Brexit increased global uncertainty, say G20 ministers

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Finance officials of major economies have pledged to boost sluggish global growth and promised to defend against the shockwaves of Britain&&num;8217&semi;s vote to leave the European Union&period;<&sol;p>&NewLine;<p>In a joint statement after a two-day meeting&comma; envoys of the Group of 20 also rejected trade protectionism&comma; an issue that has risen in prominence as US Republication presidential candidate Donald Trump has talked about restricting access to American markets&period;<&sol;p>&NewLine;<p>The United States&comma; China&comma; Britain&comma; Germany and other governments at the meeting in Chengdu in western China pledged to use spending&comma; monetary policy and regulatory reforms to strengthen growth&period; They promised to strengthen communication and cooperation but announced no joint action&comma; as some financial traders had hoped&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We are taking action to boost confidence and promote growth&comma;&&num;8221&semi; said the statement&period; It promised to use &&num;8220&semi;any and all policy instruments&&num;8221&semi; to achieve &&num;8220&semi;strong&comma; sustainable&comma; balanced and inclusive growth objectives&&num;8221&semi;&period;<&sol;p>&NewLine;<p>US Treasury Secretary Jacob Lew said ahead of the meeting that it was not the right time for coordinated action similar to that in 2008-09 following the global crisis because economies face different conditions&period;<&sol;p>&NewLine;<p>The gathering of finance ministers and central bank governors took place against a backdrop of a weak global recovery&comma; tension over Chinese exports of low-priced steel and Britain&&num;8217&semi;s EU vote&comma; which jolted global markets&period;<&sol;p>&NewLine;<p>Sunday&&num;8217&semi;s statement called for a &&num;8220&semi;close partnership&&num;8221&semi; between Britain and its European neighbours in the event British leaders go through with plans to leave the trade bloc&period;<&sol;p>&NewLine;<p>On Friday&comma; the director-general of the International Monetary Fund Christine Lagarde called for quick action to end uncertainty about the British-EU split&period; She said that turmoil prompted the IMF to cut its forecast of this year&&num;8217&semi;s global growth by 0&period;1 percentage points&period;<&sol;p>&NewLine;<p>The referendum &&num;8220&semi;increased global economic uncertainty&comma;&&num;8221&semi; said Sunday&&num;8217&semi;s statement&period;<&sol;p>&NewLine;<p>&&num;8220&semi;G20 members are ready to actively respond to the potential economic and financial impact brought by the British referendum&comma;&&num;8221&semi; it said&period; &&num;8220&semi;In the future&comma; we hope to see Britain as a close partner of the EU&&num;8221&semi;&period;<&sol;p>&NewLine;<p>The envoys also pledged to avoid devaluing currencies to boost exports&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We will oppose all forms of protectionism&comma;&&num;8221&semi; the statement said&period;<&sol;p>&NewLine;<p>Mr Trump&comma; who was named the Republican Party&&num;8217&semi;s nominee for president on Friday&comma; setting up a race with presumptive Democratic nominee Hillary Clinton&comma; has stirred alarm about trade by calling for measures to protect American industry&comma; though he has given no details&period;<&sol;p>&NewLine;<p>Sunday&&num;8217&semi;s G20 statement also cited the importance of reducing excess production capacity in steel and other industries that has led to a glut of supply and depressed prices&period; That is a source of tension between China and trading partners that accuse Beijing of exporting steel at improperly low prices&comma; hurting competitors and threatening a loss of jobs&period;<&sol;p>&NewLine;<p>Beijing has announced plans to shrink its coal and steel industries&comma; eliminating millions of jobs&period; The United States has imposed anti-dumping duties on Chinese steel and European officials have launched trade probes&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed2df6ea5e6">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; 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