HANGZHOU • As the Group of 20 (G-20) leaders' summit wrapped up yesterday, Chinese President Xi Jinping touted a list of 29 "outcomes" as proof of its success and impact in reviving and reforming the global economy.
A good number are pledges by leaders to commit to a certain course of action. There are also tangible initiatives, such as a blueprint on innovative growth, a set of guiding principles on global investment, and a strategy for trade growth.
Speaking at a press conference without taking questions, Mr Xi said the two-day summit - the first hosted by China - would be remembered for turning the G-20 from a crisis-response forum into a long-term global economic governance body.
"G-20's transformation affects not only the interests of the members, but also the world economy," he said.
The G-20 began in 1999 as a ministerial-level forum in the aftermath of the 1997-1998 Asian financial crisis. It was upgraded to a leaders' summit in 2008 to tackle the global financial crisis that year.
Prime Minister Lee Hsien Loong, speaking at a G-20 discussion yesterday, urged members to ratify the World Trade Organisation's Trade Facilitation Agreement, which would boost trade by reducing costs and speeding up the flow of goods.
He told Singapore media that China as G-20 host has set the right focus by talking about innovative and inclusive growth, and the digital economy - challenges faced by all countries.
"You are comparing notes with other countries. We can learn from each other's experiences in managing the difficulties for our people," he said.
Mr Lee also met Canadian Prime Minister Justin Trudeau in their first bilateral meeting. "We have good relations with Canada and can do much more together," Mr Lee wrote on Facebook.
Kor Kian Beng and Pearl Lee
