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G20 members reach wide-ranging consensus

Reporter: Roee Ruttenberg 丨 CCTV.com

09-06-2016 12:16 BJT

Full coverage: G20 Hangzhou Summit

G20 leaders have issued a communique clarifying the future direction of the group. The Hangzhou Consensus, as it's known, aims to boost world economic growth through long-term and innovative measures.

It also seeks to ensure that developing nations are included in the planning -- and reap the benefits -- of globalization.

The G20 final communique starts off by recognizing first and for most that these are difficult times. Sluggish economic recovery in large parts of the world.

Potential volatility in financial markets. Fluctuation in commodity prices and slow productivity and unemployment rate grow in some countries.

There's also the geopolitical reality and increase of refugees and the rise in global terrorism and conflicts and against these backdrop G20 members met and committed themselves to boosting trade to easing barriers that often get their way of that trade, to fighting against corrupted individuals and to ensuring more people are included in global growth.

As expected, the communique condemns the protectionism. It calls for cooperation on crack down on tax vision which costs rich members billions in revenues.

But for the first time with China as host reference quote its industry revolution and economic potential of digital age and specifically stressed the need to include more woman, youth and disadvantage groups in the process, not just for the sake of the inclusion but the solution for growth.

There are movements on some sticking issues, such as steel production or more specifically over production. In the communique, G20 members China included recognized that access capital in steel and indeed other industries with quote "a global issue which requires collective responses."

They also noted that government subsidies in various industries can install markets and contribute to capacity issues. In terms of steel, the communique announced a creation of a global forum to address these capacity issues starting with the report due next year.

For China, after the cues of over producing that can be seen as a bit of a give, there is also take specifically a big issue for Beijing to fight against corruption. The final communique included a creation of mechanism for greater cooperation between G20 members in the search for wanted fugitives and their assets.

In the past, China has run into obstacles as it went for former officials who fled to places like the US. This will be a natural extension of China's anti-corruption campaign the one that effectively got bigger wings through this communique.

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