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Highlights of President Xi Jinping’s speech at the G20 Summit

(People's Daily Online)    13:47, December 01, 2018

The 13th summit of the Group of 20 (G20) is held in Buenos Aires, Argentina, Nov. 30, 2018. Chinese President Xi Jinping delivered a speech titled "Look Beyond the Horizon and Steer the World Economy in the Right Direction" at the first session of the summit.

Xi stressed that the G20 members should stay committed to openness and cooperation, forge strong partnership, stay committed to innovation and win-win cooperation, and fulfill the responsibility and steer the global economy in the right direction.

Here are some highlights of his speech.

Ensure that the global economy grows on the right track

It's been ten years since the global financial crisis broke out and the first G20 Summit was convened. Over the past decade, we have braced difficulties together, navigated the global economy out of recession and brought it back to the track of recovery and growth. Ten years later, let us work with the same courage and strategic vision and ensure that the global economy grows on the right track.

Win-win cooperation is the only choice for us

An ancient Chinese philosopher observed that "Reviewing the past enables us to learn about the law governing the evolution of history." We G20 members must closely follow the underlying historical trend so as to chart the course for the future. In mankind's relentless quest for development and progress, the trend toward openness and integration among countries is unstoppable despite ups and downs in the global economy. Going forward, win-win cooperation is the only choice for us, be it in good times or bad.

The world economy is facing another historical choice

Today, the global economy, while maintaining growth on the whole, is still not free from the underlying impacts of the crisis. Old growth drivers are yet to be replaced by new ones. Various risks are rapidly building up. The new round of technological revolution and industrial transformation are triggering profound changes, the wealth gap keeps widening, and social contradictions are growing. The world economy is facing another historical choice.

WTO should not impose one's position on others

China supports necessary reform of the World Trade Organization, 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. We need to conduct extensive consultation to achieve gradual progress instead of imposing one's position on others.

Partnership is the most valuable asset of the G20

Partnership is the most valuable asset of the G20. We G20 members should work together to surmount whatever difficulty that lies ahead. 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.

The global economy is embracing the trend of digital transformation

The global economy is embracing the trend of digital transformation, and the new round of industrial revolution will reshape human society in profound ways. We should encourage innovation and leverage the role of the digital economy in growing the real economy. We need to watch out for risks and challenges brought by the application of new technologies, and strengthen the legal and regulatory framework. And we need to do more to boost education and vocational training.

Deliver a sense of fulfillment, happiness and security to our people

Development holds the key to many problems facing the world today. Development also provides a strong guarantee for greater equity and justice. We need to continue to follow a people-centered development philosophy and endeavor to deliver a sense of fulfillment, happiness and security to our people.

China is firm in its resolve to eradicate poverty

During the past 40 years, with the support of the international community, we in China have forged ahead with perseverance and made historic achievements in development. In the years since the global financial crisis, China has contributed over 30 percent of global growth. China is firm in its resolve to eradicate poverty. Our goal is to eliminate absolute poverty as currently defined by 2020, and we have every confidence to meet this target.

Further open China's market

China owes its progress to reform and opening-up, and will continue to advance on this path. Earlier this month, the first China International Import Expo (CIIE) was successfully held, which was warmly received by the international community. China will continue to deepen market-oriented reform, protect property rights and IPR, encourage fair competition and do more to expand imports. The CIIE will be held annually as a way to further open China's market.

 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Du Mingming, Bianji)

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