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Zhou Xin

President Xi Jinping launched the Group of 20 summit on Sunday with a call to take concrete action to boost economic growth and not allow the event to devolve into a talk shop.
After greeting each leader of the world’s top 20 economies, ­including US President Barack Obama, German Chancellor ­Angela Merkel and British Prime Minister Theresa May, Xi led the group to a massive roundtable for China’s first talks as G20 host.
From Russia with love: Moscow and Beijing pledge closer support amid tensions with West
Xi’s goal is to unite the G20 members in the cause of global growth, leaving tough geopolitical issues to bilateral talks.
“Eight years ago … the G20 pulled the world’s economy away from a cliff to the track of stability and recovery. Eight years later, the world economy is again at a critical moment,” Xi said.


He said the international community had high hopes that the summit would deliver a prescription for robust and sustainable growth, amid threats from rising protectionism and leverage.
To that end, Xi proposed better policy coordination on monetary, fiscal and structural reform, and freer global trade and investment.
China holds three high cards in hand to gain bigger say in global economy at G20 summit
But Alan Wheatley, associate fellow for international economics at Chatham House, said it might be too optimistic to expect the meeting to result in a plan like the one that emerged from the ­urgency of the 2009 summit.
Xi’s push for the G20 to accept “structural reform” as a new economic policy component came at a bad time as many countries were reluctant to absorb more “short-term costs” when growth was already weak.
“The time to implement structural reform is when the global economy is doing strongly, and that is not the case now,” Wheatley said.

Who is the most influential player at this year’s #G20 summit? #G20China #poll
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China is also under pressure on various economic and trade fronts, with European businesses complaining loudly about China’s worsening business environment, and Britain and Australia wary of Chinese steel imports. There is also dissatisfaction at home about the slow pace of reform, especially among bloated state-owned enterprises.
Britain’s PM Theresa May seeks out new trading relations post-Brexit at G20 summit
Kerry Brown, professor of Chinese studies at King’s College, London, said Xi was making a “reasonable play” to keep the focus of G20 talks on likely areas of agreement, and not giving others the chance to expand on differences in front of a huge audience.
“Xi has simply set out an agenda that suits his purposes at the G20 – which is the host’s prerogative,” Brown said.
For China, now the world’s second-biggest economy, this is also a chance to gain influence to match its size. Chris Southworth, secretary general of the International Chamber of Commerce UK, said that with US leadership waning, China was the only country that could spearhead efforts against anti-globalisation.
Little things matter for world leaders at China’s G20 summit ... such as where they stand for photographs
Beijing has made several moves to take the international lead. It has backed the issuance of bonds denominated in Special Drawing Rights in its home ­market; the China-led Asian Infrastructure Investment Bank is broadening membership; and it has persuaded other G20 members to voice support for free trade, international governance reform and non-competitive ­devaluation of currencies.


He Maochun, director of Tsinghua University’s Research Centre for Economic Diplomacy Studies, said Xi’s global proposals also served China’s agenda.
“If the global economy heads in a good direction, it’s a blessing for the Chinese economy, too,” He said.
“If the global economy is open, inclusive, innovative, and cooperative, China’s exports will increase and more jobs will be created. If external demand falls, it will drag on exports.”
Tristram Sainsbury, from Australia’s Lowy Institute for International Policy, said the value of the summit was in how well it delivered real plans instead of rhetoric.
“Let’s wait and see what the leaders will deliver in terms of action,” he said.
Additional reporting by Sidney Leng and Xie Yu
Follow us on Twitter for the latest updates on the G20 summit in Hangzhou as it happens:





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U.S. Treasury Secretary Jack Lew (L) and Chinese Vice Premier Wang Yang arrive at the Strategic and Economic Dialogue (S&ED) at the Sate Department in Washington June 23, 2015. More than 400 Chinese officials are in Washington for annual talks under the wide-ranging Strategic and Economic Dialogue (S&ED) framework, which will involve eight U.S. cabinet secretaries. REUTERS/Yuri Gripas

***NOT FOR ADVERTISING USE*** Lou Jiwei, China's Finance Minister, talks to the media at a press conference during the the 8th China-US Strategic and Economic Dialogue (S&ED) and the 7th China-US High-level Consultation on People-to-People and Cultural Exchanges(CPE), at the Diaoyutai State Guest House in Beijing on Jun 06, 2016. 06JUN16 Photo by Simon Song

China's Commerce Minister Gao Hucheng speaks during a news conference as a part of the National People's Congress (NPC) in Beijing March 7, 2014. China is fully confident of achieving its target of 7.5 percent growth in total trade this year, Gao said on Friday, citing an improving global economic environment and strong fundamentals in emerging markets. REUTERS/Kim Kyung-Hoon (CHINA - Tags: POLITICS BUSINESS)

Canada Prime Minister Justin Trudeau, right, meets with Chinese Foreign Minister Wang Yi on Parliament Hill in Ottawa, Wednesday June 1, 2016. (Adrian Wyld/The Canadian Press via AP) MANDATORY CREDIT

WASHINGTON, DC - JUNE 23: U.S. Secretary of the Treasury Jacob Lew (L) listens as Chinese State Councilor Yang Jiechi (R) speaks during a panel discussion on energy and environment cooperation during the Strategic and Economic Dialogue (S&ED) June 23, 2015 at the State Department in Washington, DC. Officials from both countries participated in the seventh annual U.S. Ð China Strategic and Economic Dialogue to discuss bilateral issues. Alex Wong/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

The men behind China's President Xi Jinping. Photo: SCMP Pictures

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Chinese president presses structural reform as part of policy mix but other group members may be in no economic mood to sign up, analyst says
