President Xi calls for open and inclusive global economy

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Chinese President Xi Jinping on Friday urged the G20 nations to continue building an open and more inclusive world economy at the first working session of this year's summit in Hamburg.

Xi called for “openness” and “inclusiveness” to advance interconnected growth.

He praised the efforts the G20 group have made, saying the world’s economic outlook is looking more positive and expected growth this year is the most positive outlook in recent years.

Chinese President Xi Jinping welcomed by German Chancellor Angela Merkel at the G20 summit in Hamburg, Germany, July 7, 2017. /CFP Photo

Continue to build an open world economy

An open economy is an important experience that the G20 countries have during global financial crisis, according to Xi.

“As the world’s major economies, we should together play a leading role, support multilateral trade and do things according to rules that we made together, and find win-win solutions to common challenges that are based on negotiation,” Xi said.

Find new impetus for world economic growth

“We should together make new technology, new industries, new models and new products,” Xi urged, saying innovation can bring impetus to the economy.

He said the new impetus can further implement the 2030 sustainable development goals and is good for developing countries and can bring opportunities for developed countries.

World leaders turn around for photographers at the start of the first working session of the G20 summit in Hamburg, northern Germany, on July 7, 2017. /CFP Photo

Making global economic growth more inclusive

However, Xi did say that global economic growth is still unbalanced, and technological development brings challenges to employment.

Xi said a major mission for the G20 is to manage contradictions and to be more inclusive in solving problems.

Continue to consummate global governance

Xi praised the results of coordination of macroeconomic policy, reform of international financial institutions, consummation of international financial regulation and fighting against tax evasion between G20 nations, which contributed greatly to global economic recovery and stabilized financial markets.

Xi urged a continuation of efforts, and called on members of the G20 to further strengthen coordination of macroeconomic policies and forestall risks in financial markets.

He urged members to develop financial inclusion and green finance to make the financial sector drive the development of the real economy.

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