On Monday, in the second and final day of the summit at Hangzhou, the weak global economic growth and the conflict in Syria mark the main concerns of the representatives of the G20.
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Parshotam said the summit gave China an opportunity to explain and promote its model of economic development on a global platform.
According to the World Trade Organization, the global trade in goods in 2015 grew 2.8 percent from the previous year in volume terms and is expected to remain below 3 percent this year for the fifth consecutive year.
President Xi Jinping said in a speech after the close of the proceedings that member nations committed to combat protectionism and revive worldwide trade and investment.
The summit, which concluded on Monday, adopted a communique that clarified the development direction, targets and measures of the group’s cooperation, together with a string of specific action plans.
“The feeling of the G20 is that if we do not address the question of fairness, it will endanger global governance as we know it”, a senior European diplomat told reporters.
“We will support multilateral trade mechanisms and oppose protectionism to reverse declines in global trade”.
Xi Jinping said that the leaders of the Group of 20 (G20) major economies have agreed to continue to push forward quota and voting right reform of worldwide financial institutions.
Obama admitted before the G20 summit that there was a “reaction” to globalization and that people were “absolutely right” to worry about inequality, but insisted: “The answer is not to pull up the drawbridge”. G20 countries should help each other and coordinate more closely on macro-economic policies; use various effective policy tools, such as fiscal, monetary and structural reforms.
“We also need to prove the quality of supply”. We need increased growth, but it must be better balanced, more sustainable, and inclusive so as to benefit all people.
“The path is to take action by driving innovation”, he said, adding that China wanted the G20 to be a place for action, not only conversation. The US says the tests and other recent ones like it violate UN Security Council resolutions, and also pose a threat to aircraft and commercial ships in the region.
He added that the Member countries Leaders also resolve to take more robust measures put in force various financial reforms, a joint tax ground of global, regional financial safety net that would be conducted to build a strong border against financial crisis.
G20 leaders also agreed to continue global financial institutions’ quota and voting right reform to better represent emerging-market and developing countries.
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To boost cross-border investment and the world economy, Xi noted that leaders of the 20 major economies pledged to deepen cooperation on tax matters and combat tax evasion.
