his speech, President Xi stressed the importance of the link between business and social development and how China has realized rapid poverty reduction.
China is on its way to becoming the world’s largest economy and playing a greater role in the global political economy, independent from the existing multilateral institutions and in contrast with the TPP and TTIP, the two trading arrangements initiated by the US.
The establishment of the AIIB and the ambitious strategic Belt and Road Initiative are examples of this new role that will give a boost to China as a global power.
Xi Jinping’s speech at Business 20 on Saturday integrates traditional Chinese, which highlights amity, sincerity, mutual benefit and inclusiveness, into the reform of global governance. It also introduces the Chinese perception of innovative, coordinated, green, open and shared development onto the world stage, thus providing a new way of thinking for the world to build a community of shared destiny. It is our hope that the G20 Summit in Hangzhou will reach consensuses and agree on more actions for global economic governance.