in China say Beijing will propose a joint initiative to boost global
growth at next month’s meeting of Group of 20 major economies amid
rising protectionist sentiment in the United States and Europe.
The September 4-5 meeting in eastern Hangzhou comes amid an unusually
weak global economic recovery and growing popularity of U.S. and
European politicians who advocate protection for local industries.
They gave no indication it might include an economic stimulus. Some
investors have expected such a measure but officials at two previous G20
gatherings this year said the timing was wrong, because individual
economies face different conditions and need to take actions tailored to
their own needs.
The proposal will stress "inclusive growth’’ to spread economic benefits
widely and shore up support for free trade, said a deputy finance
minister, Zhu Guangyao. He said governments should be on "high alert’’
to "anti-globalization’’ sentiments.
A deputy foreign minister, Li Baoding, made clear China wants to avoid
sensitive diplomatic issues. The consensus among members is to "focus on
economic development and not be distracted by other parties,’’ Li said
when asked about territorial disputes in the South China Sea.