Highlights of Xi's speech at G20 summit in Bali

BALI, Indonesia -- President Xi Jinping addressed here on Tuesday the Group of 20 (G20) Bali summit, saying that faced with challenges, all countries should embrace the vision of a community with a shared future for mankind, and advocate peace, development, and win-win cooperation.

The following are some of the highlights of his speech at the first session of the 17th G20 Summit.

CHALLENGES FACED THE WORLD

-- Xi pointed out that we meet at a time of momentous changes unseen in a century, changes that are consequential to the world, to our times, and to history. The COVID-19 pandemic still drags on with cases surging here and there. The world economy is getting more fragile. The geopolitical environment remains tense. Global governance is seriously inadequate. Food and energy crises are compounded with one another. All this poses formidable challenges to our development.

-- Xi said all G20 members should take the responsibility inherent in being major international and regional players, and should lead by example in promoting development of all nations, improving the well-being for the whole mankind, and advancing progress of the entire world.

MORE INCLUSIVE GLOBAL DEVELOPMENT

-- Xi said we should make global development more inclusive. Solidarity is strength, but division leads nowhere. Living in the same global village, we should stand with each other in the face of risks and challenges. Drawing ideological lines or promoting group politics and bloc confrontation will only divide the world, and hinder global development and human progress.

-- Countries should respect each other, seek common grounds while reserving differences, live together in peace, and promote an open world economy. No one should engage in beggar-thy-neighbor practices, building "a small yard with high fences," or creating closed and exclusive clubs, Xi added.

GLOBAL DEVELOPMENT BENEFICIAL TO ALL

-- Xi said that we should make global development beneficial to all. Development is real only when all countries develop together. Prosperity and stability cannot be possible in a world where the rich become richer while the poor are made poorer. Every nation aspires for a better life, and modernization is not a privilege reserved for any single country. Frontrunners in development should sincerely help others develop, and provide more global public goods. All major countries should perform their due responsibilities, and do their best for the cause of global development.

-- Within one year, more than 60 countries have joined the Group of Friends of the Global Development Initiative (GDI). China has established the Global Development and South-South Cooperation Fund, and will increase its funding for the China-UN Peace and Development Fund. China will make a list of items for practical cooperation, set up an open-ended pool of GDI projects, and draw up a roadmap for GDI implementation. China is working with 100-plus countries and international organizations on the GDI, thus providing new impetus for the implementation of the 2030 Agenda for Sustainable Development, Xi said.

MORE RESILIENT GLOBAL DEVELOPMENT

-- Xi said we should make global development more resilient. Economic globalization is encountering headwinds, and the world economy is at risk of recession. Everyone is having a hard time, but developing countries are bearing the brunt. It is therefore more imperative than ever for us to focus on the issue of development.

-- All parties should continue to deepen international cooperation against COVID-19, and raise the accessibility and affordability of vaccines, medicines, and diagnostic and treatment methods in developing countries so as to create a sound environment for economic recovery, Xi said.

-- We should curb global inflation, and defuse systemic economic and financial risks. In particular, developed economies should mitigate the negative spillovers from their monetary policy adjustment, and keep their debts at sustainable levels. The IMF should speed up the on-lending of SDRs to low-income countries. International financial institutions and commercial creditors, which are the main creditors of developing countries, should take part in the debt reduction and suspension for developing countries, Xi added.

-- Xi said China is implementing the G20's Debt Service Suspension Initiative (DSSI) in all respects, and has suspended the largest amount of debt service payment among all G20 members. Meanwhile, China is working with some G20 members on the debt treatment under the Common Framework for Debt Treatment beyond the DSSI, thus helping relevant developing countries navigate through the difficult time.

ON DIGITAL ECONOMY, GREEN TRANSITION

-- Xi pointed out that China has proposed the G20 Action on Digital Innovation and Cooperation. China looks forward to working with all parties to foster an open, fair, and non-discriminatory environment for digital economy so as to narrow the North-South digital divide.

-- In tackling climate change and transitioning toward green and low-carbon development, the principle of common but differentiated responsibilities must be upheld. It is also important to provide funding, technology and capacity-building support for developing countries and promote cooperation on green finance, Xi said.

GLOBAL DEVELOPMENT REQUIRES GLOBAL SECURITY

-- Xi said global development would be impossible without a peaceful and stable international environment. With this in mind, he has put forward the Global Security Initiative (GSI). The goal is to work with all parties to champion the spirit of the UN Charter, act on the principle of indivisible security, uphold the vision of common, comprehensive, cooperative and sustainable security, advocate the resolution of conflicts through negotiation and settlement of disputes through consultation, and support all efforts conducive to the peaceful settlement of crises.

ON FOOD, ENERGY CRISES

-- Xi said that food and energy security is the most pressing challenge in global development. The root cause of the ongoing crises is not production or demand, but interrupted supply chains and international cooperation. The way out of this is for all countries to, with the coordination of the UN and other multilateral international organizations, enhance cooperation on market supervision and regulation, build partnerships on commodities, develop an open, stable and sustainable commodities market, and work together to unclog supply chains and stabilize market prices.

-- We must resolutely oppose the attempt to politicize food and energy issues or use them as tools and weapons. Unilateral sanctions must be removed, and restrictions on relevant scientific and technological cooperation must be lifted. In reducing the consumption of fossil fuel energy and transitioning toward clean energy, we need to give balanced consideration to various factors, and make sure that the transitional process does not hurt the economy or people's livelihood, Xi said.

CHINA TO BRING MORE OPPORTUNITIES TO THE WORLD

-- Xi said China will stay committed to the path of peaceful development, stay committed to deepening reform and opening-up, and stay committed to promoting national rejuvenation on all fronts through a Chinese path to modernization. A China marching toward modernization will bring more opportunities to the world, inject stronger momentum for international cooperation, and make greater contribution to human progress.