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Xi Jinping attends Eighth G20 Leaders' Summit and delivers important speech

Source: www.fmprc.gov.cn/mfa_eng | 2013-09-05
Xi Jinping attends Eighth G20 Leaders' Summit and delivers important speech

Stressing to Firmly Maintain and Develop an Open World Economy

China Has the Conditions and Ability to Realize Sustainable and Healthy Economic Development

On Sept. 5, 2013, the Eighth G20 Leaders' Summit was held in St. Petersburg, Russia. President Xi Jinping attended the meeting and delivered an important speech, stressing that all countries should take a long view, strive to shape a world economy, where all countries enjoy development and innovation, growth linkage, and interests integration, firmly maintain and develop an open world economy, build a closer economic partnership, and shoulder the due responsibilities. China will unswervingly and comprehensively deepen reform, and adhere to an open strategy of mutual benefit and win-win results. China has the conditions and ability to achieve sustainable and healthy economic development.

Prior to the summit, Xi Jinping and other leaders successively arrived at Constantine Palace, St. Petersburg, and were greeted by Russian President Vladimir Putin. 

At 5 p.m. local time, the meeting began. Vladimir Putin hosted the meeting. The theme of the meeting was growth and employment, and leaders at the meeting made speeches revolving around the world's economic situation, trade, development, international monetary and financial system reform, and other topics.

Xi Jinping said in his speech that at present, the world economy is gradually stepping out of the bottom, and the situation continues to develop in a good direction. At the same time, the negative impact of international financial crisis still exists, and there is still a long way to go for the global economy to recover. "We should strive to shape a world economy, where all countries enjoy development and innovation, growth linkage, and interests integration."

Xi Jinping pointed out that development and innovation are required by the sustainable growth of the world economy. All countries should improve the quality and efficiency of economic growth, and enhance economic competitiveness through active structure reform. Growth linkage is required by the strong growth of the world economy. All countries should build the awareness of a community of common destiny, cooperating in competition, and achieving win-win results in cooperation. Give consideration to the interests of other countries, when pursuing the national interests of our own, and taking care of the development of other countries when seeking our own development. We should form a linkage effect between the development of one country and that of other countries. Integration of interests is required by the balanced growth of the world economy. All countries should build a global value chain that shares interest, and foster a big global market that benefits all parties, achieving the development of mutual benefits and win-win results. 

Xi Jinping stressed that shaping the world economy of this kind needs all G20 members to build a closer economic partnership, and to shoulder due responsibilities.

First, adopting responsible macroeconomic policies. The major economies should take care of their own matters, ensuring no big mess in their own economy. All countries should strengthen macroeconomic policy coordination and communication. China's economic policy is not only responsible for the Chinese economy but also for the world economy. China's economic fundamentals are good, we firmly push forward structural reforms, and would rather slow down the growth rate a bit. China has the conditions and ability to achieve sustainable and healthy economic development, bringing more positive spillover effects for the world economy.

Second, safeguarding and developing an open world economy. We should oppose all forms of protectionism, maintain a free, open and non-discriminatory multilateral trading system, and improve the global investment rules, guiding the rational flow of capital in global development.

Third, improving global economic governance, making it fairer and more just. The relevant countries should further push forward the implementation of the quota and governance reform on International Monetary Fund (IMF). Make new share formula that reflects the weight of economic aggregate of various countries in the world economy. Continue to strengthen the international financial market supervision, build a stable and anti-risk international monetary system, conduct reform on the basket of currencies for Special Drawing Rights, strengthen the connections among international and regional financial cooperation mechanisms, and build a financial risk firewall.

Xi Jinping stressed that in order to promote the sustainable and healthy development of China's economy and society, China will unswervingly promote reform. We are conducting overall research on comprehensively deepening the reform, and push forward structural reform on economy, politics, culture, society, and ecological civilization through overall planning, further liberating and developing social productivity, and liberating and increasing the creativity of the whole society. China will strengthen the market system construction, advance the structural reform on macroeconomic regulation and control, taxation, finance, investment, administrative system and other fields, and give full play to the basic role of the market in resource allocation. China will strive to deepen the reform on the marketization of interest and exchange rates, to increase the elasticity of the RMB exchange rate, and to gradually make the RMB capital account convertible. China will adhere to the opening-up strategy of mutual benefit and win-win results, deepen structural reform on investment and trade, perfect the laws and regulations, creating a legal environment of fair operations for companies of various countries in China, and solve trade disputes with relevant countries through consultation.

Xi Jinping stressed that as long as we work together and build a closer partnership, the G20 will have a more stable, better and further development, and the people of various countries will have more confidence in the world economy and the future life.

Other leaders at the meeting said that the current recovery of the world economy is not completed yet, and is at a critical stage, with coexisting challenges and opportunities. The G20 members should strengthen policy coordination and cooperation, well deal with the spillover effects of the monetary policies that are taken, maintain the stability of the international financial market, and take care of the interests of the countries at different stages of development, laying a foundation for the strong, sustainable and steady growth of the world economy. 

Wang Yang and other officials attended the meeting.