Business / Hangzhou G20

Implementation of G20 consensus vital for global economic

(Xinhua) Updated: 2016-09-06 13:23

BEIJING - Facing the lingering global economic slump, the world's 20 major economies ushered in a new opportunity for economic recovery Monday when they concluded a summit in the eastern Chinese city of Hangzhou.

After their two-day meeting, which bears the theme of "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy," leaders of the Group of 20 (G20) adopted a communique, clarifying the development direction, targets and measures of the group's cooperation.

They reached consensus on facilitating world economic growth through long-term, comprehensive, open, innovative and inclusive measures.

Furthermore, the summit, for the first time ever, put the issue of development at the front and center of the global macro policy framework, constituted an action plan to facilitate the implementation of the 2030 Agenda for Sustainable Development, and supported the industrialization of African countries and least developed countries collectively.

As the Hangzhou Summit pointed the direction and charted the future course for the sluggish world economy, G20 members should make concerted efforts to implement their consensus in real earnest.

Just as Chinese President Xi Jinping put it, due to current economic risks and challenges, it is paramount to maintain a peaceful and stable international environment.

"We are confident that, through joint efforts of all parties, we can bring the world economy back to a strong, sustainable, balanced and inclusive growth track," Xi told reporters after the conclusion of the summit.

Since the outbreak of the global financial crisis eight years ago, the economic recovery remains slow and fragile.

The current global economic growth environment is mediocre, featuring rising unemployment, soaring debt, sluggish trade and investment, and turbulent financial and commodity markets.

In the face of weak demand, overcapacity, tendency towards protectionism, lack of confidence, market volatility and multiple political uncertainties, governments are eager to find a new way of stimulating growth.

As G20 members represent over 85 percent of the world economy and two-thirds of the global population, they are expected to play a leading role in giving a much-needed boost to the global growth.

Following the Hangzhou Summit, the most urgent task facing G20 members is to achieve a steady economic recover and guard against economic crises caused by accumulated financial risks.

China, as the world's second largest economy and host of the summit, has put forward a solution to the lackluster global economy, which calls for an end to unsustainable growth, presses ahead with structural reform, and encourages innovation and entrepreneurship.

While addressing the opening ceremony of the annual summit, Xi urged G20 leaders to prescribe remedies for the sluggish world economy to embark on a road of robust, sustainable, balanced and inclusive growth.

The world has also pinned high hopes on China's perspective and experience in steering the G20 toward a more balanced power-sharing model and a more constructive path for the global economy.

Experts agree that the ultimate solution to most of the urgent problems needs to bring major industrialized economies as well as emerging markets together and foster closer cooperation among them.

For the world's major developed economies, they should curb rising protectionism and dismantle anti-trade measures as economic isolationism is not a solution to sluggish growth.

In order to build an inclusive, rule-based and open world economy, protectionism must be prevented from eroding the foundation for a faster and healthier economic recovery.

As an old Chinese saying goes, "empty talks would lead the country astray, and hard work can rejuvenate the nation."

By the same token, the G20 members should work with concrete actions but no empty talks to carry out their consensus and strengthen partnership, so as to get through the global economic hardships.

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