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China's Xi says world needs new sources of economic growth: Xinhua
November 16, 2015 / 5:33 PM / 2 years ago

China's Xi says world needs new sources of economic growth: Xinhua

BEIJING (Reuters) - Chinese President Xi Jinping told G20 leaders meeting in Turkey that the world urgently needs to find new sources of economic growth, China’s official news agency Xinhua reported on Monday.

Chinese President Xi Jinping speaks during the "Forging A Strong Partnership to Enhance Prosperity of Asia" Lecture at the National University of Singapore November 7, 2015. REUTERS/Edgar Su

Xi said that although the global financial crisis was over, the world had experienced a very weak economic recovery and more needed to be done to ensure a new age of global prosperity.

He said progress to reform global economic governance had been slow and the world needed to work together to achieve international economic cooperation and development, Xinhua reported.

The leaders of the world’s largest economies said in a statement on Monday that they remained committed to the goal of lifting their collective output by a further 2 percent by 2018, even though growth remains uneven and weaker than expected globally.

Xi told the G20 summit on Sunday that China was able to keep up medium to high economic growth and expects this year’s growth to be around 7 percent, which would nevertheless be the weakest in a quarter of a century.

The world’s second-largest economy grew 6.9 percent in the third quarter from a year earlier, the weakest pace since the global financial crisis, hurt partly by cooling investment. That led the central bank to cut interest rates for the sixth time in nearly a year.

Xi said the 2016 G20 summit to be hosted in the eastern Chinese city of Hangzhou, will focus on reform and innovation, improving global financial and economic governance, and strengthening the representation of emerging markets and developing countries, Xinhua reported.

The IMF is expected this month to approve the inclusion of China’s yuan currency into its $280 billion basket of currency reserves, marking a diplomatic victory for Beijing and helping spread the use of the yuan.

Reporting by Sue-Lin Wong and the China economics team; Editing by Hugh Lawson

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