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G20 Leaders Issue the Communiqué of the Brisbane Summit

On November 16 local time, the Group of Twenty (G20) concluded the 9th Leaders' Summit held during this period and issued a communiqué, which points out the current top priority is still to promote global economic growth, improve people's livelihood and increase employment.

The communiqué said although some major economies enjoy strong growth, the world economic recovery is still quite slow. Regional economic growth remains unbalanced and can hardly meet employment needs. The risks such as financial market and geopolitical tension still exist.

The communiqué said G20 leaders pledge to strengthen cooperation to promote economic growth, enhance economic resilience and step up efforts to achieve strong, sustainable and balanced economic growth. This year, G20 makes a plan to lift the overall gross domestic product (GDP) by at least an additional 2 percent within the next five years.

The communiqué said if policy commitments are fully implemented, G20’s GDP will increase by an additional 2.1 percent by 2018. This will add more than 2 trillion USD to the global economy and create millions of jobs. G20 leaders believe that tackling insufficient global investment and infrastructure investment is crucial to spurring economic growth, job creation and productivity improvement.

At the summit, G20 leaders endorsed the Global Infrastructure Initiative to promote quality investment in infrastructure from public and private sectors. "We will continue to work with multilateral development banks, encourage national development banks to provide additional lending through optimizing balance sheets as well as ensure G20’s work on infrastructure benefits low-income countries." To ensure the implementation of the Initiative, G20 leaders agree to establish a Global Infrastructure Hub to provide a knowledge-sharing platform and network for governments, private sectors, development banks and other international organizations.

The communiqué pointed out G20 leaders reiterate their endorsement to promote trade through reducing costs, streamlining customs procedures and reducing the regulatory burden, and to enhance trade by reforms, encouraging competition and innovation and opposing protectionism. G20 leaders also stress the need to take additional measures to solve the unemployment problem and reach a consensus on reducing the gap in employment participation rate between men and women by 25 percent by 2025 on current basis.

The communiqué pointed out strengthening the resilience of global economy and maintaining the stability of financial system are crucial to sustainable growth and development. G20 leaders agree to take measures to dampen risk channels between banks and non-banks and admit critical work remains to strengthen the risk-resistance ability of financial system.

The communiqué also said G20 leaders are taking actions to ensure the fairness of the international tax system and strengthen supervision on tax to combat cross-border tax evasion. In addition, G20 leaders also approve an action plan to combat corruption. G20 leaders stress that the global economic institutions should improve efficiency and be more representative to better reflect changes in the world economy. G20 leaders welcome emerging countries to increase representation in Financial Stability Board (FSB) and say they will work to ensure that bilateral, regional and multilateral trade agreements complement one another and are transparent.

The communiqué also put forward increasing collaboration on energy sector is a current priority and improving energy efficiency is a cost-effective way to help address the rising demands of growth and development, as well as to enhance energy access and security.

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