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China warns on global economy and says G20 must lead

Jul 15,2016

China's commerce minister says the outlook for the global economy remains grim despite it having overcome the impact of the 2008 financial crisis.

Gao Hucheng said at a G20 meeting in Shanghai that major economies must lead the way in tackling problems, including slowing trade and sluggish growth.

To boost trade the G20 ministers, from the world's major economies, agreed to cut trade costs, increase policy co-ordination and enhance financing.

They also approved a trade growth plan.

"We agree that we need to do more to achieve our common objectives for global growth, stability and prosperity," the G20 ministers said in a statement.

Mr Gao said the international community now expected the G20 to show initiative and leadership in solving economic growth problems.

China's will host the main G20 summit later this year.