G20 Summit Concludes with Hangzhou Consensus

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G20 Summit Concludes with Hangzhou Consensus

G20 Summit Concludes with Hangzhou Consensus

(Hangzhou) – The 11th Summit of the Group of Twenty (G20) concluded in the eastern Chinese city of Hangzhou with the approval of agreements aimed at long-term global economic growth through comprehensive, open, innovative and inclusive measures.
At the end of the two-day event, the leaders of the largest economies in the world, enacted a wide range of agreements including an action plan called Hangzhou Consensus, which clarifies the direction, objectives and measures of the development of the G20.
The group agreed to mobilize all political tools to stimulate economic growth and decisively rejected protectionism in trade and investment.
In its diagnosis of the global economy, the G20 summit noted that there are still risks of a setback due to the potential volatility of financial markets, fluctuations in prices of raw materials, slow trade and investments, as well as slow productivity growth and employment in some countries.
As an initiative launched by China, the host of the event, the final declaration highlights the importance of innovation aimed at boosting digital modernization and new industrial revolution with globally integrated production chains. Regarding terrorism, the G20 considers that this phenomenon not only poses a serious threat to peace and security, but also a risk to the global economy.
Group members pledged to combat all forms of terrorist financing and to exchange information in this regard.
At its annual summit G20 members called for efforts to be made for the Paris Agreement on climate change (COP21), established late last year, to be implementation as soon as possible.
Both China and the United States, the two largest emitters of pollutant particles on the planet, announced yesterday that the agreement would be submitted to the cop21.
The Paris Agreement replaces the Kyoto Protocol after 2020, but in order to enter into force it would be necessary to have, at least, the support of 55 countries which emit at least 55 percent of the greenhouse emissions.