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The two-day Group Twenty (G20) 2014 summit concluded on October 16 in Brisbane, Australia, with a joint communique. The summit passed the "Brisbane Action Plan", which has put forward more than 1,000 specific measures to promote global economic growth, increase employment, and enhance trade liberalization.

Focus one: new progress achieved by the summit

The summit set an agenda based on three themes: promoting economic growth and jobs growth, making the global economy more resilient to future shocks, and strengthening global institutions. The Joint Communique sums up the consensus that world leaders have reached in the three areas.

Australian Prime Minister Tony Abbott announced during a press conference that the summit has issued the Brisbane Action Plan. In the next five years, if member countries effectively implement this plan, the global economy will increase by 2.1 percent above what is currently expected, and more than $2 trillion in output, as well as creating millions of jobs.

To promote economic growth and jobs growth, country leaders have agreed to extend investment in the field of infrastructure.

Focus two: cooperation between China and the U.S.

Currently, the U.S. economy is in a period of strong recovery, and China's economy has maintained growth of seven percent. China and the U.S. are considered the main force for world economic recovery and stable growth. The interaction between the two countries has drawn global attention.

U.S. President Barack Obama said during a press conference that the U.S. and China will further expand areas of cooperation. The U.S. has reached an agreement with China to extend commercial, tourist and student visas, which will promote the development of US-China tourism and business, and create more jobs.

The U.S. and China have also agreed to sign a bilateral investment agreement, and the IT cooperation agreement currently under discussion will create 60,000 jobs in the U.S. At this meeting, China agreed to provide greater transparency in its economic data, including its foreign exchange reserves.

Focus three: new progress in trade liberalization

Trade liberalization is a traditional topic at the G20. Abbott said that the G20 summit discussion on trade was most fruitful. The leaders agreed that expanding global trade will directly benefit all countries and all peoples. To facilitate trade, they have focused on the importance of domestic reform and the strengthening of the international trading system.

Leaders also discussed concrete measures to strengthen financial stability, and agreed to fight against transnational tax evasion through international tax cooperation, in order to guarantee government revenues.

The summit confirmed that global economic institutions need to be adjusted to accommodate changes in the international economic situation. The summit urged the U.S. give its support to reform measures related to the change in share struture of IMF members.

The response to climate change was also an important feature of the Joint Communique.

This article was edited and translated from 《習近平：深化反腐敗國際合作》, source: The Beijing News.