At the summit in Hangzhou, China, leaders of 20 top economies acknowledged that structural reforms and revival of global trade are essential tools for bolstering global economic growth. The Wall Street Journal quoted China’s President Xi Jinping as saying at a news conference after the G-20 summit on September 5.
Xi Jinping admitted that monetary policy measures are not enough nowadays to prop up the global economy. Citing China’s President, G20 leaders decided to use lending and fiscal instruments alongside structural reforms. Besides, they pledged to revise unpopular international trade agreements and expand investment.
China’s leader noted that the participants reached broad consensus on future global economic policy.
China picked Hangzhou, a historic city, as a venue for the two-day summit of 20 influential political leaders. The theme of this year's event was “Towards an innovative, invigorated, interconnected and inclusive world economy”.
