Xi hails G-20 role in global growth
HANGZHOU (AP) — Chinese President Xi Jinping has announced the closing of the G-20 summit in the eastern city of Hangzhou, saying it contributed to encouraging new progress in boosting global growth.
Xi said agreements had been reached on reforms to global financial institutions, combating international tax evasion practices and fighting corruption.
In a statement to international media at the summit’s close yesterday evening, Xi said that under future cooperation guidelines, those who have committed economic crimes will have nowhere to hide.
He said the summit would also go down as a milestone in transitioning the G- 20 from a crisis- management mechanism to one geared toward aiding in the long-term management of the global economy.
Xi also said G-20 member countries need to shift from short- term policies to midand long- term policies and focus on supply-side reform.
“Countries agreed to oppose protectionism and stop declines in global trade, while closely coordinating macroeconomic policies,” Xi said.
Earlier, G- 20 leaders met under pressure to reboot the world economy, but a stumbling push for a Syria ceasefire and Asia’s heated territorial disputes intruded during the summit.
There had been hopes of a breakthrough in stemming the Syria conflict after the US said it was close to a deal with Russia. But frantic diplomacy failed to bear fruit, with Moscow accused of backtracking.
Presidents Barack Obama and Vladimir Putin also met Monday, but it was far from clear that they could find agreement on the intractable five-year crisis, in which the two support different sides.
China sees the summit as a showcase for its global leadership credentials, and Asian giant’s geopolitical issues swirled around the gathering.