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G20, not words, needed to lift economy

G20, not words, needed to lift economy

Jason 2016-09-05 10:19:37
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 the G20 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.

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.

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".

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