President Xi: China to engage in International macroeconomic policy cooperation
China will continue to meaningfully engage in international economic policy cooperation and not resort to the beggar-thy-neighbor practice of currency devaluation, President Xi Jinping said in his speech at the opening ceremony of the second Belt and Road Forum for International Cooperation in Beijing on Friday.
"The globalized economy calls for global governance," Xi said. "China will strengthen macro policy coordination with other major economies to generate a positive spillover and jointly contribute to robust, sustainable, balanced and inclusive global growth.
"China will not resort to the beggar-thy-neighbor practice of RMB devaluation."
Xi said that to ensure a stable global economy, the market will play the decisive role in resource allocation in China and the RMB exchange rate will be basically stabilized at an appropriate and balanced level.
According to Xi, rules and credibility are cornerstones in achieving an effective global governance system.
He also declared that China is and will be a positive supporter and participant of WTO reform and will work with others to promote international economic and trade rules to a higher level.