G20 Summit closes, reaching wide consensus

The 2016 G20 Summit has ended in the eastern Chinese city of Hangzhou. Following two days of discussions, consensus was reached on a wide range of topics.

Chinese President Xi Jinping has announced that a communique was adopted, which clarifies the future direction of the G20 group. The document, known as the Hangzhou Consensus, aims to boost world economic growth through long-term and innovative measures.

In addition to tackling regular challenges, such as promoting innovation and addressing protectionism, world leaders also agreed to emphasize inclusive growth and the development of less-developed countries. It seeks to ensure that emerging economies are included in planning, and are also able to reap the benefits of globalization.

"China has put tremendous efforts into preparing the G20 Summit. Its organization was well done. Although there were different views over some issues, we negotiated and eventually signed some agreements," said Russian President Vladimir Putin.

"One of the things we learnt from G20, to keep the global economy growing," said US President Barack Obama.

"The big achievement we made at this G20 summit is all members have expressed their will to achieve a long-term economic growth. The second achievement which I think is very important is that China and the United States announced the ratification of the Paris Agreement," said French President Francois Hollande.

"We as the IMF team worked really hard with the Chinese authorities are looking forward to implementing acting upon those support we received on the table," said IMF chief Christine Lagarde.