In cooperation with the G7 Research Group and G20 Research Group

BMW

Towards an innovative, invigorated, interconnected and inclusive world economy

Xi Jinping explains how the Hangzhou Summit will make its indelible mark on the G20 process


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Published
02-Sep-2016

On 1 December 2015, the first day of China’s G20 presidency, I outlined China’s vision for the G20 Hangzhou Summit. And now, Hangzhou is ready to welcome with open arms guests from around the world to the September summit.

The G20 Hangzhou Summit comes at a special time. As the world grapples with weak growth, decelerated economic globalisation, sluggish trade and investment, a widening development gap, more acute global challenges, and growing factors of instability and uncertainties, we find ourselves at a crucial juncture of international economic cooperation.

Facing the new global economic reality, the world looks to the G20 leaders to make the right and courageous choice in Hangzhou. As the premier forum for international economic cooperation, the G20 must live up to its mission to restore global growth and confidence and chart the course for the future.

Since China assumed the presidency, with a focus on the theme of “Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy”, the G20 members have, over the past year, worked hand 
in hand to make sure that the Hangzhou Summit has a lasting and positive impact on the world.

To boost the global economy, we are working together on the G20 Blueprint on Innovative Growth. We call for innovation-driven growth, structural reform and efforts to seize the historic opportunities generated by such new factors as the new industrial revolution and the digital economy to give impetus to countries’ medium- and long-term growth.

To respond to international economic and financial risks and challenges, we are working together to enhance macroeconomic policy coordination, improve the international financial and monetary system, and deepen cooperation on financial regulation, taxation, energy and anti-corruption to build stronger resilience against risks.

To address protectionism and deglobalisation, we are working together to build an open global economy. We are discussing the formulation of the G20 Strategy for Global Trade Growth and G20 Guiding Principles for Global Investment Policymaking to encourage greater openness, advance globalisation, and reinvigorate trade and investment as two engines of growth.

To narrow the global development divide, we are leading the way in implementing the 2030 Agenda for Sustainable Development. We will issue the G20 Initiative on Supporting Industrialisation in Africa 
and Least Developed Countries and work for the early entry into force of the Paris Agreement on Climate Change to ensure equal access by all people to the benefits of development.

All these will enable the Hangzhou Summit to leave an indelible mark in the G20 process.

The Hangzhou Summit is held both for the G20 and for the world. As the host, China has embraced the spirit of partnership in its preparation for the summit to make sure that everything is open, inclusive and transparent. We have sent delegations to the headquarters of the United Nations and the African Union to solicit views and suggestions. We have hosted G20 ministerial meetings on agriculture, energy, trade, labour and employment to pool our wisdom together. We have also engaged representatives of the business community, women, youth, think tanks, labour and civil society groups to seek their input.

I have no doubt that these collective efforts and insights will enhance the leading role of the G20.
I look forward to meeting the leaders of participating countries and international organisations by the West Lake in Hangzhou, a city where history meets innovation. Together, let us write a new chapter in boosting global economic growth.