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China Daily (USA) - - G20 2016 CHINA -

one of the world’s largest economies, China has a piv­otal role to play in steer­ing the global con­ver­sa­tion and en­sur­ing co­or­di­nated in­ter­na­tional ac­tion on is­sues re­lated to world trade. A com­mit­ment by China to open and free trade is there­fore highly sig­nif­i­cant, es­pe­cially at a time when po­lit­i­cal and pub­lic sup­port for free trade is on the wane.

Given the down­beat in­ter­na­tional mood on trade is­sues, the G20 un­der Chi­nese lead­er­ship must send a mes­sage of open­ness and Pres­i­dent Xi Jin­ping has done so at the open­ing of the G20 Sum­mit, which is en­cour­ag­ing and timely. This is not only cru­cial for the global econ­omy but also vi­tal for Europe-China re­la­tions.

speech pro­motes the idea that en­gag­ing with China’s do­mes­tic growth agenda is some­thing that ev­ery ma­jor econ­omy should be in­ter­ested in do­ing.

Search­ing for new­sources of growth is a global im­per­a­tive now. De­vel­oped coun­tries have been mired in low GDP growth since 2008, and even China’s growth rate is slow­ing. There is the chance for a newkind of com­pact be­tween China and other coun­tries in this hunt for new­growth— some­thing that links the hunger for a more ser­vice sec­tor ori­en­tated, high con­sum­ing model within China with bet­ter qual­ity trad­ing and eco­nomic re­la­tions with the rest of the world.

role in an open econ­omy is spe­cial. China’s ex­pe­ri­ence in lift­ing peo­ple out of poverty and its im­por­tant role as a provider of new­sus­tain­able tech­nolo­gies, like elec­tric cars, LED lights and so­lar pan­els, is unique.

What is needed to en­sure that the world gets the so­lu­tions that are needed is some­thing that China has great ex­pe­ri­ence in. Hence, China has a key role in any dis­cus­sions about a sus­tain­able open econ­omy.

That China al­ready has fo­cused on es­tab­lish­ing an open and frank at­mos­phere at the sum­mit is most wel­come. It is, how­ever, im­por­tant to re­mem­ber that many of the most in­no­va­tive stake­hold­ers who are en­trepreneurs in small com­pa­nies are not par­tic­i­pat­ing in the G20.

the open­ing cer­e­mony of the B20 Sum­mit, Pres­i­dent Xi gave a very com­pre­hen­sive speech high­light­ing the di­rec­tion of eco­nomic de­vel­op­ment in China, and the pri­or­i­ties go­ing for­ward. Pres­i­dent Xi was very clear that China is at the new­start­ing point with its 13th Five-Year Plan.

Peo­ple all around the world are wor­ry­ing about the mod­est growth rates. What Xi said is that real growth now needs a shift in par­a­digms— it has to be some real changes and reforms, and some of them will not be sim­ple. But the fact is, the world does need some tran­si­tions and reforms from es­tab­lished in­ter­ests— that is what Xi was say­ing. And it is a mes­sage for every­body around the world.

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