China vows to act with G20 partners to boost trade

TIL Desk/Business/Shanghai-China will work with its G20 partners to promote global trade growth, Beijing’s commerce minister said today, as the world’s top economies met in Shanghai. Global trade is expected to grow at a tepid 2.8 percent in 2016, the World Trade Organization (WTO) said in April, with uncertainty over Britain’s decision to leave the EU only adding to concerns.

“The economic recovery and growth is still feeble and global trade is fluctuating at a low level,” Gao Hucheng said before ministers began talks, vowing: “China is willing to work with all parties with wisdom, courage and action.” WTO Director-General Roberto Azevedo said on Friday ahead of the talks that 2016 would be the fifth consecutive year with trade growth below three percent — its weakest sustained level in 30 years.

He warned that there were “no immediate signs of significant change in the current trajectory for trade growth”. Gao said ministers would discuss how to boost trade and coordinate global investment strategies, as well as how to strengthen investment among G20 nations. “The world is hopeful despite the still difficult tasks which lie in front of us. But there is still great hope and opportunities contained in this,” Gao said.