China to maintain growth, contribute to global economy: Xi

Source:Xinhua Published: 2014-11-16 9:14:37

Chinese President Xi Jinping (5th R front) and other G20 leaders pose for a group photo at the 9th Group of 20 (G20) Summit in Brisbane, Australia, November 15, 2014. Photo:Xinhua

China will keep the momentum of economic growth and make greater contribution to the global economy, Chinese President Xi Jinping told a Group of Twenty (G20) summit Saturday.

He urged the world's major economies to jointly promote reforms, implement comprehensive growth strategies and advance the transition of the world economy from cyclical recovery to sustainable growth.

Noting that the world economy has gradually moved out of the bottom in the past years but the overall recovery remains lackluster, he said the top priority for G20 members now is to coordinate macroeconomic policy, mitigate economic risks, create more jobs and improve people's livelihood.

He added that the just-concluded Asia-Pacific Economic Cooperation (APEC) meetings in Beijing formulated plans for promoting the development of the Asia-Pacific region, and that G20 members have also worked out comprehensive growth strategies.

In order to realize comprehensive growth, he said, G20 members should seek and boost driving forces for sustained growth and open up a new situation that features innovative development, integrated interests and interconnected growth.

Firstly, G20 economies should innovate in their economic development patterns, Xi said, adding that more vitality should be brought into the economy through structural reforms in finance, investment, trade and other fields.

Stressing the important role of infrastructure construction in generating economic growth, he said China supports the G20 in setting up a global infrastructure center and supports the World Bank in establishing a global infrastructure fund.

Meanwhile, Xi pledged to make contribution to global infrastructure investment via such initiatives as the Silk Road Economic Belt, the 21st Century Maritime Silk Road, the Asian Infrastructure Investment Bank and the Silk Road Fund.

Secondly, G20 members should build an open global economy, Xi said, calling for concerted efforts in resisting trade and investment protectionism and safeguarding multilateral trade systems.

Thirdly, G20 members should improve global economic governance, he said, urging all members to strive for a fair, just, inclusive and orderly international financial system.

Efforts should also be made to increase the presence of developing countries and emerging-market economies and offer them a bigger say in international systems, and ensure the equality of different countries in global economic cooperation in terms of rights, opportunities and rules, he added.

China's economic growth serves as a main engine for global economic growth, and China is one of the largest contributors to the G20's comprehensive growth strategies, Xi said.

Thanks to various domestic reforms, the Chinese economy will maintain its momentum for powerful, sustainable and balanced growth, and provide the world with greater demands and more opportunities, he added.

In his speech, Xi announced that China will adopt the Special Data Dissemination Standard of the International Monetary Fund.

Xi also called on G20 members to regard themselves as a community of common interests and shared destinies and turn the bloc into a stabilizer of the world economy, an incubator of global growth and a propeller of global economic governance.

Other leaders attending the ninth G20 summit applauded China's efforts in restructuring its economy and expressed their confidence that the Chinese economy will grow continuously and healthily and make greater contribution to the world economy.

Xi's wife, Peng Liyuan, participated in a tour hosted by Australian Prime Minister Tony Abbott's wife, Margie, to Lone Pine Koala Sanctuary.

Posted in: Diplomacy

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