“The transformation of the G20 will affect the immediate interests of all members and the future of the world economy” – President Xi

Having been declared a “great success” by Chinese president Xi Jinping, the 2016 G20 Hangzhou summit has concluded in China. G20 members collaborated with guest countries and international organisations to announced the Hangzhou Consensus aiming to promote “Vision, Integration Openness and Inclusiveness”.

“leveraging various effective tools at our disposal, including fiscal and monetary policies and structural reforms”

Chinese President Xi Jinping (right) welcomes European Union Commission president Jean-Claude Juncker  for the G-20 summit in Hangzhou, China, on Sunday. Picture: EPA/HOW HWEE YOUNG

European Commission President Jean-Claude Juncker embraces Chinese President Xi Jingping.

The main outcomes of the Summit were specific to the establishment of a “new course” for the world economy – where solidarity and partnership could be enhanced by “macro-policy coordination”. The Hangzhou Action Plan  will be implemented by “leveraging various effective tools at our disposal, including fiscal and monetary policies and structural reforms” to achieve inclusive economic growth- says President Xi.


The Chinese President acknowledged that – to this point, the G20 has been the “standard bearer for improving global economic and financial governance” and expressed hope that the IMF would “work towards the completion of a new quota reform plan as scheduled and that the World Bank will implement it’s share-holding review according to the agreed road map and time-frame” to assist emerging markets in lesser developed countries.

“frameworks, principles and actions that will deny perpetrators of corruption any sanctuary in G20 countries, and worldwide”

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“G20 leaders also resolved to take more robust measures to enforce various financial reforms”, and deepen international tax relations in order to combat tax evasion/avoidance. It was announced that host country China will be spearheading ethical oversight – through the establishment of an International Tax Policy Research Centre – having already developed multiple economic action plans. President Xi went on to announce the launch of a G20 ‘Energy Efficiency Leading Program’ as well as the establishment of an ‘Anti-Corruption Centre’ in China to establish “frameworks, principles and actions that will deny perpetrators of corruption any sanctuary in G20 countries, and worldwide”.

“The G20 […] needs to further shift, as a mechanism for crisis-response to one of long term governance”

One has to question whether or not these new initiatives might potentially effect countries like Armenia, Belarus, Cambodia, Cameroon or Cape Verde – who do not have extradition treaties with G20 member countries like the US. The goals of these initiatives as well as the means by which they can “deny sanctuary” will undoubtedly be investigated further – but once again, the role of the individual citizen in this whole process appears entirely absent.

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International Monetary Fund Managing Director, Christine Lagarde.

“the transformation of the G20 will affect the immediate interests of all members and the future of the world economy”.

The members also vowed to “support the multilateral trading regime and oppose protectionism” to reverse the decline of global trade growth – announcing the development of the “G20 Guiding Principles for Global investment policy making”… “is the worlds first framework of multilateral investment rules”. President Xi reinforced the operational change in stating that the members “realise that under the current circumstances the g20 needs to better play its role as the premier for international economic cooperation. It needs to further shift, as a mechanism for crisis-response to one of long term governance” agreeing that “the transformation of the G20 will affect the immediate interests of all members and the future of the world economy” that can “remove the obstacles of trade”.

The Summit also concluded by announcing the launch of the “Entrepreneurship Action Plan”, “The Global Infrastructure Connectivity Alliance” – as well claiming advances in areas of business and food security, among others.

“Will strengthen policy coordination, improve mechanisms and solidly implement the summit outcomes so as to achieve strong sustainable balanced and inclusive growth of the world economy” .

Saudi Deputy Crown Prince Mohammed bin Salman meets Turkish President Recep Tayyip Erdogan in Hangzhou.

President Xi also stated that “on the G20 blueprint for innovative growth that we have adopted, we envisioned an all dimensional, multi-tiered and wide ranging approach to innovation, which is driven by innovation in science and technology, but goes beyond it to cover development philosophy, institutional mechanism and business models” to spearhead the “4th industrial revolution” capitalising on internet technologies.

It is important to acknowledge the theme of the Summit appeared one with far-reaching implication whereby “The G20 belongs not only to its members, but the whole world” with the goal of enshrining growth and development for all countries. The President concluded by thanking members of the Press for covering the success of the summit.

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