5. Structural Reform

Recognizing the essential role of structural reforms in boosting productivity and potential output as well as in promoting innovative and inclusive growth, we will promote structural reforms globally in broad areas, including removing barriers to competitive and open markets, improving tax and benefit systems including social security, implementing proactive labor market policy and boosting strategic investments in education, skills, innovation and infrastructure. G20 economies need to actively implement the G20 Enhanced Structural Reform Agenda endorsed at the G20 Hangzhou Summit. G20 members shall use the priority areas and the set of guiding principles identified in the Agenda to guide their structural reforms as well as use the set of agreed indicators to help monitor and assess progress. As noted by the OECD Technical Report on Progress on Structural Reform under the G20 Enhanced Structural Reform Agenda, the G20 has made real but still insufficient progress in structural reforms, and more efforts are warranted. In recent years, China has made good progress in facilitating rapid development of new industries, new forms of business and new models and in fastening the replacement of new growth drivers to old ones through implementation of reform measures including streamlining administration, delegating powers and improving regulation and services, starting businesses and making innovation, and structural tax reductions.

6. Trade and Investment

Trade and investment are important engines for global economic growth. Promoting further liberalization and facilitation of trade and investment globally will help respond to the development challenges faced by all, and will contribute to achieving balanced and sustainable development. The rules-based multilateral trading system represented by WTO is an integral part of global economic governance, providing an institutional framework within which its members formulate multilateral trade rules, monitor trade policy implementation and resolve trade disputes. The multilateral trading system serves as the main channel for liberalization and facilitation of global trade and investment. Regional, bilateral and plurilateral trade agreements should complement rather than substitute the multilateral trading system. Efforts should be made to ensure that such agreements are open, transparent and inclusive.

The challenges arising from trade protectionism remain a concern against the backdrop of slow global growth and the slow recovery of the world economy in recent years. We will continue to fight against all forms of protectionist measures, with a view to building a favorable environment for trade and investment among all economies. The core value and basic principle of the multilateral trading system should be strengthened. We welcome the support for the multilateral trading system by the leaders who have attended the Roundtable of the Belt and Road Forum for International Cooperation, as well as the consensus reached by BRICS countries on promoting trade and development, increasing cooperation on investment facilitation and supporting the multilateral trading system, and we also welcome China to hold International Import Expo in 2018. We call upon WTO members to accelerate their implementation of outcomes of WTO ministerial meetings in Bali and Nairobi, to advance negotiations on the remaining Doha issues, and to start the discussion in the WTO on new issues including E-commerce and investment facilitation. We support all WTO members to achieve positive outcomes at the WTO' s forthcoming 11th Ministerial Conference (MC11) in Buenos Aires.

7. Labor and Employment

A wide range of global trends including technological revolution, economic globalization, industrial restructuring and demographic shifts, especially an aging population, have had profound impacts on the world of work. These trends are creating new opportunities and challenges, and the future of work will be shaped by our coordinated well-informed policy actions. It should also be noted that poverty and unemployment remain a great challenge for the international community. Greater efforts are needed to achieve full and productive employment and inclusive growth, including gender equality. In so doing, it is essential to create more job opportunities, match labor market supply to demand, improve labor's skills and strengthen social protection for equity and sustainability. These are key policy elements in achieving decent work, reducing poverty and inequality, and providing a better future of work for all.

The Chinese government has been implementing the Employment First Strategy and a more active employment policy, while continuing its efforts to achieve universal coverage of social insurance of its population and improving the social protection system in order to be more equitable and sustainable, and gradually establishing a reasonable income growth mechanism. With these efforts, overall employment situation in China has remained stable. Together with its social partners, the Chinese Government will continue to strengthen cooperation with the international community including the ILO, and will contribute actively to the ILO's centenary initiative on the Future of Work.

8. Financial Regulatory Reform

Despite the improved resilience of the global financial system as a result of post-crisis financial reforms, vulnerabilities still remain, and may negatively impact the strength and sustainability of global growth. China applauds and supports the FSB's work in building a safer, simpler, fairer financial system and improving the financial regulation coordination framework. We emphasize the considerable progress made towards transforming shadow banking into resilient market based finance since the financial crisis and welcome the FSB assessment of the monitoring and policy tools available to address risks from shadow banking. We call for full, consistent and timely implementation of agreed reforms, and finalizing Basel III and other unfinished parts of the reform agenda soon, so as to foster a robust and open global financial system supporting investment, trade and growth.

Meanwhile, we must remain alert to and appropriately address new risks. Notwithstanding its great potential to facilitate financial inclusion, green finance, productivity, international integration and growth, the rapid growth of Fintech merits attention from a financial stability perspective. We fully support FSB's efforts in identifying emerging risks and promoting international cooperation so as to unleash the potential of technological innovation in a stable and flexible way. Chinese government stands ready to strengthen cooperation with the international community including FSB, and will play a greater role in the application of digital economy and the promotion of financial inclusion and green finance.

9. Global Economic Governance

We reiterate our commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the Global Financial Safety Net. We support the work of the IMF to strengthen its cooperation with regional financing arrangements, and its ongoing work to further enhance the effectiveness of its lending toolkit. We look forward to the completion of the 15th General Review of IMF Quotas, including a new quota formula, by the Spring Meetings 2019 and no later than the Annual Meetings 2019. We welcome the establishment of the Joint China-IMF Capacity Development Center, and look forward to further cooperation in this area. We support the continued examination of the broader use of the SDR as a way to enhance the resilience of the international monetary system. We support the IMF's ongoing work on improving the analysis and monitoring of capital flows and the management of related risks, including the role of macro-prudential policy.

We reiterate our commitment to a strong WBG, adequately resourced to pursue its mission to eliminate extreme poverty and boost shared prosperity in partnership with others. In this context, we support the implementation of the WBG's shareholding review and look forward to its timely conclusion. Building on the strong shareholder confidence expressed via the record IDA18 replenishment, we also support capital increase at IBRD and IFC, aiming to enhance the financial capacities of the WBG's public and private sector arms. This will allow the WBG to better assist countries achieve their development goals, including by helping them to maximize development resources in a responsible way, and to promote global growth, stability and security.

We agreed that this meeting was productive and sends a positive signal of jointly addressing challenges, developing a more inclusive and mutually-beneficial economic globalization, and promoting an open world economy. We look forward to holding the next roundtable meeting at an appropriate time and place next year.