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Chinese President Xi Jinping is seen on screens as he makes a speech during the opening ceremony of the G20 Summit at the International Expo Center in Hangzhou on September 4.
Chinese President Xi Jinping is seen on screens as he makes a speech during the opening ceremony of the G20 Summit at the International Expo Center in Hangzhou on September 4.

Xi Calls for Open World Economy

Xi called for more innovation to spur economic growth and reforms to global financial and economic management

Xi Calls for Open World Economy

Leaders of the world’s biggest powers met Sunday to try to revive the sluggish world economy, with their host Chinese President Xi Jinping urging them to avoid “empty talk”.
Opening the two-day meeting (Sept. 4 and 5) in a circular conference hall in this lakeside city of Hangzhou, Xi said, the G20 leaders “should work with real action with no empty talk”, news outlets reported.
The global economy is "at a crucial juncture", Xi said, hemmed in by sluggish demand, financial market volatility and feeble trade and investment.
"Growth drivers from the previous round of technological progress are gradually fading, while a new round of technological and industrial revolution has yet to gain momentum."
Xi called for leaders of the United States, Germany and other major economies to resist pressure to raise trade barriers.
He called for more innovation to spur economic growth and reforms to global financial and economic management.
He appealed for cooperation in taxes, anti-corruption and measures to "improve the ability of the world economy to resist risks."
"We should build an open world economy," Xi said. "The Group of 20 countries should abide by their commitment to avoid taking new protectionist measures, strengthen investment policy cooperation and take effective action to promote trade growth," Xi said.
With the summit tucked in between Britain's surprise vote in June to exit the European Union and the US presidential election in November, G20 leaders are expected by observers to mount a defense of free trade and globalization and warn against isolationism.

Reviving Global Growth
Underlining that a "difficult conversation" was not enough to combat global slowdown, Indian Prime Minister Narendra Modi pressed for a "collective, coordinated and targeted action" by the G20 members to revive the global economic growth.
"We meet at a time when the global situation faces complex political and economic challenges," he told the G20 leaders.
A frank, even a difficult conversation won't be enough. What G20 needs is an action oriented agenda of collective, coordinated and targeted action," Modi said as he laid out an agenda for structural reforms to revive the global growth.
US President Barack Obama said, "We understand that many of our citizens are frustrated by the pace of globalization and feel they're not experiencing the benefits of international trade. We must all work together to spur economic growth, to boost free trade and build a fairer economy that truly works for all."
German Chancellor Angela Merkel said the G20 leaders agreed they needed to work together to increase world economic growth.
She welcomed China's focus on structural reforms during its rotating presidency of the group, and said digital ministers from the world's 20 biggest economies would meet for the first time next year, when Germany will take over the G20 presidency.
She said the group also planned to set up a task force on innovation.

China's "Steel Element"
 European Commission President Jean-Claude Juncker said, China must set up a mechanism to address its problem of industrial overcapacity, saying it was "unacceptable" the European steel industry had lost so many jobs in recent years.
"Overcapacity is a global problem but there is a particular Chinese element," he said.
"Free trade must be fair trade," Juncker said at a news conference with Donald Tusk, president of the European Council.
The World Trade Organization is forecasting this year's global trade growth at an anemic 2.8%—its fifth straight year below 3%.
Leaders at the meeting have said they will call for "inclusive growth"—a reference to efforts to defuse pressure to protect local industries by spreading the benefits of closer global integration to millions of people who have been left behind by wrenching changes.
The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union.

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