Xi's speech reflects China's determination to uphold G20 spirit

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Editor's note: Li Qingsi is the executive director of the Center for American Studies at Renmin University of China. The article reflects the author's opinion, and not necessarily the views of CGTN.

Chinese President Xi Jinping urged the Group of 20 to adhere to openness, partnership, innovation and inclusiveness and steer the world economy responsibly in his keynote speech during the first session of the 13th G20 summit in Buenos Aires.

This year marks the 10th anniversary of G20 as well as the 2008 financial crisis. Though the global economy has maintained a sound momentum of growth, various kinds of risks have remained unresolved. For example, the rise of protectionism and unilateralism is threatening the global economic recovery.

As an important platform to strengthen international economic cooperation, the G20 summit should strive to overcome such difficulties, promote cooperation among different economies and safeguard the stability, development and prosperity of the world economy.

The G20 was born under this background, and it will certainly continue to pursue the same goal. In order to realize this goal, all members of G20 should first uphold the principle of openness and cooperation and safeguard the multilateral trade system.

Chinese President Xi Jinping(C), Russian President Vladimir Putin and Indian Prime Minister Narendra Modi hold an informal meeting in Buenos Aires, Argentina, November 30, 2018. /Xinhua photo

The existing world trade system is not perfect, it needs reform and improvement. However, so far it is still the most universally acceptable trade arrangement and nothing noticeable is likely to replace it soon.

The global trade system should always stick to the fundamental principle of opening-up, tolerance to the different political systems and non-discrimination, based on wide consultation and a step-by-step process.

Secondly, all the member countries should stick to a spirit of teamwork and strengthen macro regulation on financial, budgetary and structural reform to achieve a balanced, sustainable and inclusive growth.

The advanced economies should take more responsibility of the world's economic recovery. They have benefited more from the existing economic order and will certainly continue to reap more benefits in the future. Or at least they should not achieve their goals by sacrificing the interests of the developing countries. Since the world is becoming more interdependent, advanced economies can hardly sustain development by only relying on themselves.

Thirdly, new technology and innovation should be emphasized to advance economic development potential, for only technological progress can provide new impetus for future development. But technological breakthrough and application to production can be realized better through cooperation and coordination among G20 members.

Chinese President Xi Jinping (2nd R), South African President Cyril Ramaphosa (C), Brazilian President Michel Temer (1st L), Russian President Vladimir Putin (2nd L) and Indian Prime Minister Narendra Modi attend the informal meeting of the emerging economies' bloc BRICS in Buenos Aires, Argentina, November 30, 2018. /Xinhua photo

Lastly, universally beneficial and win-win strategy should be pursued to advance inclusive global development. The purpose of development certainly serves most people if not yet all people, for only when the majority of people constantly improve their living standard, quality of life, will they support the government policy, and thus form a kind of virtuous cycle.

So development policies should aim at striking two balances: one is to take both the rich and poor population into consideration, the other is to take both the present and future interests into account.

China is actually a good example of such development in the past 40 years as it has stuck to its reform and opening up policy. There is still a huge gap between China and the developed countries, and it has a long way to catch them.

China should try its best to deepen market reform, protect intellectual property, advance fair competition, provide a market for foreign investors and maintain an open, free and global trade system.

China's policy stance has gained support from many developing countries, and commentators from the West also spoke highly of President Xi's speech, for it is only through joint effort, cooperation, win-win and consultancy that the world economy can regain growth momentum under the shadow of protectionism, unilateralism and selfishness in some advanced economies.

The G20 members account for 80 percent of global GDP, they should certainly play a more active role and contribute more than ever to the world economic growth, stability and prosperity. China, as a responsible major country, will continue to play a constructive role, firmly safeguard the multilateral system and contribute Chinese wisdom to the global economic governance.

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