G20 summit warned of risks to economy as North Korea test-fires missiles

Xi said China opposed the US deployment of the THAAD anti-missile system in South Korea to counter missile and nuclear threats from North Korea.

Two years ago, the North fired two Rodong medium-range missiles just as Park and Abe were sitting down with Obama at the Hague to discuss a response to the North’s arms program.

In 2003, North Korea tested an anti-ship missile during an Asia-Pacific Economic Cooperation (APEC) summit held in Bangkok.

The G20 summit, bringing together leaders of the world’s major economies, had largely focused in its main sessions on spurring the global economy, countering protectionism and removing trade barriers. A communique is to be issued before the meeting wraps up later on Monday.

At the morning session, Japan’s Abe warned that the downside risks to the global economy were increasing, and the group need to respond with a sense of urgency, a Japanese spokesman said.

While inaugurating the summit on Sunday, Xi said the global economy was being threatened by rising protectionism and risks from highly leveraged financial markets.

With the summit taking place after Britain’s vote in June to exit the European Union and before the U.S. presidential election in November, observers expect G20 leaders to mount a defense of free trade and globalization and warn against isolationism.

The global economy has arrived “at a crucial juncture”, Xi said, in the face of sluggish demand, volatile financial markets and feeble 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 said.

G20 countries are set to agree in a communique at the end of the summit that all policy measures – including monetary, fiscal and structural reforms – should be used to achieve solid and sustainable economic growth, Japanese Deputy Chief Cabinet Secretary Koichi Hagiuda said.

“Commitment will be made to utilizing all three policy tools of monetary and fiscal policies and structural reforms to achieve solid, sustainable, balanced and inclusive growth,” Hagiuda told reporters on the sidelines of the summit.

“We should turn the G20 group into an action team, instead of a talk shop,” he said.

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