G20 members resolve to break a new path for economic growth

The G20 summit 2016 held in Hangzhou, capital of East China Zhejiana province, has just ended with a resolve by members to break a new path for economic growth. This year's summit which is the 11th summit and hosted for the first time by China had the theme "Towards an innovative, invigorated, interconnected and inclusive world economy".

The first G20 leaders' summit was first held in 2008 at the height of the global financial crisis. G20 members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, The United Kingdom, The United States and the European Union (EU).

International Organisations invited to the G20 summit 2016 are the World Bank, International Monetary Fund (IMF), The United Nations, The Financial Stability Board, Food and Agricultural Organization of the United nations, International Labour Organisation, World Trade Organization and The Organization for Economic Co-operation and Development.

A wide range of issues were discussed during the G20 summit such as Brexit, trade barriers, global steel crisis and issues affecting global economy. President XI Jinping noted that the forum was for "economic co-operation among developed countries, emerging markets and developing countries".

The greatest challenge the G20 faces till date is to overcome economic difficulties in the world. With this summit just ended, new path for growth is expected to be opened. The 12 summit will be hosted by Germany in 2017 and Argentina would host the 13th summit in 2018.