Leaders of the world’s 20 largest economies have been warned that they must “civilise capitalism” as they seek to revive economic growth and address growing public scepticism about the benefits of free trade and globalisation.

This year’s summit of G20 leaders, which ended yesterday in the eastern Chinese city of Hangzhou, came in the wake of British voters’ decision to leave the EU and the rise of populist political candidates on both sides of the Atlantic.

Officials present during closed-door sessions said US President Barack Obama, UK prime minister Theresa May and her Australian and Canadian counterparts emphasised the need to placate public discontent. According to the officials, Australian prime minister Malcolm Turnbull, a former Goldman Sachs banker, warned his peers of the need to “civilise capitalism”.