Xi calls for partnerships for economic reforms

November 23, 2015 6:39 am


 Xi stressed that China will maintain its momentum of economic growth and make greater contributions to promoting the world economic growth/FILE
Xi stressed that China will maintain its momentum of economic growth and make greater contributions to promoting the world economic growth/FILE
BRISBANE, Australia Nov 23 – Chinese President Xi Jinping has urged development partners to forge a relationship that will promote economic reforms and implement the overall growth strategy across the world.

Xi spoke when he attended the Ninth G20 Leaders’ Summit held in Brisbane, Australia, in a speech entitled “Promoting Innovative Development and Realizing Overall Economic Growth.”

“That is the only way we will achieve the transformation of world economy from cyclical recovery to sustainable growth,” he said.

Xi stressed that China will maintain its momentum of economic growth and make greater contributions to promoting the world economic growth.

In his speech, reminded leaders present that over the past few years, the world economy has gradually climbed out of the trough and constantly developed toward the good direction.
Economic recovery, he said, is not robust; risks remain in the financial market; and international trade is still staggering at a low level.

“Our first and foremost task at present is to coordinate macroeconomic policies, jointly overcome development difficulties, decrease economic risks and realize economic prosperity, financial stability, trade development, as well as improvement in employment and people’s livelihood,” he observed.

Xi pointed out that not long ago; the Asia-Pacific Economic Cooperation (APEC) made plans for promoting growth of the Asia-Pacific region. The G20 has also been making efforts and formulated a comprehensive growth strategy.

To implement this strategy, it is important to explore and cultivate the impetus for sustained growth to form a new situation featuring development innovation, convergence of interests and overall growth.

Xi suggested that the G20 make efforts to push countries to make innovation on the development concept, policy and pattern, especially through structural reforms in such fields as fiscal taxation, finance, investment, competition, trade and employment, as well as through the combination of macroeconomic policies and social policies, so as to stimulate vitality in creating wealth and bring the market force into full play.

While hosting the APEC Economic Leaders’ Meeting, China set connectivity as one of the core topics.

China supports the G20 in establishing a global infrastructure center, supports the World Bank in establishing a global infrastructure fund, and will make contributions to global infrastructure investment through such approaches as the construction of the Silk Road Economic Belt, the 21st Century Maritime Silk Road, the Asia Infrastructure Investment Bank (AIIB), and the Silk Road Fund.
He also rooted for what he described as an “open world economy”.

All countries should safeguard the multilateral trade system, build a mutually beneficial and win-win global value chain, cultivate a big global market, oppose trade and investment protectionism, and promote the Doha Round Negotiations.

Besides opening up the world economy, Xi is also pushing for improved global economic governance.
He holds that all countries should be committed to building a fair, just, inclusive and orderly international financial system, enhance the representation and voice of emerging markets and developing countries, and make sure that all countries enjoy equal rights and equal opportunities under equal rules in international economic cooperation.

Xi stressed that China’s economic growth is an important impetus for the world economic growth. According to the estimate made by international organizations, China is one of the largest contributors to the overall growth strategy of the G20.

Such contribution comes from China’s policies and measures to maintain steady growth, adjust the structure, promote reforms and benefit the people’s livelihood. China’s economy will maintain strong, sustainable and balanced growth momentum, with an annual increase equivalent to the economic scale of a moderately developed country. China will provide more demands and create more market opportunities, investment opportunities as well as growth opportunities for the world economy.

Xi announced that China will adopt the Special Data Dissemination Standards (SDDS) of the International Monetary Fund (IMF).

In the end, Xi Jinping pointed out that the G20 members should establish the awareness of a community of interests as well as a community of destiny, and strive to form a pattern of win-win cooperation in which the growth of each country promotes and complements that of other countries, so that the G20 truly becomes the stabilizer of the world economy, the incubator of the global growth, and the propeller of the global economic governance.

The Chinese president also attended the informal discussions of the G20 Leaders’ Summit and delivered a speech on the topic of economic reforms. He introduced the goals and measures of China’s comprehensively deepening reforms, and stressed that China’s economy has entered a period of opportunities for transforming the pattern and adjusting the structure, cultivating the momentum of endogenous growth, and improving employment and the people’s livelihood, and that China’s economy has developed into a new and regular pattern, with vigorous growth momentum and bright development prospect.

“I hope that all countries take on the political courage of eliminating the old and establishing the new, constantly make innovation on the development pattern, and become development partners jointly promoting economic reforms,” he said.

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