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G20 to promote global growth

Reporter: Xing Zheming 丨 CCTV.com

08-29-2016 17:12 BJT

Full coverage: G20 Hangzhou Summit

G20 summit is now an important platform that leaders from major economies gathering to find ways to promote global growth.

In recent years, the world economy has gradually recovered from the 2008 financial crisis, but the economic situation is still complex and serious.

The World Bank downgraded its forecast for the global economy this year. The institution now predicts that the world economy will expand 2.4 percent this year, down from the 2.9 percent it had previously forecast in January.

Global trade rates have fluctuated at low levels. According to data from the World Trade Organization, growth has slowed down greatly since 2008.

The average growth rate of global trade between 1990 to 2009 was 7 percent, while it decreased to 3 percent from 2009 to 2015. Last year was the fourth consecutive year for global trade to grow at a rate below 3 percent.

International investment has also not recovered pre-2008 financial crisis levels. And there is no strong and sustainable growth impetus in the world economy.

The G20 is currently changing from a crisis-responding mechanism into a long-term governance platform which promotes global economic growth.

The G20 economies account for 85 percent of global GDP, 80 percent of global trade and 80 percent of global investment. It is essential for them to stand together to solve large problems including shrinking global demand, rising protectionism and industrial overcapacity.

China, as the G20 presidency country this year, hopes to work out new solutions to these problems through this platform that connects developed countries, emerging markets and developing countries.

All eyes are now on the G20. Chinese President Xi Jinping said in a message on the 2016 summit in China that the G20 platform should act with a broad vision and deliver concrete outcomes. He urges it to address critical issues affecting the global economy and endeavor to promote strong, sustainable and balanced growth.

So the theme of the Hangzhou summit is "building an innovative, invigorated, interconnected and inclusive world economy".

President Xi Jinping says that the G20 economies should embrace the vision of a global community with a shared future. They should enhance economic connectivity and exchanges among countries, and improve global economic and financial governance.

Xi Jingping say this will help address inequality and imbalance in global development and ensure the benefits of economic growth will be equitably shared by the people of all countries.

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