G20 (Summit on Financial Markets and the World Economy)

September 5, 2016
Pool Photo
Pool Photo
Pool Photo
Mr. Shinzo Abe, Prime Minister of Japan, attended the G20 Hangzhou Summit that was held in Hangzhou, the People’s Republic of China on September 4-5, 2016. The overview is as follows.

1 General remarks

(1) In light of the various downside risks the global economy is currently facing, the leaders exchanged views on how the G20 can strengthen policy coordination to foster an innovative, invigorated, interconnected and inclusive world economy, and G20 Leaders' Communiqué (PDF) was adopted at the closing of the Summit.

(2) The key outcomes of this Summit were an expression of the determination to use all policy tools - monetary, fiscal and structural - individually and collectively, the formulation of the Hangzhou Action Plan incorporating the latest macroeconomic and structural policy measures, and the formulation of the G20 Blueprint on Innovative Growth, which along with structural reforms covers the areas of innovation, the new industrial revolution and the digital economy. 

(3) The leaders reiterated their opposition to protectionism, as well as reaffirming cooperation in areas such as international tax, including the BEPS (base erosion and profit shifting) project and measures to fight corruption, and confirming efforts to further liberalize trade and investment. The leaders also agreed to conclude negotiations on the Environmental Goods Agreement (EGA) by the end of 2016, and agreed on further initiatives to tackle the excess capacity in the steel and other industries.

(4) The leaders emphasized the importance of investing in quality infrastructure, and adopted an action plan for implementing the 2030 Agenda at home and abroad. The leaders also reaffirmed the G20's solidarity and resolve in the fight against terrorism.

2 Future G20 Summits

The G20 Summit is scheduled to be hosted by Germany next year and by Argentina in 2018.

[Reference] G20 Hangzhou Summit

(1) Dates: September 4-5, 2016
(2) Location: Hangzhou, China
(3) Participating countries and international organizations

(a) G20:
Japan, Italy, Canada, France, United States, United Kingdom, Germany, European Union, China, Russia, Argentina, Australia, Brazil, India, Indonesia, Republic of Korea, Mexico, Saudi Arabia, South Africa, Turkey

(b) Invited countries:
Spain, Singapore, Lao (ASEAN presidency), Senegal (New Partnership for Africa's Development [NEPAD] Steering Committee chair), Republic of Chad (African Union (AU) chair), Thailand (G77 chair), Egypt, Republic of Kazakhstan

(c) International organizations:
United Nations (UN), International Monetary Fund (IMF), World Bank (WB), World Trade Organization (WTO), Financial Stability Board (FSB), International Labour Organization (ILO), Organization for Economic Cooperation and Development (OECD)

G20 Hangzhou Summit - Individual Sessions

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