Steelmakers throughout the globe blame China, which has half the world’s steelmaking capacity, for a glut of cheap steel that has led to an estimated 19,000 steelworker layoffs in the United States alone over the last two years, including at Northwest Indiana mills.
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The two should continue to promote cooperation in the areas of investment, energy, infrastructure and finance, Xi added.
The hard diplomacy on Syria set the tone for an uneven few days for Mr Obama on his last tour through Asia as president.
Luigi Gambardella, president of ChinaEU, a business association based in Brussels, said that China was taking on the responsibility of building an open global economy, and its efforts were increasingly recognized by Western countries. “Eight years later, the world economy is again at a critical moment”, Xi said after the summit.
“We agree that facing the risks and challenges of the current world economy, and maintaining a peaceful and stable worldwide environment are crucial”.
In their communique the group resolved to make growth more inclusive, “generating more quality jobs, addressing inequalities and eradicating poverty so that no one is left behind”.
The governments pledged to avoid devaluing their currencies to boost exports. Obama urged Kerry and Lavrov to work together in the coming days to get aid to those in need.
The leaders were also determined to improve global economic and financial governance to enhance the resilience of the world economy, and to revitalize worldwide trade and investment as the key engines of growth and build an open world economy, Xi said.
The myriad fiscal and monetary stimulus policies used since 2008 have helped the world economy weather the crisis but structural problems remain.
“I would say it is hard for the G-20 to come up with a coordinated action plan because numerous countries are caught up in domestic issues”, Biswas said.
India and several other countries believe they can not ratify the deal due to various legal impediments, said NITI (National Institution for Transforming India) Aayog’s chief Aravind Panagariya, India’s Sherpa at the Summit, on Saturday.
Two of the most powerful men in the world came face to face at the G20 summit in Hangzhou, China, and gave a whole new meaning to the phrase Cold War – if this iconic photograph is anything to go by.
“The development of G20 has a bearing on the immediate interests of all its members and the future of world economy”.
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“It is high time that the European Union and India, the third – and the fourth-largest emitters, also show they mean business when it comes to limiting the effects of climate change”, it said.
