The global economy is being threatened by rising protectionism and risks from highly leveraged financial markets, Chinese President Xi Jinping said at the open of a two-day summit of leaders from G20 nations. His warning followed bilateral talks with Barack Obama that the US president described as "extremely productive", but which failed to bring both sides closer on thornier topics such as tensions in the South China Sea. With the summit taking place after Britain's vote in June to exit the European Union and before the US presidential election in November, observers expect G20 leaders to mount a defence of free trade and globalisation 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...
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