Xi to G20: Champion Open World Wconomy, Foster New Growth Drivers
Chinese President Xi Jinping on Friday called on members of the Group of 20 (G20) major economies to champion an open world economy and a multilateral trade regime as global growth remains unsteady despite signs of recovery.
Speaking at the annual G20 summit in Hamburg, a major port city in northern Germany, Mr Xi also called for concerted efforts in fostering new drivers for growth, promoting a more inclusive growth and improving global economic governance.
“We must remain committed to openness and mutual benefit for all so as to increase the size of the global economic ‘pie’,” said Mr Xi, who is at the helm of the world’s second-largest economy.
OPEN ECONOMY
This year’s G20 summit, scheduled for Friday and Saturday and themed “Shaping an Interconnected World,” comes as global growth continues to gather momentum and both developed countries and emerging-market economies show stronger economic performance. However, the world economy is still plagued by deep-seated problems and faces many uncertainties and destabilizing factors, Mr Xi pointed out. He underscored the role of innovation and development in boosting global growth, proposing that G20 members increase cooperation in digital economy and the new industrial revolution, and jointly develop new technologies, new industries, new business models and new products. “Another source of growth derives from making greater efforts to address the issue of development and implement the 2030 Agenda for Sustainable Development, and such efforts will both benefit developing countries and generate business and investment opportunities for developed countries. In other words, this will be a win-win game for all,” he said.
The Chinese leader also urged G20 members to cooperate more in education, training, employment, business start-up and wealth distribution-related mechanisms. “Progress on these fronts will make economic globalisation work better,” he said.