ChinaVirtuoso

G-20 Balances Chinese, Western Concerns

After strenuous efforts during backroom negotiations running into months, China has managed to get the Group of 20 nations to pledge an end of protectionism in global trade and investments, which has been severely hurting its economy. But it will be a long time before China will reap any benefit, because the G20 gave its members until 2018 to implement the pledge.

"We extend our commitments to standstill and rollback of protectionist measures till the end of 2018, reaffirm our determination to deliver on it and support the work of the WTO (World Trade Organization), UNCTAD (United Nations Conference on Trade and Development) and OECD (Organization for Economic Cooperation and Development) in monitoring protectionism," the G20 said in a joint communique after a two-day meeting between leaders of 20 wealthier nations.

"We will work harder to build an open world economy, reject protectionism, promote global trade and investment, including through further strengthening the multilateral trading system and ensure broad-based opportunities through and public support for expanded growth in a globalized economy," the G20 governments said.

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