New consensus reached at G20 Summit
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E-mail Xinhua, June 20, 2012
The seventh G20 summit concluded in the Mexican resort of Los Cabos Tuesday afternoon, with the group's leaders reaching important consensus on issues ranging from promoting economic growth, strenghthening international financial system, to fighting trade protectionism.
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Leaders of the Group of Twenty (G20) pose for a photo in Los Cabos, Mexico, June 18, 2012. |
Consensus for growth
The G20 Los Cabos summit is being convened at a time when the global economy is facing great risks to growth and stability. The prolonged eurozone debt crisis, slowdowns in major developed nations and even in emerging economies, and high unemployment in parts of the world are all posing threats to the fragile recovery.
In a declaration issued after the summit, G20 leaders agreed that strong, sustainable and balanced growth remains the top priority of the group, and vowed to take "all necessary policy measures" to work together to boost demand, restore confidence and improve financial stability.
On the eurozone crisis, which draws wide attention in the Los Cabos summit, G20 leaders signaled their support to Greece and the eurozone, while urging Europe to step up its efforts in fiscal reform. They also told eurozone members to take necessary policy measures to safeguard the integrity and stability of the euro area.
"We look forward to the Euro Area working in partnership with the next Greek government to ensure they remain on the path to reform and sustainability within the Euro Area," said the leaders in the declaration.
Greece is now at the heart of eurozone crisis. On Sunday, the pro-bailout conservative New Democracy party beat the anti-bailout leftist Syriza party in the European country's crucial election. The new development temporarily eases market fears about a Greek exit from the eurozone, but long-term uncertainties still remain.
More resources for IMF
In a major breakthrough of the summit, some G20 members agreed to inject 456 billion U.S. dollars to increase the resources available to the International Monetary Fund (IMF). Among them, China contributes 43 billion dollars, with Brazil, Russia, India and Mexico committing 10 billion dollars each.
"I take away from Los Cabos a sense of convergence that will facilitate the comprehensive and coordinated approach to global economic and financial challenges advocated by the IMF," Christine Lagarde, managing director of the IMF, said at a press conference held on the sidelines of the Group of 20 Leaders' Summit Tuesday.
Progress on resisting protectionism
Following the global economic downturn, protectionist practices in international trade have intensified. According to a recent report issued by the World Trade Organization, as many as 124 new trade restrictive measures taken by G20 economies were recorded since mid-October 2011.
To promote open trade and investment, the G20 leaders on Tuesday vowed to resist "protectionism in all its forms."
"We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization (WTO)," said the statement.
China's important role
During the Los Cabos summit, the important role played by China and its readiness to shoulder its responsibilities in the international affairs are widely recognized.
"We have seen a pattern now that China is prepared to bear its global responsibilities," said John Kirton, Co-director of the Canada-based G20 Research Group.
In a press conference held following the closure of the seventh G20 Leaders' Summit Tuesday, Mexican President Felipe Calderon praised the important role played by emerging economies led by China.
China's 43-billion-dollar contribution to the IMF is a "very high number," said Calderon.
