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