Australia says G20 to surpass extra 2 percent growth target

Australia said on Sunday that the G20 nations would surpass a target to lift global growth by an additional 2 percent by 2018 as world leaders continue their talks on the final day of the G20 Leaders' Summit.[Special coverage]

"The 2 percent target that we announced in Sydney has been met, " Australian Treasurer Joe Hockey told the press prior to the second-day summit in Brisbane.

He revealed that the leaders had agreed to make further improvements to exceed the set target but did not elaborate on how much the G20 would go beyond the goal.

Australian Prime Minister Tony Abbott said in his opening remarks at First G20 Plenary Session that the G20 countries were optimistic about raising growth rate by more than 2 percentage points above the currently projected level over five years.

"That is millions of jobs and trillions of dollars in extra production," he explained.

World leaders on Sunday were preparing for the final details of the Brisbane Action Plan and a joint communique which are considered to be main outcomes of this year's leaders meeting.

The action plan will be mapped out to include both collective and individual member commitments to lift growth and jobs.

Issues like trade, taxation, climate change and energy, Ukraine and Russia as well as Ebola were also touched upon at the conference.

While attending the leaders' summit, Chinese President Xi Jinping said that China would keep the momentum of its economic growth and make greater contribution to the world economy.

He called on major economies to jointly promote reforms, implement comprehensive growth strategies and advance the transition of the world economy from cyclical recovery to sustainable growth.