Xi Calls on G20 to Join Hands in Forging High-quality Global Economy

President Xi Jinping attends the 14th G20 summit held in Osaka, Japan, June 28, 2019. Xi called on G20 to join hands in forging high-quality global economy while addressing the 14th G20 summit held in the Japanese city of Osaka. [Photo/Xinhua]

OSAKA — President Xi Jinping called on the Group of 20 (G20) major economies to explore driving force for growth, improve global governance, remove development bottlenecks, and properly address differences.

Xi also pledged that China will further open up its market, proactively expand imports, continuously improve its business environment for foreign enterprises, and press ahead with negotiations on economic and trade deals.

Xi made the remarks while addressing the 14th G20 summit held in the Japanese city of Osaka on June 28.

Noting that the world economy is once again at a crossroads 10 years after the global financial crisis broke out, Xi said the G20 bears the responsibility to chart the course for the world economy and global governance at a crucial time, as well as to inject confidence into the market and bring hope to the people.

The G20 members should respect objective laws and give play to the role of market, so as to adapt to the requirement of the development of the productive force, said the President.

He urged the G20 to follow the major trend of development, embrace development opportunities with greater openness, and seek win-win results with better cooperation, so as to lead economic globalization toward the right direction.

Xi also called on the G20 members to focus on shared interests and long-term development, and commit to realizing lasting peace and prosperity for the world and a satisfying life for people across the globe.

The President put forward a four-point proposal.

Firstly, he encouraged the G20 to stick to reform and innovation and explore driving force for growth.

We need to forcefully advance structural reform and strive to achieve high-quality growth through the development of digital economy, promoting connectivity, improving social security and other measures, he said.

Meanwhile, the group members need to create a favorable market environment, respect, protect and encourage innovation, and advocate international cooperation in innovation, Xi added.

Secondly, the President proposed that the G20 keep pace with the times and improve global governance.

We should strengthen the multilateral trade system and conduct necessary reforms of the World Trade Organization (WTO) to make it more effective in implementing its principles of opening markets and promoting development, Xi said.

He stressed the need to ensure that the financial safety net has enough resources, and that the global financial architecture has fairer representation.

He also urged the G20 to implement the Paris Agreement on climate change, and to improve energy, environmental and digital governance.

Thirdly, the President encouraged the G20 to actively tackle challenges and remove development bottlenecks.

China's proposal for jointly building the Belt and Road aims to mobilize more resources, strengthen connectivity, unleash driving force for growth, realize market alignment and incorporate more countries and regions into economic globalization, said Xi.

The G20 should continue to prioritize development in macroeconomic policy coordination and increase development input, he said.

Fourthly, Xi urged the G20 members to uphold the spirit of partnership and properly address differences.

The G20 members are at different stages of development, so it's normal for them to have different interests and disagreements, he said, stressing that the key is consultation on the basis of equality, seeking common ground while reserving differences, managing divergences and expanding consensus with an attitude of mutual respect and mutual trust.

The Chinese economy is registering a stable performance with good momentum for growth, Xi said, pledging a series of major measures on further opening-up and to press ahead with high-quality development.

Firstly, more will be done to open up the Chinese market wider, Xi said.

According to the President, China will soon release the 2019 edition of the negative list on foreign investment, with the focus on greater openness in agriculture, mining, manufacturing and services.

China will set up six new pilot free trade zones, open a new section of the Shanghai Pilot Free Trade Zone, and speed up exploration of building a free trade port in South China's Hainan province, he said.

Secondly, greater initiative will be demonstrated in expanding imports, Xi said.

China will further bring down its overall tariff level, strive to remove non-tariff trade barriers, and slash institutional costs in imports, he said, adding that China will make the second China International Import Expo a success.

Thirdly, more steps will be taken to improve the business environment, Xi said.

In the new legal framework for foreign investment that is to take effect on Jan 1, 2020, China will introduce a punitive compensation mechanism for intellectual property (IP) infringement cases and make the relevant civil and criminal laws more stringent to deliver better IP protection, Xi said.

Fourthly, equal treatment will be extended to all foreign investment, Xi said.

China will lift all foreign investment restrictions beyond the negative list, and provide equal treatment for all types of businesses registered in China in the post-establishment phase, Xi said.

A complaint mechanism will be set up for foreign companies to air their grievances, he said.

Fifthly, greater efforts will be made to advance trade talks, Xi said.

China will push for an early conclusion of the Regional Comprehensive Economic Partnership (RCEP) and accelerate the negotiations on a China-European Union investment agreement and the China-Japan-South Korea Free Trade Agreement, Xi said.

Stressing that China has full confidence in following its path and running its own affairs well, President Xi said China will work in the spirit of peaceful co-existence and win-win cooperation with all other countries to build a community with a shared future for mankind and to tirelessly pursue a brighter future of the global economy.

Leaders attending the summit discussed various topics including world economic situation, trade, investment, innovation and digital economy.

As the world economy is facing increasing risks and uncertainties, many leaders expressed their worries over serious hazards brought by unilateralism and protectionism, and agreed that all sides should strengthen communication and dialogue, maintain unity and cooperation, boost macro-policy coordination, advance structural reform, deepen cooperation in such fields as innovation, climate change, energy, education and environment, protect the multilateral trade system, and conduct necessary reforms of the WTO.

Many leaders also said at the summit that the G20 should jointly oppose protectionism, safeguard the space for development of emerging-market economies and developing countries, push for the reform of global governance system, realize strong, sustainable, balanced and inclusive global growth and high-quality development for all countries, so as to benefit peoples of all countries.

Before the summit, Xi attended a special event on digital economy and, at the invitation of Japanese Prime Minister Shinzo Abe, was the first to address the event.

Digital economy develops rapidly and is profoundly reshaping the world economy and human society, said Xi.

We should nurture a fair, just and non-discriminatory market environment, rather than developing behind closed doors and artificially interfering in the market, said Xi.

We should work together to improve data governance rules and make sure of safe and orderly use of data, he said.

We need to facilitate the integrated development of digital economy and real economy, strengthen digital infrastructure construction and promote connectivity, he said, adding that the inclusiveness of digital economy should be expanded to bridge the digital gap.

As a country strong in digital economy, China is willing to actively participate in international cooperation and maintain an open market to achieve win-win outcomes, Xi said.

The President arrived in Osaka on June 27 for the G20 summit on June 28 and 29 at the invitation of Abe.

President Xi Jinping (4th R, front) poses for a group photo with the other leaders attending the 14th G20 summit held in Osaka, Japan, June 28, 2019. Xi called on G20 to join hands in forging high-quality global economy while addressing the 14th G20 summit held in the Japanese city of Osaka. [Photo/Xinhua]