President Xi Jinping Addresses 25th St. Petersburg International Economic Forum

On the evening of June 17, President Xi Jinping attended and addressed the plenary session of the 25th St. Petersburg International Economic Forum in virtual format upon invitation.

Xi Jinping pointed out that at a time when the international community is so keen about achieving more equitable, sustainable, and secure development, we should seize opportunities, meet challenges head-on, and work on the implementation of the Global Development Initiative to build a shared future of peace and prosperity. Xi then put forward the following four-point proposal.

First, we need to foster an enabling environment for development. It is important that we follow true multilateralism, respect and support all countries’ pursuit of development paths suited to their national conditions, build an open world economy, and increase the representation and voice of emerging markets and developing countries in global economic governance, with a view to make global development more balanced, coordinated, and inclusive.

Second, we need to strengthen development partnerships. It is important that we enhance North-south and South-south cooperation, pool cooperation resources, platforms and networks of development partnerships, and scale up development assistance, in order to forge greater synergy for development and close the development gap.

Third, we need to advance economic globalization. It is important that we strengthen “soft connectivity” of development policies and international rules and standards, reject attempts at decoupling, supply disruption, unilateral sanctions and maximum pressure, remove trade barriers, keep global industrial and supply chains stable, tackle the worsening food and energy crises, and revive the world economy.

Fourth, we need to pursue innovation-driven development. It is important that we unlock the potential of innovation-driven growth, improve the rules and institutional environment for innovation, break down barriers to the flow of innovation factors, deepen exchanges and cooperation on innovation, facilitate deeper integration of science and technology into the economy, and make sure the fruits of innovation are shared by all.

Xi pointed out that the fundamentals of the Chinese economy—its strong resilience, enormous potential and long-term sustainability—remain unchanged. We have full confidence in China’s economic development. China will continue to promote high-quality development, expand high-standard openingup with firm resolve, and pursue high-quality Belt and Road cooperation. China stands ready to work with Russia and all other countries to explore development prospects, share growth opportunities, and make new contributions to deepening global development cooperation and building a community with a shared future for mankind.

The plenary session of the 25th St. Petersburg International Economic Forum was held in an online plus offline format in St. Petersburg, Russia on June 17. Russian President Vladimir Putin, Egyptian President Abdel Fattah El-sisi, Kazakh President Kassym-jomart K. Tokayev, among others, attended the event.