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The G-20 came together and agreed to use new mechanisms to spur global economic growth, yet the group’s nine-page statement lacks concrete steps and experts fear Beijing will not lead by example.
Chinese President Xi Jinping acknowledged the need for measures beyond low interest rates to stimulate growth in the world's 20 leading economies, and said leaders should adopt guidelines on global investment while exploring structural overhauls, MarketWatch reports. Leaders from the US and UK focused on the need to improve the lives of ordinary people by getting more support for increasingly unpopular trade agreements.
Yet behind closed doors China’s guests were tense about steel overcapacity, especially seeing as China produces over half the world’s supply, said one European official. [MW]
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