There is considerable, and justifiable, skepticism about international summitry. Typically, such meetings are more pomp than policy, more photo ops than substantive discussions, even though world leaders gather to tackle tough and pressing problems. The host's chief concern is ensuring that there are no major gaffes and that the national chair looks good. More often than not, success means promising "concerted, cooperative and effective action," while leaving the details to be filled in sometime in the future.
By those criteria, this week's Group of 20 summit in Hangzhou, China, was a success. President Xi Jinping, the host, offered stern warnings that the global economy is at a "crucial juncture" due to volatile markets and weak trade and investment. "Growth drivers from the previous round of technological progress are gradually fading, while a new round of technological and industrial revolution has yet to gain momentum," he explained.
The summit's final statement echoed that sentiment, warning that global growth was sluggish and weak and urging governments to take more direct fiscal action to stimulate growth, a message that must be music to the ears of Prime Minister Shinzo Abe, who made the same point in May when he hosted the Group of Seven summit in Japan. Acknowledging that reality, the leaders agreed to coordinate macroeconomic policies, fight protectionism and support multilateral trade mechanisms. This is all intended to promote "inclusive growth," one of the core elements of the "Hangzhou consensus."