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Li Keqiang Holds "1+6" Round Table Dialogue with Heads of Major International Economic and Financial Institutions, Stressing to Promote Strong, Sustainable and Balanced Growth of the Chinese and Global Economy
2016/07/23

On the morning of July 22, 2016, Premier Li Keqiang held the "1+6" round table dialogue at the Fanghua Garden of Diaoyutai State Guesthouse with President Jim Yong Kim of the World Bank, Managing Director Christine Lagarde of the International Monetary Fund (IMF), Director-General Roberto Azevedo of the World Trade Organization, Director-General Guy Ryde of the International Labor Organization, Secretary-General Angel Gurría of the Organization for Economic Cooperation and Development as well as Chairman Mark Carney of the Financial Stability Board, conducting in-depth discussions on global economic situation and challenges as well as new driving forces for growth during China's economic transformation, jointly meeting the press and answering questions.

Li Keqiang expressed that though current global economy is facing increasing unstable and uncertain factors, the world market still boasts potential and the mankind has the wisdom to conquer difficulties. All sides must consolidate confidence, prioritize economic development as well as livelihood improvement and set realizing strong, sustainable and balanced growth as the common goal. In order to realize a stable recovery of world economy, we should address both symptoms and root causes, make overall arrangements for short-term and medium and long-term issues, moderately expand aggregate demand and advance structural reform towards the aim of easing regulation, supporting innovation, ameliorating employment and boosting inclusive growth. All parties should maintain the flexibility of fiscal policies and give play to the supporting role of monetary policies to entity economy.

Li Keqiang pointed out that it is the common responsibility of all sides to promote a stable recovery of world economy. We need to redouble our efforts in cherishing and safeguarding the international environment for peace and stability, staunchly support the main channel role of globalization and the multilateral trade system, oppose protectionism of all forms and prudently apply restrictive trade measures. All major economies should strengthen coordination in macro-economic policies, increase policy transparency and predictability and take the spillover effect of polices into full consideration. To this end, international organizations should play a stronger leading and coordinating role. The Chinese side is willing to, together with all sides, push for the success of the G20 Hangzhou Summit and promote strong, sustainable and balanced growth of the global economy.

Li Keqiang stressed that at present, fluctuations occur in the Chinese economy, but the general trend remains stable and positive. We will expand aggregate demand as appropriate and focus on the mainline of advancing supply-side structural reform to achieve increment boost, stock adjustment and structural transformation. We have also noticed that the world economic situation remains complex and severe and domestic economy still faces considerable downward pressure and multiple challenges. We will endeavor to conquer difficulties, stick to deepening reform in an all-round manner, further streamline administrative procedures and stimulate more social creativity and market vitality. By implementing the innovation-driven development strategy, mass entrepreneurship and mass innovation, we can strengthen new driving forces, reform and upgrade traditional ones so as to maintain smooth economic operation and promote constant structural optimization. The Chinese economy is the anchor of world economy. Putting China's matter in order itself is contributing to world development.

Present heads of international economic and financial institutions expressed that this dialogue was held at the right time. All parties conducted in-depth discussion on coping with global challenges and pushing forward world economic recovery, reaching broad consensus and demonstrating China's active willingness to strengthen communication with the international society and commit to international cooperation. China is an important partner of the world trade system and an active advocator of globalization and multilateralism. As the G20 rotating presidency this year, China has demonstrated important leadership. While the IMF cut back global economic growth forecast, it upgraded China's economic growth outlook, which shows its optimism towards the Chinese government's firm resolution to reform and opening up as well as China's policy orientation for sustainable development and their effects. All sides are willing to make joint efforts with China to revitalize world trade, advance the 2030 Agenda for Sustainable Development and build an open and resilient international financial and trade system so that the mankind can better share the development results.

After the dialogue, all sides issued a joint press communiqué.

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