The World Bank in June cut its 2016 global growth forecast to 2.4 percent from 2.9 percent projected in January, partly due to sluggish growth in advanced economies, stubbornly low commodity prices and weak global trade.
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“We are confident that, through joint efforts, we are able to steer the world economy back to a robust, sustainable, balanced and inclusive growth track”, Chinese President Xi Jinping said at a news conference at the end of the deliberations.
“Despite hopes that the US and Russian Federation would come to an agreement on ending violence in Syria, Obama said the two sides failed reach a consensus due to “‘gaps of trust’ between the two governments”, CNN reports.
“It has the distinctive stamp of China, although the outcomes result from contributions of all G20 members and global institutions”, Su said, adding that the summit was not a Chinese solo or duet, but rather a symphony.
Chinese State Councilor Yang Jiechi has hailed the agreements reached at the G20 summit in Hangzhou adding that the world economy now had a road map to pull it out of the crises of the past decade.
From Sunday to Monday, leaders of G20 members, guest countries and worldwide organizations exchanged views on topics including more effective global economic and financial governance, robust worldwide trade and investment, and inclusive and interconnected development.
Meanwhile, on behalf of the Greenpeace, Morgan urged Germany, the G20’s next president, to lead by example in the year before its G20 presidency to show the world that it is ready to transform its full economy to be zero carbon and shift the investments needed to do so.
Overshadowing the summit were concerns there is a deepening hostility among broad sections of the world’s population to the policies of the past eight years that have resulted in ever-worsening living standards and the growth of social inequality to historically unprecedented levels.
China saw the summit as a showcase for its global leadership credentials, but the Asian giant’s geopolitical troublespots flared during the gathering. The consensus states that the countries would deploy fiscal, monetary and structural reforms to avoid short-term risks.
The rows over protocol aside, the two countries have far more significant financial matters to discuss as China closes in on overtaking the U.S.as the world’s largest economy.
By placing some new items high in the G20 agenda, China has strengthened its role as the leading voice of developing countries.
Another country that has expanded its power base by thumbing its nose at the United States – Russia – also grabbed the spotlight during the G20 summit.
Chinese authorities imposed unusually tight security on the event, with vast swaths of the city closed to normal traffic, but Obama himself downplayed the incident, leading China’s nationalist Global Times newspaper to claim in a Sunday editorial that the hype was due to Western media, ?which often makes a fuss over trifling issues?.
How did the first China-hosted G20 go?
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China has also been demanding the G20 adopt a motion on innovative growth and sharing of technologies to bring about global development in an equitable manner. The tenth Summit was held in Antalya, Turkey in November, 2015.
