G-20 economies pledges to revive global trade and investment, says China’s Xi Jinping
HANGZHOU, China—China rallied the Group of 20 around a call to use new levers to revive global growth, though the group’s nine-page statement was short on concrete steps and there were few signs that Beijing would lead by example.
Chinese President Xi Jinping said leaders would put in place guidelines on global investment and explore structural overhauls, acknowledging the need for measures beyond low interest rates to prop up the global economy amid growing resentment of globalization’s effects.
Leaders from U.S. President Barack Obama and British Prime Minister Theresa May to Mr. Xi highlighted in news conferences and meetings the need to improve the lives of ordinary citizens to garner support for increasingly unpopular trade agreements. Speaking at the conclusion of the meeting, the International Monetary Fund’s Christine Lagarde said, “There must be more growth and growth must be more inclusive.”
But the appearance of a Beijing-backed consensus hid the drubbing China took over its steel exports, which have flooded global markets and become a symbol of trade imbalances that have fed resentment across continents.
The gathering provided Mr. Xi his best opportunity yet to exercise leadership on global economic affairs, an ambition on display throughout China’s G-20 presidency this year, which culminated in the two-day summit of heads of states that ended Monday evening. Mr. Obama, leaving office in January, sees his major trade initiatives floundering and Europe is divided by Britain’s decision to leave the European Union.
