At a meeting in Shanghai, China’s commerce minister Gao Hucheng called for the leadership of the G20 to reinvigorate the global economy by tackling problems such as slow trade and sluggish growth rates.
Gao said that despite overcoming the 2008 global financial crisis, its deep effects can still be felt. The Chinese minister said that the global economy’s revival has been slow and lacking in strength. He further noted that levels of global trade have not yet recovered to their pre-crisis levels.
Though Brexit was not mentioned, the effects of the historic referendum have been ominous, with stock markets around the world losing $2 trillion in value after the vote. The UK decision has left the global economy in a state of uncertainty.
During the meeting, the G20 economies committed to cut trade costs, increase policy coordination and enhance financing. The G20 ministers said in a statement that they have agreed to the fact that they need to do more to achieve common objectives for global growth, stability and prosperity.
China is set to host the main G20 summit this coming September.
