G20 summit ends with concrete gains

By Yang Sheng and Shan Jie Source:Global Times Published: 2016/9/6 1:18:39

China wins valuable experience in global governance: experts

Chinese President Xi Jinping delivers his closing remarks at the G20 summit in Hangzhou on Monday. The two-day event is believed to have put the development issue on center stage. Photo: AFP

President Xi Jinping said the 11th G20 summit in Hangzhou, East China's Zhejiang Province, which ended Monday, has made substantial progress on development issues, with all members determined to facilitate inclusive and interconnected development.

Experts said that by hosting the summit, China has gained valuable experience in participating in global governance, particularly by coordinating concerns of all participating countries and offering its own solutions.

For the first time, the summit highlighted the issue of developing a global policy framework, created an action plan to facilitate the implementation of the 2030 Agenda for Sustainable Development and supported the collective industrialization of African countries and least developed countries, the Xinhua News Agency said.

"These moves are of pioneering significance in the history of the G20," Xi said at the closing of the two-day summit.

He said the G20 will strive to fulfill its role as a premier forum for international economic cooperation and continue to transform itself from a crisis-response mechanism to a long-term governance platform focusing on medium- and long-term policies and supply-side reforms.

From Sunday to Monday, leaders of G20 members, guest countries and international organizations discussed topics ranging from more effective global economic and financial governance, robust international trade and investment, to inclusive and interconnected development.

They also tackled crucial issues affecting the world economy, including climate change, refugees, anti-terrorism financing and global public health.

Xi held bilateral or multilateral talks and reached a consensus with leaders, including US President Barack Obama, Russia's Vladimir Putin, Japan's Shinzo Abe and South Korea's Park Geun-hye.

A communiqué was adopted, clarifying the development direction, targets, measures of G20 cooperation.

"We agree that the transformation concerns the interests of all members and has a great bearing on the future of the world economy. Only through reforms in line with the changing realities can the G20 retain its vitality," Xi noted.

The G20 members will support a multilateral trading system, oppose protectionism, unlock the potential of global trade cooperation, and reverse the decline in trade growth, Xi said.

Concrete step

A statement from the White House said that leaders at the G20 summit on Monday accepted that overcapacity in steel and other industries is a global issue that requires a collective response.

They have proposed to form a global forum that would seek a global solution and report back to the G20 next year, Reuters reported.

Such a forum would be the first concrete action by world leaders to try to stem output, revive producers and end a trade brawl between China and other major steel producers, including the US, Reuters said.

Experts agree that the Hangzhou summit has made significant progress by gathering world leaders to tackle economic and other global challenges.

"The G20 is a mechanism of global governance, which has a positive effect on confronting the global economic crisis," Pangoal Institution president Yi Peng told the Global Times on Monday.

"Many developing countries attended the summit, which offers great potential. The construction of infrastructure facilities was also discussed, which would boost the economies of developing countries which could be crucial to the future to the world," Yi said.

However, Yi warned that China should be aware that the ideas, interests and values of each side might weaken the conference's effect when implemented.

"The G20 discussed world economic recovery, which requires free trade. It is easy to open your own door, but it would be difficult to open the doors of other countries, as each side has its own considerations, but that's what China should work for," said Pang Zhongying, a professor of international relations at the Renmin University of China.

Patience needed

China contributed to the completion of the G20 mechanism, instead of making a new one. China stressed the importance of the "need side," which would radically solve economic problems, Zha Daojiong, a professor at the School of International Studies of Peking University, told the Global Times on Monday.

"At this G20 summit, China was not only the host, but a rising world power that has growing discourse and law-making powers," Yi said.

China is already an economic power, but to host international conferences or even set up a G20 secretariat requires recognition of its soft power which would take time and requires patience, said Cai Tuo, director of the Center for Globalization and Global Issues Studies at the Chinese University of Political Science and Law.

Xinhua contributed to this story

Newspaper headline: Summit ends with concrete gains

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