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Associated Press

Finance officials of the world’s major economies pledged on Sunday to boost sluggish global growth but announced no joint initiatives, and also promised to defend against the shock waves of Britain’s vote to leave the European Union.
In a joint statement after a two-day meeting, envoys of the Group of 20 also rejected trade protectionism – an issue that has risen in prominence as US Republication presidential candidate Donald Trump has talked about restricting access to American markets.
Yuan ‘to stay stable against basket of currencies’, says People’s Bank of China governor on sidelines of G20 ministers’ meeting
The United States, China, Britain, Germany and other governments at the meeting in Chengdu in western China, pledged to use spending, monetary policy and regulatory reforms to strengthen growth.
They promised to strengthen communication and cooperation, but announced no joint action, as some financial traders had hoped.
“We are taking action to boost confidence and promote growth,” said the statement. It promised to use “any and all policy instruments” to achieve “strong, sustainable, balanced and inclusive growth objectives”.
The US Treasury Secretary Jacob Lew said before the meeting that it was not the right time for coordinated action similar to that in 2008-09 following the global crisis, because economies faced different conditions.
The gathering of finance ministers and central bank governors took place against a backdrop of a weak global recovery, tension over Chinese exports of low-priced steel and Britain’s EU vote, which jolted global markets.
Brexit fears in and China worries out for G20 finance chiefs’ meeting in Chengdu
Sunday’s statement called for a “close partnership” between Britain and its European neighbours in the event British leaders go through with plans to leave the trade bloc.
On Friday, Christine Lagarde, the managing director of the International Monetary Fund, called for quick action to end uncertainty about the British-EU split.
She said that turmoil prompted the IMF to cut its forecast of this year’s global growth by 0.1 percentage points.
The referendum had “increased global economic uncertainty”, said Sunday’s statement.
“G20 members are ready to actively respond to the potential economic and financial impact brought by the British referendum,” it said.
“In the future, we hope to see Britain as a close partner of the EU.”
The envoys also pledged to avoid devaluing currencies to boost exports.
China’s Premier Li Keqiang to host talks with global trade and finance leaders before G20 central bank governors’ meeting
“We will oppose all forms of protectionism,” the statement said.
Trump, who was named the Republican Party’s nominee for president on Friday, setting up a race with presumptive Democratic nominee Hillary Clinton, has stirred alarm about trade by calling for measures to protect American industry, though he has given no details.
Sunday’s G20 statement also cited the importance of reducing excess production capacity in steel and other industries that has led to a glut of supply and depressed prices.
That is a source of tension between China and trading partners that accuse Beijing of exporting steel at improperly low prices, hurting competitors and threatening a loss of jobs.
Beijing has announced plans to shrink its coal and steel industries, eliminating millions of jobs. The US has imposed anti-dumping duties on Chinese steel and European officials have launched trade investigations.
Lew had emphasised US interest in seeing progress on that during a meeting with his Chinese counterpart, Lou Jiwei, according to Lew’s department.


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G20: Hangzhou

G20 finance ministers in China pledge to boost global economic growth and dampen Brexit shock waves

The G20 finance ministers and central bank governors, including World Bank president Jim Yong Kim (front far left), China's Finance Minister Lou Jiwei (front third right) and Zhou Xiaochuan, governor of the People’s Bank of China (front second right), prepare for a group photograph in Chengdu on Sunday. Photo: EPA

epa05438652 G20 Finance Ministers and Central Bank Governors pose for a group photo during a conference in Chengdu, Sichuan Province, China, 24 July 2016. Finance Ministers and Central Bank Governors of the 20 most developed economies met in the southwestern city of Chengdu ahead of a G20 leaders meeting in September hosted by China. EPA/NG HAN GUAN/POOL

(160723) -- CHENGDU, July 23, 2016 (Xinhua) -- International Monetary Fund (IMF) managing-director Christine Lagarde speaks at the G20 High-Level Tax Symposium in Chengdu, capital of southwest China's Sichuan Province, July 23, 2016. The Symposium marks the opening of a meeting of G20 finance ministers and central bank governors here. (Xinhua/Li Xin) (lfj)

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