CHINA will propose a joint initiative to revive weak global growth at next month’s meeting of leaders of Group of 20 major economies (G20) amid rising protectionist sentiment in the United States and Europe, officials said yesterday.

    Speaking at a news conference, a senior Chinese diplomat made clear China wants the Sept. 4-5 meeting to avoid political issues.

    The meeting in the eastern Chinese city of Hangzhou comes as an unusually weak global economic recovery is helping to fuel the popularity of U.S. and European political movements that advocate protection for local industries.

    Last month’s meeting of G20 policymakers was dominated by the impact of Britain’s exit from Europe and fears of rising protectionism.

    Yi Gang, a vice governor of the People’s Bank of China, said the summit will focus on how to stimulate sluggish global economic growth through open, inclusive trade and the development of robust financial markets.

    “We need to instill market confidence and ensure there are no competitive devaluations but rather let the market determine exchange rates,” Yi told a news briefing, adding this would be the first G20 to discuss foreign exchange markets in such detail.

    The G20 summit will also discuss how to better monitor and respond to risks presented by global capital flows, he said.

    Despite increasingly protectionist rhetoric around the world, the G20 is strongly opposed to anti-trade and anti-investment sentiment, Vice Finance Minister Zhu Guangyao said.

    “We really do need to make sure that the people, the public, benefit from economic development and growth. If people don’t feel like they are beneficiaries of economic development, if they don’t think their lot in life is improving, that’s when they start getting all kinds of ideas.”

    (SD-Agencies)