G20 urged to lead global economic development

obamaChinese President, Xi Jinxing, on Saturday urged members of the G20 to take the lead in global economic development, saying, “We should make the G20 an action plan instead of a talk shop”.

He asked the group to change from the mechanism of crisis response to long term governance, to set the direction and blaze the trail for global growth.

President Xi made the call at the opening of the G20 summit in the Chinese eastern city of Hangzhou, being attenuated by leaders from all the G20 members.

The leaders were expected to discuss trade, investment, industrialisation, particularly concerning developing countries as the world looked forward to the realisation of the 2030 Sustainable Development Goals (SDGs).

This year’s summit is featuring delegations from developing countries, as China pushes the agenda for developed states to support the industrialisation drive and development of developing countries.

Member countries of the G20, which was initiated in 1999, are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union (EU).

President Xi urged G20 members to support the youth to start their own businesses, and also strive to improve global economic growth.

He reiterated the need to support industrilisation in least developed countries and Africa, adding that China would support the implementation of the SDGs.

“G20 members should uphold partnership spirit while working through difficulties. China’s preparation for the G20 has featured openness, transparency and inclusiveness,” President Xi said.

He said that that this year’s summit should be a new start for world economic recovery, stressing that, “the G20 should adopt new measures to avoid protectionism”.

President Xi indicated that  though the global economy faces risks and challenges, the international community had high hopes for the summit.

He noted that the G20 saved the world economy eight years ago, amid international financial crisis, and said: “The world economy is entering another critical time”.

According to the Chinese leader, aging population, trade protectionism and lack of momentum from the science-tech sector caused difficulty for economic recovery.

With proposals for global economic growth, President Xi urged G20 members to strengthen their coordination in macroeconomic policies and jointly promote global growth and international financial stability.

Members, he said, should pursue more comprehensive macroeconomic policies in ensuring  fiscal monitoring and structural reforms.

President Xi asked G20 members to chart new path and generate new growth momentum, emphasising that “the G20 should change its policy approach and place equal importance on both short term and long term approach”.

He urged G20 members to improve global economic governance and strengthen institutional safeguards as well as improving the global regulation safety net.

President Xi appealed to the members to build an open global economy and promote the liberalisation and facilitation of trade and investment.

Touching on the 2030 Agenda for Sustainable Development, the Chinese leader, appealed to G20 members to promote inclusive growth while helping developing countries in addressing their economic challenges.

The United Nations, International Monetary Fund, World Bank, World Trade Organisation, Financial Stability Board, International Labour Organisation, Organisation for Economic Co-operation and Development (OECD) are among international bodies attending the summit.

The African Union Chairman and President of Chad, Senegalese President Marky Sall, and Egyptian President, Abdul Fatah Al-Sisi, were also in attendance.

Caption: President Xi (left) and President Barrack Obama

From David O. Yarboi-Tetteh, Hangzhou, China

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