He called on Beijing to accept a monitoring mechanism for overproduction that Beijing’s trading partners blame for low prices and job losses.
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Chinese President Xi Jinping presides over the opening ceremony of the Group of 20 (G20) summit in Hangzhou, capital of east China’s Zhejiang Province, on September 4, 2016.
Russian President Vladimir Putin, left, shakes hands with U.S. President Barack Obama in Hangzhou in eastern China’s Zhejiang province, Monday, Sept. 5, 2016.
Another key issue at the meeting was Britain’s vote to leave the 28-nation European Union trade bloc, seen by some analysts as the first in a wave of moves by governments to withdraw from free trade.
He also highlighted Xi’s emphasis on inclusive and balanced global growth, saying that he believes China will play an even bigger role in helping less developed nations achieve development targets.
“We must all work together to spur economic growth, to boost free trade and build a fairer economy that truly works for all”, said Obama.
China hopes its status as G-20 host will bring it more influence in management of the global economy.
Germany, South Korea and other governments say they also want to use the meeting to discuss climate, energy and possible reforms to the global tax system to reduce tax evasion.
Mr Xi welcomed Group of 20 presidents and prime ministers with a handshake, and an extended clasp with Barack Obama, as both men smiled despite protocol stumbles around the United States leader’s visit.
“Overcapacity is a global problem but there is a particular Chinese element”, he told a news conference. “We are talking about most serious issues of implementing a ceasefire”, he said.
Juncker defended the EU’s tax order on Apple against US criticism. He said previous tax orders have affected European companies, including a January ruling that covered 35 companies, majority from Europe.
The State Department said a deal was close and could be announced by Secretary of State John Kerry and his Russian counterpart Sergei Lavrov, but hours later admitted defeat for now. “We are basing our decisions on facts”.
The report also warned of a possible outflow of drug research and development investment from Britain, though it said it expected the British government to handle its exit from the bloc smoothly.
China agreed to steps toward reducing its politically volatile steel exports but avoided binding limits as leaders of major economies ended a summit Monday with a forceful endorsement of free trade and a crowded agenda that included the Koreas, Syria and refugees. India has striven to become a world power and to have a bigger say in worldwide affairs, hence it needs to shoulder its due responsibilities and take actions, regardless of the difficulties, to help save the planet.
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Photos of the session distributed by the Kremlin show the two leaders and aides, including Kerry and US National Security Adviser Susan Rice, seated around a table.
