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Xi Jinping Attends Ninth G20 Leaders' Summit and Delivers Important Speech, Advocating for Becoming Development Partners Jointly Promoting Economic Reforms and Implementing Overall Growth Strategy, and Stressing that China Will Maintain Economic Growth Momentum and Make Greater Contributions to Promoting World Economic Growth
2014/11/15

In the afternoon of November 15 local time, the ninth Leaders’ Summit of the Group of Twenty (G20) was held in Brisbane, Australia. President Xi Jinping attended the Summit and delivered an important speech entitled “Promoting Innovative Development and Realizing Overall Economic Growth”, advocating for becoming development partners jointly promoting economic reforms and implementing the overall growth strategy, so as to push forward the transformation of world economy from cyclical recovery to sustainable growth. Xi Jinping stressed that China will maintain its momentum of economic growth and make greater contributions to promoting the world economic growth.

The Summit was themed on economic growth, employment and anti-risk. The first phase of the Summit was held on November 15. The leaders of the members present at the meeting made their speeches on such topics as the international economic situation as well as promoting growth and employment. Prime Minister Tony Abbott of Australia chaired the meeting.

Xi Jinping pointed out in his speech that over the past few years, the world economy has gradually climbed out of the trough and constantly developed toward the good direction. In the meanwhile, economic recovery is not robust; risks remain in the financial market; and international trade is still staggering at a low level. Our first and foremost task at present is to coordinate macroeconomic policies, jointly overcome development difficulties, decrease economic risks and realize economic prosperity, financial stability, trade development, as well as improvement in employment and people’s livelihood.

Xi Jinping pointed out that not long ago, the Asia-Pacific Economic Cooperation (APEC) has made plans for promoting growth of the Asia-Pacific region. The G20 has also been making efforts and formulated a comprehensive growth strategy. To implement this strategy, it is important to explore and cultivate impetus for sustained growth to form a new situation featuring development innovation, convergence of interests and overall growth.

Xi Jinping suggested that the G20 make efforts in the following aspects:

First, make innovation on the development pattern. All countries should make innovation on the development concept, policy and pattern, especially through structural reforms in such fields as fiscal taxation, finance, investment, competition, trade and employment, as well as through the combination of macroeconomic policies and social policies, so as to stimulate vitality in creating wealth and bring the market force into full play. We should attach importance to the pulling effect of infrastructure construction on economy. While hosting the APEC Economic Leaders’ Meeting, China set connectivity as one of the core topics. China supports the G20 in establishing a global infrastructure center, supports the World Bank in establishing a global infrastructure fund, and will make contributions to global infrastructure investment through such approaches as the construction of the Silk Road Economic Belt, the 21st Century Maritime Silk Road, the Asia Infrastructure Investment Bank (AIIB), and the Silk Road Fund.

Second, construct an open world economy. All countries should safeguard the multilateral trade system, build a mutually beneficial and win-win global value chain, cultivate a big global market, oppose trade and investment protectionism, and promote the Doha Round Negotiations.

Third, improve the global economic governance. All countries should be committed to building a fair, just, inclusive and orderly international financial system, enhance the representation and voice of emerging markets and developing countries, and make sure that all countries enjoy equal rights and equal opportunities under equal rules in international economic cooperation.

Xi Jinping stressed that China’s economic growth is an important impetus for the world economic growth. According to the estimate made by international organizations, China is one of the largest contributors to the overall growth strategy of the G20. Such contribution comes from China’s policies and measures to maintain steady growth, adjust the structure, promote reforms and benefit the people’s livelihood. China’s economy will maintain strong, sustainable and balanced growth momentum, with an annual increase equivalent to the economic scale of a moderately developed country. China will provide more demands and create more market opportunities, investment opportunities as well as growth opportunities for the world economy.

Xi Jinping announced that China will adopt the Special Data Dissemination Standards (SDDS) of the International Monetary Fund (IMF).

In the end, Xi Jinping pointed out that the G20 members should establish the awareness of a community of interests as well as a community of destiny, and strive to form a pattern of win-win cooperation in which the growth of each country promotes and complements that of other countries, so that the G20 truly becomes the stabilizer of the world economy, the incubator of the global growth, and the propeller of the global economic governance.

The leaders of the members present at the meeting said that the world economic recovery at present is slow and unbalanced. All economies should make concerted efforts to promote the robust, sustainable and balanced growth of the world economy and create more employment opportunities. All countries should make efforts to adjust the economic structure, adopt reasonable and stable fiscal and monetary policies, and strengthen macro policy coordination. All countries should increase investment in infrastructure construction, advance connectivity, overcome the bottleneck in economic growth, and effectively deal with regional turbulence, the Ebola outbreak as well as other challenges, so as to eliminate the risks facing the world economy. The leaders of all the members spoke highly of China’s active adjustment of economic structure as well as transformation of economic development pattern, and expressed their belief that China’s comprehensively deepening reforms will promote the sustained and sound development of China’s economy, making greater contributions to the development of the world economy.

On the same day, Xi Jinping also attended the informal discussions of the G20 Leaders’ Summit and delivered a speech on the topic of economic reforms. Xi Jinping introduced the goals and measures of China’s comprehensively deepening reforms, and stressed that China’s economy has entered a period of opportunities for transforming the pattern and adjusting the structure, cultivating the momentum of endogenous growth, and improving employment and the people’s livelihood, and that China’s economy has developed into a new and regular pattern, with vigorous growth momentum and bright development prospect. I hope that all countries take on the political courage of eliminating the old and establishing the new, constantly make innovation on the development pattern, and become development partners jointly promoting economic reforms.

Under the promotion of China, the United States and Australia, the Summit adopted the G20 Leaders’ Brisbane Statement on Ebola, applauded the great contributions made by all countries, and called for strengthening international cooperation to jointly cope with the Ebola outbreak.

Wang Yang and others were present at related events.

On the same day, Mme. Peng Liyuan, wife of President Xi Jinping, attended the tour to the Lone Pine Koala Sanctuary hosted by Margie Abbott, wife of Prime Minister of Australia, for spouses of the leaders of the members present at the Summit. Together with other guests, Peng Liyuan tasted the local traditional black tea, watched Australia-characteristic performances such as the display of sheep shearing, and enjoyed the sight of koalas as well as other animals.

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