President Xi urges G20 to responsibly steer world economy

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02:05

Chinese President Xi Jinping urged the Group of 20 (G20) to stick to openness, partnership, innovation and inclusiveness and steer the world economy responsibly on Friday in a speech titled "Look Beyond the Horizon and Steer the World Economy in the Right Direction."

President Xi made the remarks at the first session of the 13th G20 Summit in Buenos Aires under the theme of "Building Consensus for Fair and Sustainable Development."

He warned the G20 leaders of the accelerated accumulation of risks in the global economy and pledged that China will firmly push forward a new round of reform and opening up, with increased efforts in intellectual property rights protection and more imports.

Win-win cooperation is only choice

2018 marks the 10th year since the global financial crisis broke out and the first G20 summit was convened.

Xi called for building greater coordination and complementarity among countries. He hopes after 10 years, the international community could work with the same courage, ensuring the global economy grows on the right track.

Nations should become a community with shared interests, shared responsibilities and a shared future, he said. "Win-win cooperation is the only choice for the international community."

Stay committed to openness and cooperation

The Chinese president called on the members of G20 to stay committed to openness and cooperation and uphold the multilateral trading system.

China supports necessary reform of the World Trade Organization (WTO), and believes that it is critical to uphold the WTO's core values and fundamental principles such as openness, inclusiveness and non-discrimination and ensure the development interests and policy space of developing countries, Xi said.

We need to conduct extensive consultation to achieve gradual progress instead of imposing one's position on others, he added.

Step up macro policy coordination

We should forge a strong partnership and step up macro policy coordination, Xi said.

Developed economies, when adopting monetary and fiscal policies, should give more consideration to and work to minimize the impact such policies may exert on emerging markets and developing economies, he said.

He noted the international monetary system should become more diversified, and the global financial safety net should continue to be strengthened.

Create new momentum for growth

President Xi hailed the commitment to innovation and creating new momentum for growth.

To better adapt to and guide technological innovation, he proposed that the G20 carry out an in-depth study on the application and impact of new technologies on a priority basis to explore new thinking and new ways of cooperation in this area.

Promote inclusive global development

Xi called for adhering to win-win cooperation to promote inclusive global development.

We need to continue to prioritize development in global macro-policy coordination, implement in earnest the 2030 Agenda for Sustainable Development and give strong support to work in this area under the UN framework, he said.

Adhere to opening up

This year marks the 40th anniversary of China's reform and opening up. China will continue to deepen market-oriented reform, protect property rights and IPR, encourage fair competition and do more to expand imports, Xi added.

China will continue to improve its business environment, and hopes that all countries will work together for a free, open, inclusive and orderly international economic environment, he said.

While discussing the topic of "fair and sustainable future," President Xi said as long as we carry forward the spirit of partnership, there will be no problems that cannot be solved.

(CGTN's You Yang and Zhang Congying also contributed to the story)

(With input from Xinhua News Agency)