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Also, while domestic labor costs continue to increase, the country has not managed to firmly establish its competence in technology, branding and marketing in the global market. In some areas, existing policies need to be updated to accommodate a larger variety of foreign trade businesses.

Leaders of major international economic and financial institutions spoke highly of China's economic growth, which they believed played an active role in facilitating world economic recovery. They pointed out that given the uncertainties in the world economy and increasing risks and challenges, all parties need to have closer macro-economic policy coordination, strengthen infrastructure development, and increase investment in human resources. Efforts must also be made to promote multilateral trade, improve the global financial system, and support the development of innovative, low-carbon and inclusive economy. Thus, a joint and positive signal will be sent of promoting growth through cooperation.

The two sides held the 19th ASEAN-China Summit and commemorated the 25th anniversary of ASEAN-China dialogue relations in the Lao capital. In a chairman's statement issued at the summit, the two sides underlined the importance of maintaining peace, stability, security and freedom of navigation in, and overflight above, the South China Sea.

HANGZHOU, Sept. 1 (Xinhua) -- A summit of business leaders from G20 members is scheduled for Saturday and Sunday, Jiang Zengwei, chair of the Business 20 (B20) China, said at a press conference on Thursday.

A G20 Leaders' Communique of the Hangzhou Summit was adopted to set out the direction, targets and steps of G20 cooperation and depict the blueprint for future world economy.