Chinese leader Xi: G20 must 'blaze a new trail' on trade
The political backlash over global trade is the backdrop to the G20 Summit in Hangzhou, and Chinese President Xi Jinping began with a plea against protectionism.
Xi told the gathering of world leaders from the nation's 20 largest economies that their countries need to "enhance mutual understanding" in order to face a "crucial juncture for the world economy."
"The world today is undergoing profound changes never seen before," he said. "It's imperative we blaze a new trail to bring an innovative, invigorated, interconnected and inclusive world economy and a new round of robust growth."
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He added that "growth drivers from the previous round of technological progress are gradually fading, while a new round of technological and industrial revolution has yet to gain momentum," according to Reuters, and Xi asked the G20 leaders to be an "action team, instead of a talk shop."
Related: Jack Ma: Wars start when trade stops
Promoting orderly globalization is one of the founding purposes of the G20 summit. And most of the world leaders -- including President Obama -- are in favor of upholding trade deals and speak strongly on the importance of international cooperation.
Xi's speech is significant because China has been one of the largest beneficiaries of international trade deals -- but protectionism and isolationism are on the rise in some other countries where people view the deals as job killers.
And China is frequently under fire for manipulating global markets. For example, the country faces criticism from the U.S. and Europe over the flood of steel and other raw materials it has unleashed on global markets.
Republican presidential nominee Donald Trump opposes international trade deals like the Trans-Pacific Partnership -- a pact involving 11 countries across four continents. He called the TPP an "attack on America's business." Democratic nominee Hillary Clinton is proponent of trade, but she also opposes the TPP, saying it's cost American jobs.
Related: Obama's last summit: Does the G20 still matter?
Then there's Britain's decision to exit the European Union, putting $1.3 trillion worth of global trade at stake.
Over the course of the two-day summit, finance ministers, central bank governors and other world leaders were meeting to discuss a wide range of economic topics.
News Courtesy: www.cnn.com
