Officials 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.
Finance and foreign affairs officials said the initiative will call for spreading the benefits of economic development, which might shore up political support for free trade.
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.
At a news conference, the officials said Beijing’s G20 initiative will include proposals to strengthen the global financial system and promote technological innovation.
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.
"If the people cannot feel the benefits, then this sort of development cannot truly improve people’s lives, and people will have mixed feelings about such development,’’ he said.
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.
"The Hangzhou summit must focus on economic issues,’’ said Li. "This is what people want to talk about most at the summit.’’
Li gave similar responses to questions about China’s resolute opposition to South Korea’s deployment of a U.S. missile defense system.