Xi made the remarks when meeting with German Chancellor Angela Merkel after the conclusion of this year’s summit in the eastern Chinese city of Hangzhou.
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There are, however, no specific or concrete actions recommended by the leaders to turn around the world economy in the short-to-medium term.
“China and India should respect and care for each other on issues of major concern, and handle differences in a constructive way”, Xi was quoted by state-run Xinhua news agency as saying. Vacation offers and encouragement for residents to leave turned Hangzhou into a ghost town of empty streets for the meeting.
Behind closed doors and in press conference, China faced pressure from its guests.
China produces half the world’s annual output of 1.6 billion tonnes of steel and has struggled to decrease its estimated 300 million tonne overcapacity, and rising prices have given companies there an incentive to boost production for export.
In a concession to Beijing, the statement doesn’t mention China by name and says excess steel capacity is a global issue. He’ll be the first sitting United States president to visit the small Southeast Asian nation.
He said the outcomes of the G20 Summit reflect the direction of the G20 reform in serving the common interests of developed and developing countries.
The EU decision against Apple comes amidst a coordinated global initiative to crack down on tax evasion by multinational companies, spearheaded by the Paris-based Organization for Economic Cooperation and Development (OECD).
In a communique issued several hours after the close of the summit, the G-20 leaders warned that global growth was weaker than anticipated, with downside risks continuing, and repeated the acknowledgement that monetary policy alone could not create balanced growth.
Both countries said they would “refrain from competitive devaluations and not target exchange rates for competitive purposes”, the fact sheet said. Mr. Xi discussed North Korea with South Korean President Park Geun-hye. “We’ve got more work to do together to keep the global economy growing”.
He also said the foreign ministries of Russian Federation and the USA were working on some pre-agreements. Kerry said the US wanted a deal with the best chance for survival. As its demand for quality foreign goods rises and Chinese companies increasingly venture overseas, officials realize that the stakes are high for China, too, amid rising global protectionism.
“The G20 mechanism is quite flexible, and since the world economic situation often changes, flexibility is the biggest advantage of the G20 in handling crisis”, Zhu said.
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“It may help to reassure countries about tangible steps China is taking”, he said.
