China ‘working on economic growth initiative’ for G20 leaders’ summit
But Beijing makes it clear that it does not want ‘political issues’ discussed – such as the South China Sea disputes
China will propose a joint initiative to revive weak global growth at next month’s G20 leaders’ meeting amid rising protectionist sentiment in the United States and Europe, officials said on Monday.
Speaking at a news conference, a senior Chinese diplomat made clear that Beijing wants the September 4-5 gathering of leaders of the Group of 20 major economies to avoid political issues such as its territorial disputes with its neighbours in the South China Sea.
The meeting in the eastern city of Hangzhou comes as an unusually weak global economic recovery is helping to fuel the popularity of US and European political movements that advocate protection for local industries.
Details of Beijing’s proposal still are being worked out but will include reforms aimed at strengthening the global financial system and promoting technological innovation, Chinese finance and foreign affairs officials said.
They gave no indication that it might include an economic stimulus. Some investors have expected such a measure but officials at two previous G20 gatherings this year said the timing was wrong, because individual economies faced different conditions and needed to take actions tailored to their own needs.