State leaders take part in a group photo session for the G20 Summit held at the Hangzhou International Expo Center in Hangzhou in eastern China on, Sunday, Sept. 4, 2016.

Leaders from the world’s top economies broadly agreed at a summit in China on Monday to coordinate macroeconomic policies, but few concrete proposals emerged to meet growing challenges to globalization and free trade.

At the two-day gathering in the scenic Chinese city of Hangzhou, the world’s most powerful leaders also agreed to oppose protectionism, with Chinese President Xi Jinping urging major economies to drive growth through innovation, not just fiscal and monetary measures.

“We aim to revive growth engines of international trade and investment,” Xi said in a closing statement. “We will support multilateral trade mechanisms and oppose protectionism to reverse declines in global trade.”

Discussions at the meeting were distracted by North Korea test-firing three medium-range ballistic missiles in a defiant reminder of the risks to global security. The United States tried but failed to finalize a deal with Russia for a ceasefire in Syria on the sidelines of the summit.

Obama and Russian President Vladimir Putin had a longer-than-expected discussion about whether, and how, they could agree on a deal, a senior US administration official said.

But in talks earlier on Monday, US Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov were unable to come to terms on a ceasefire for the second time in two weeks, although they will meet again this week.

The G20 called for the formation of a global forum to take steps to address steel excess capacity and encourage adjustments, the White House said in a statement, one of the controversial issues discussed at the summit.

China produces half the world’s annual output of 1.6 billion tonnes of steel and has struggled to decrease its estimated 300 million tonne overcapacity, and rising prices have given companies there an incentive to boost production for export.

[vuukle]

Related articles across the web

• Amid struggle for Syria deal, Obama and Putin to meet Monday
• US, Russia talks on Syria to go into Monday; no deal yet
• US, Russia talks on Syria to go into Monday; no deal yet
• China's Xi Jinping warns against 'Empty Talk' as G20 Summit Opens
• Chinese President Xi Jinping meets Malcolm Turnbull before G20 summit
• G20: Narendra Modi, Xi Jinping may discuss proposed China-Pak corridor in Vietnam
• World's Biggest CO2 Emitters, China And US, Join Climate Deal
• Hailing cooperation, US and China join global climate deal
• South Korea says N.Korea's nuclear test, missiles pose challenge to China ties
• Xi urges G-20 to build new global partnership framework
• Steel dumping not on agenda as Theresa May meets with Xi Jinping