Full coverage: G20 Hangzhou Summit

To boost innovation, the G20 meeting called for structural reforms. Members have agreed to nine priorities and 48 guidelines, as well as a target system to measure the progress.

Lou Jiwei, Chinese Finance Minister, said: “The guidelines should not be interpreted as restrictions. Every country can choose different paths of reform based on its conditions with reference to the guidelines.

“The goal is to raise productivity and potential economic growth. We have also set up a target system. These targets are unanimously believed to be accountability.

“Every two years, there will be a revision. This is the first time in the history of the G20 to introduce such a system, which is a permanent solution to the existing problems.”