Xi expects G20 Summit to offer remedies to world economy

(Xinhua/chinadaily.com.cn) Updated: 2016-09-04 18:24

Leaders of G20 members pose for a photograph in Hangzhou, Zhejiang province on September 4, 2016.[Photo by Wu Zhiyi/chinadaily.com.cn]

The G20 Summit under China's presidency amid multiple risks and challenges, aiming to prescribe a therapy that brings the sluggish world economy onto a healthy growth trajectory.

The summit will focus on a variety of topics essential to the world economy, including macro-economic policy coordination, innovation-driven growth, more efficient global economic and financial governance, robust trade and investment, inclusive and interconnected development, Chinese President Xi Jinping said when addressing the opening ceremony of the G20 Summit.

Chinese President Xi Jinping presides over the opening ceremony of the G20 summit in Hangzhou, capital of East China's Zhejiang province, September 4, 2016. [Photo/Xinhua]

Here are highlights of Xi's speech:

Xi expects G20 Summit to offer remedies to world economy

As the leader of the world's second largest economy, Xi offered five proposals to buttress the global economic growth.

Firstly, he said, G20 members should strengthen their coordination in macroeconomic policies, jointly promote growth and safeguard financial stability.

Secondly, G20 members should innovate their growth patterns and explore new growth engines, he said.

Thirdly, G20 members should improve global economic governance and mechanism guarantee as well.

Fourthly, G20 members should build an open world economy and continue to promote the liberalization and facilitation of trade and investment.

Lastly, Xi added, the 2030 Agenda for Sustainable Development should be realized to promote inclusive growth.

World economic recovery faces multiple risks, challenges

The world economy is recovering but faces multiple risks and challenges such as insufficient growth momentum, lack of demand, repeated volatility in financial markets, and sluggish international trade and investment.

Eight years after the global financial crisis, the world economy is once again at a critical juncture, Xi said at the G20 Summit, which opened Sunday in the eastern Chinese city of Hangzhou.

The growth momentum brought by the previous wave of technological progress is waning while the latest wave of technological and industrial revolution is yet to gather steam, Xi said.

Population ageing and slowing population growth also weigh on the economy and society of major economies, he said.

In addition, economic globalization faces setbacks as protectionism rears its head and multilateral trade arrangements are being impacted.

Despite substantial progress in financial regulatory reform, risks such as high leverage and froth are accumulating, Xi said.

G20 should take leadership role in key issues

G20 should find a direction and a course for the world economy with a strategic vision, Xi said while addressing the opening of the G20 Summit.

To meet the demand of the world economy, G20 should shift from coping with crisis to long-term governance, he said.

G20 should work with real actions but no empty talk, Xi said, calling for concrete actions to implement joint plans on sustainable development, green financing and anti-corruption, he said.

G20 should seek opinion from all parties and listen to the voices of developing countries to make the mechanism more inclusive, Xi said.

Countries have common aspiration for economic growth and development despite their different conditions, development status and challenges. Xi called on nations to strengthen partnership to get through the global economic hardships.