G20 produces promises, but few concrete steps

Leaders from the world’s top economies broadly agreed at the G20 summit in China to coordinate macroeconomic policies, but few concrete proposals emerged to meet growing challenges to globalization and free trade, Reuters reports. At the two-day gathering in the Chinese city of Hangzhou, the world’s most powerful leaders also agreed to oppose protectionism, with Chinese President Xi Jinping urging major economies to drive growth through innovation, not just fiscal and monetary measures. “We aim to revive growth engines of international trade and investment,” Xi said in a closing statement. “We will support multilateral trade mechanisms and oppose protectionism.” But in the wake of Brexit vote, with US Presidential candidate Donald Trump calling for protectionism, and with tensions over China’s overcapacity, it is unclear what concrete steps will be taken.