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10 key achievements of G20 Hangzhou summit

(People's Daily Online)    15:22, September 07, 2016

Chinese President Xi Jinping and other leaders of the Group of 20 (G20) members, some guest countries and international organizations pose for a group photo ahead of the opening ceremony of the G20 summit in Hangzhou, capital of east China's Zhejiang Province, on Sept. 4, 2016. (Xinhua/Pang Xinglei)

The 11th summit of the Group of 20 (G20) major economies concluded on Sept. 5. Shortly after, Chinese President Xi Jinping gave a press conference to describe the achievements of the summit.

The G20 Leaders' Communiqué for the Hangzhou summit was not released until late on Sept. 5. While the communiqué from the 2014 Brisbane summit had 21 articles, and the one from 2015's Antalya summit boasted 27 articles, this year's communiqué contained 48 articles.

A group of experts at the Chongyang Institute for Financial Studies affiliated to Renmin University of China summarized 10 key outcomes of the summit.

1: Innovative Growth

The G20 Hangzhou summit advocated “innovation-driven growth” to inject new dynamism into the world economy. The adoption of the G20 Blueprint on Innovative Growth will encourage innovation in a wide range of domains, including development concepts, institutional architecture and business models, with science and technology at the core of that innovation. Together with the new industrial revolution, an increasingly digital economy and other factors, innovation will create new prospects for global economic growth.

Promoting economic growth was a core topic of the Hangzhou summit, and the G20 Blueprint on Innovative Growth will open a new path intended to increase the medium-to-long-term potential of the world's economy.

2: Development

The United Nations' Sustainable Development Goals (SDGs), part of the 2030 Agenda for Sustainable Development, replaced the Millennium Development Goals (MDGs) at the end of 2015, becoming the new global development framework. The G20 Hangzhou summit achieved an impressive consensus among members on sustainable development, providing a clear timeline and roadmap for global development in the next 15 years. To that end, G20 members committed to promoting the Paris Agreement, as well as to supporting industrialization in Africa and Least Developed Countries (LDCs).

3: Structural reform

The communiqué reiterates the essential role of structural reforms in boosting productivity and output, as well as in promoting growth in G20 countries. The choice and design of structural reforms are consistent with countries' specific economic conditions. Nine priority areas for structural reforms and a set of guiding principles were also endorsed. A framework consisting of indicators was designed to help monitor and assess progress.


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