THE 11th summit of the Group of 20 (G20) major economies concluded in China’s eastern city of Hangzhou yesterday, reaching consensus on a wide range of important topics, Chinese President Xi Jinping told reporters.

    Speaking to journalists at the end of the two-day summit, Xi said a communique has been adopted, clarifying the development direction, targets and measures of the G20 cooperation, while Hangzhou Consensus was reached on facilitating world economic growth through long-term, comprehensive, open, innovative and inclusive measures.

    Members of the G20, the world’s biggest developed and emerging economies, have agreed to advance anti-corruption campaign including the establishment of a research center on fugitive repatriation and asset recovery in China. Important breakthroughs have been made this year in anti-graft in terms of fugitive repatriation and asset recovery, he said.

    G20 leaders also formulated high-level principles on persons sought for corruption and asset recovery, and a G20 2017-2018 anti-corruption action plan, Xi said.

    “[These] will leave corrupt officials no place to hide in G20 members’ territories and in the world at large,” he said.

    The Group of 20 should use multiple policy tools including fiscal, monetary and structural reform to ward off short-term risk and explore medium- and long-term growth potential, he said.

    Xi said agreements had been reached on reforms of global financial institutions, combating international tax evasion practices and fighting corruption. Under future cooperation guidelines, those who have committed economic crimes will have nowhere to hide.

    He said the summit would also go down as a milestone in transitioning the G20 from a crisis-management mechanism to one geared toward aiding in the long-term management of the global economy.

    The leaders have agreed to oppose protectionism, Xi said.

    Xi said that relying only on fiscal and monetary policy for growth would not work.

    “We need to reignite the engine of growth via innovation,” he said, adding that the G20 had adopted “guiding principles” for investment policy management.

    “It is the world’s first framework of multilateral investment rules,” he said.

    The Group of 20 developed and emerging economies represent 85 percent of the world’s GDP and two-thirds of its population.

    (Xinhua)

    (Special reports on P2, 3)