China calls for ‘real ac­tion’ from G20 to spark the global econ­omy

The Myanmar Times - - International Business -

CHI­NESE Pres­i­dent Xi Jin­ping urged world lead­ers to avoid “empty talk” and con­front slug­gish eco­nomic growth and ris­ing pro­tec­tion­ism at the G20 sum­mit.

Mr Xi wel­comed Group of 20 pres­i­dents and prime min­is­ters with a hand­shake and a firm warn­ing.

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,” Mr Xi said.

The G20 brings to­gether rep­re­sen­ta­tives of 85 per­cent 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.

Mr Xi said the G20 “should work

‘Work with real ac­tion. ’ Xi Jin­ping Chi­nese pres­i­dent

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. –

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