G20 countries pledge to boost growth, dampen Brexit shock

BEIJING (AP) — Finance officials of major economies pledged Sunday to boost sluggish global growth but announced no joint initiatives and promised to defend against the shockwaves of Britain's vote to leave the European Union.

In a joint statement after a two-day meeting, envoys of the Group of 20 also rejected trade protectionism, an issue that has risen in prominence as U.S. Republication presidential candidate Donald Trump has talked about restricting access to American markets.

The gathering of finance ministers and central bank governors took place against a backdrop of a weak global recovery, tension over Chinese exports of low-priced steel and Britain's EU vote, which jolted global markets.

Sunday'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.