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G20 leaders vow to enhance coordination, boost growth

Reporter: Han Peng 丨 CCTV.com

09-06-2016 10:32 BJT

Full coverage: G20 Hangzhou Summit

The G20 Summit in the eastern Chinese city of Hangzhou has concluded with leaders vowing to strengthen coordination to foster global economic recovery. CCTV's reporter has a brief wrap-up of the event -- from the bilateral meetings on the sidelines to the impressive historical beauty of the host city.

The spectacular opening gala of the G20 Summit in Hangzhou may have impressed the world, but when it comes down to serious business, world leaders still face daunting challenges.

The world's recovery remains weak after the 2008 financial crisis, with the global jobless rate almost reaching 6 percent. Growth in international trade has hit its lowest point in three decades.

Xi said, "Eight years ago, the G20 was entrusted with a mission to pull the world economy back from collapse at a difficult time of financial crisis. That mission was achieved with the spirit of mutual help and partnership. Today, the global economy once again comes to a crucial juncture, with huge challenges ahead."

Chinese President Xi Jinping urged G20 members to resist protectionism and foster innovation to boost growth.

He said the global economy can hardly recover without open trade and coordinated macroeconomic policies among G20 members.

"It's a great success that China is hosting the G20. When Canada was deeply involved in creating the G20 back in the 1990s, one of the reasons for the fact that we needed the G20, not just the G7, was that we had to have China involved in the discussion on the global economy," said Justin Trudeau.

"I think China has confidence in its economy. It's a great role model for Brazil and other countries facing an economic recovery. The G20 Hangzhou Summit presented great opportunities from China for others to learn," said Michel Temer.

Outside the summit, some notable meetings also grabbed headlines. President Xi met with his US counterpart Barrack Obama. Disagreements remain on thorny issues like the South China Sea, but one widely appreciated consensus was their climate change agreement. UN Secretary-General Ban Ki-moon received the two countries' instruments for joining the Paris Agreement.

"The actions taken by China and the United States, both of which are the two biggest emittors, I think are far-reaching. They are working for the people, they are working for the planet Earch. Sustainable development goals and climate change are deeply interlinked," said Ban Ki-moon.

President Xi also met with South Korean President Park Geun-hye, reiterating China's objection to the US' deployment of an anti-missile defense system in South Korea. Xi warned her that tensions may escalate on all sides if the issue is not handled well.

G20 economies account for two-thirds of the world's population, and over 80 percent of global GDP and trade. It's widely seen as the most effective platform for global governance.

Outside politics, an achievement of the G20 Summit this year is that Hangzhou, which was not as famous or developed as Beijing or Shanghai, gained global attention. The opening gala on the West Lake boosted local confidence, and the city's new high-rises showcased its rising global stature and influence.

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