tion con­tin­ues and deep­ens”.

“The G20 is be­com­ing more sys­tem­atic and is chang­ing from a short-term ar­range­ment to han­dle crises to a longterm di­a­logue and ac­tion mech­a­nism,” ac­cord­ing to Chen Wen­ling, chief econ­o­mist at the China Cen­ter for In­ter­na­tional Eco­nomic Ex­changes. “To make it more ef­fec­tive, the G20 should es­tab­lish a sec­re­tariat.”

Wang Wen, act­ing di­rec­tor of Ren­min Univer­sity of China’s Chongyang In­sti­tute for Fi­nan­cial Stud­ies, added: “The G20 used to be driven by crises, and now it’s driven by ideas. China has pro­vided a global con­sen­sus at the Hangzhou sum­mit that will drive global joint ac­tion.”

PANG XINGLEI / XIN­HUA

Pres­i­dent Xi Jin­ping and other lead­ers from the Group of 20, along with some guest coun­tries and in­ter­na­tional or­ga­ni­za­tions, pose for a group photo on Sun­day be­fore the open­ing cer­e­mony of the G20 Sum­mit in Hangzhou, cap­i­tal of East China’s Zhe­jiang prov­ince.

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