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Xi hails 'groundbreaking' achievements

Hits:  UpdateTime:2016-09-06 09:08:38

Leaders of major economies reached consensus during the G20 Summit on

seeking workable solutions for global growth and development, a consensus

that one analyst described as having China's "distinctive stamp".

In his concluding remarks, President Xi Jinping said summit participants reached

"important consensus" on such G20 tasks as strengthening policy coordination,

breaking a new path for growth, achieving more efficient and effective global economic

and financial governance, boosting international trade and investment and enhancing

anti-graft efforts.

Besides tackling regular challenges, such as promoting innovation to provide new

engines for global economic growth, world leaders at the summit, which ended on

Monday in Hangzhou, Zhejiang province, emphasized inclusive growth and development

of less-developed countries.

Xi called this progress "groundbreaking".

"For the first time, we have given priority to development in the global macro-policy

framework," a move that will "help reduce inequality and imbalance in global development,

deliver tangible benefits to people of the developing world, make important progress

toward realizing the (United Nations') Sustainable Development Goals by 2030 and

contribute to the common development of mankind", the president said.

Su Ge, president of the China Institute of International Studies, said the consensus

shows that China, as the host and a developing country, has played a significant

role in contributing its ideas to global governance.

"It has the distinctive stamp of China, although the outcomes result from

contributions of all G20 members and international institutions," Su said, adding

that the summit was not a Chinese solo or duet, but rather a symphony.

He said the outcomes of the G20 Summit reflect the direction of the G20 reform

in serving the common interests of developed and developing countries.

"The rise of the G20 comes from the failure of traditional organizations, such as

the IMF and the World Bank, in handling global economic and financial crises,"

aid Zhu Jiejin, a researcher of global governance studies at Fudan University in


"The G20 mechanism is quite flexible, and since the world economic situation often

changes, flexibility is the biggest advantage of the G20 in handling crisis," Zhu said.

Analysts said the summit reflects a change of China's role in global governance

from a participator to a lead reformer.

"China has given the prescription that the world economies should not form small

interest groups, but should use the G20 as a common governance platform to step

toward a community of common destiny," said Wei Jianguo, vice-president of the

China Center for International Economic Exchanges.

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