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Global leaders meet in China for G20 summit

BUSINESS
By Reuters | September 5th 2016
French President Francois Hollande addresses a press conference on the sidelines of the G20 Summit in Hangzhou on September 5, 2016. World leaders are gathering in Hangzhou for the 11th G20 Leaders Summit from September 4 to 5. / AFP PHOTO / STEPHANE DE SAKUTIN

World leaders are meeting in the eastern Chinese city of Hangzhou for a G20 summit.

Following are highlights of comments made at the G20 meeting and related events:

CHINESE PRESIDENT XI JINPING

"We agree that facing the risks and challenges of the current world economy, and maintaining a peaceful and stable international environment are crucial. G20 countries should help each other and coordinate more closely on macro-economic policies; use various effective policy tools, such as fiscal, monetary and structural reforms.

"(We) will not only fend off short-term risks, but also pay attention to the medium-to-long term growth potential."

On trade:

"We will support the multi-lateral trade mechanism and oppose protectionism to release the global trade growth potential and reverse declines in global trade."

INTERNATIONAL MONETARY FUND MANAGING DIRECTOR CHRISTINE LAGARDE

"A first priority is a coordinated effort to raise growth. The G20 agreed that this will require making full use of all policy levers - monetary, fiscal, and structural - individually and collectively. The G20 also agreed to identify and prioritise reforms that provide the biggest growth impulse for each country, which is an area where the IMF is actively engaged. Pushing back against protectionism and pushing forward with free and fair trade is a vital component of this growth agenda.

"A second priority is a commitment that growth must be more widely shared. Again, countries should deploy proven tools to reduce excessive inequality and raise economic prospects, particularly for low-income groups and workers affected by rapid technological change - for example, through skills training and investments in education and health. We need increased growth, but it must be better balanced, more sustainable, and inclusive so as to benefit all people.

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