Xi urges G20 to back free trade and foster new growth drivers

Chinese President Xi Jinping presides over an informal leaders' meeting of the emerging-market bloc, which groups Brazil, Russia, India, China and South Africa, in Hamburg, Germany, July 7, 2017. [Photo: Xinhua/Ma Zhancheng]

Chinese President Xi Jinping on Friday called on members of the Group of 20 (G20) major economies to champion an open world economy and a multilateral trade regime as global growth remains unsteady despite signs of recovery.

Speaking at the annual G20 summit in Hamburg, a major port city in northern Germany, Xi also called for concerted efforts in fostering new drivers for growth, promoting a more inclusive growth and improving global economic governance.

"We must remain committed to openness and mutual benefit for all so as to increase the size of the global economic 'pie'," said Xi, who is at the helm of the world's second-largest economy.

This year's G20 summit, scheduled for Friday and Saturday and themed "Shaping an Interconnected World," comes as global growth continues to gather momentum and both developed countries and emerging-market economies show stronger economic performance.

However, the world economy is still plagued by deep-seated problems and faces many uncertainties and destabilizing factors, Xi pointed out.

He underscored the role of innovation and development in boosting global growth, proposing that G20 members increase cooperation in digital economy and the new industrial revolution, and jointly develop new technologies, new industries, new business models and new products.

"Another source of growth derives from making greater efforts to address the issue of development and implement the 2030 Agenda for Sustainable Development, and such efforts will both benefit developing countries and generate business and investment opportunities for developed countries. In other words, this will be a win-win game for all," he said.

The Chinese leader also urged G20 members to cooperate more in education, training, employment, business start-up and wealth distribution-related mechanisms.

"Progress on these fronts will make economic globalization work better," he said.

In addition, Xi asked G20 members to strengthen coordination of macroeconomic policies, forestall risks in financial markets, and develop financial inclusion and green finance to make the financial sector truly drive the development of the real economy.

The Chinese president cited last year's summit in the eastern Chinese city of Hangzhou and the Belt and Road Forum for International Cooperation (BRF) in Beijing in May this year to expound the synergy between the Hangzhou summit and the Hamburg summit and between the commitment of the BRF and the goal of the G20.

The world economy is expected to grow by 3.5 percent this year, the best performance in recent years. China posted a forecast-beating growth rate in the first quarter, with GDP up 6.9 percent year on year, the quickest increase in 18 months.

China has been a major stabilizer and driver for the world economy, contributing more than 30 percent of global growth in recent years.