Chinese President Xi Jinping recently attended and addressed via video link the first session of the
16th Group of 20 (G20) Leaders’ Summit, systematically proposing feasible approaches to
reviving the global economy and long-term strategies for improving global economic governance
in his speech.
As the premier forum for international economic cooperation, the G20 shoulders an important
mission to stabilize the world economy and expand its development space.
Xi’s remarks at the summit have built consensus for and injected strong momentum into the
realization of global inclusive and sustainable development and fully manifested the foresight,
sagacity and sense of responsibility of the leader of a major country.
The COVID-19 pandemic has made a complex and far-reaching impact on the landscape of world
economy and global economic governance. The International Monetary Fund (IMF) lowered its
forecast for global economic growth in 2021 in its latest World Economic Outlook, believing that
downside risks will predominate.
As the North-South divide continues to grow, people worry that the uneven global economic
recovery will further worsen inequality in the world.
Born at the most critical moment of the global financial crisis in 2008, the G20 leaders’ summit
mechanism witnessed how all the G20 members helped bring the world economy back on track
through concerted efforts back then.
Today, the G20 members should work together with the same courage and strategic vision to lead
global economic recovery from the impacts of the COVID-19 pandemic.
“We should step up macroeconomic policy coordination and ensure the continuity, consistency
and sustainability of our policies. Major economies should adopt responsible macroeconomic
policies, prevent measures taken for themselves from entailing rising inflation, exchange rate
fluctuations or mounting debts, avoid negative spillovers on developing countries, and ensure
sound operation of the international economic and financial system,” Xi said in his speech at the
first session of the 16th G20 Leaders’ Summit.
A fairer, more just and rational global economic governance system is a strong guarantee of the
world economy’s returning to the track of growth and achieving medium and long-term stable
development.
Countries should improve the global economic governance system and rules, and make up for the
relevant governance deficit while taking measures to deal with the impacts of the COVID-19
pandemic, Xi pointed out in his speech.
China proposed holding an international forum on resilient and stable industrial and supply chains,
and is ready to lend the new allocation of the IMF’s Special Drawing Rights to low-income
countries that are seriously affected by COVID-19, according to Xi.
These decisions have once again demonstrated China’s consistent position that it stands together
through thick and thin and fights against crises with other countries, especially the vast number of
developing countries, and will provide strong support for the efforts of developing nations to pool
resources to combat the pandemic and pursue economic recovery.
Innovation is a decisive factor in promoting economic and social development and in addressing
the common challenges to humanity, Xi suggested at the summit that the G20 should shoulder
responsibilities in the digital era, quicken the development of new types of digital infrastructure,
promote deeper integration of digital technologies with the real economy, and help developing
countries eliminate the digital divide.
China has decided to apply to join the Digital Economy Partnership Agreement, Xi said at the
summit. The move demonstrated China’s constructive stance on actively participating in
international cooperation on digital economy and the formulation of relevant rules, and reflected
China’s firm determination to expand opening-up and align itself with high-level international
rules and standards.
China has made active and concrete efforts to promote global economic recovery and growth. The
country has fully implemented the G20 Debt Service Suspension Initiative for Poorest Countries
and has so far put off the largest amount of debt repayments among G20 members.
Well aware of the important role of infrastructure construction in driving economic growth, China
has actively promoted and achieved rich fruits in the joint construction of the Belt and Road,
which has boosted global trade growth and enhanced the well-being of people in relevant
countries.
Delivering on its commitments with actions, China has won wide praise from the international
community.
The 4th China International Import Expo (CIIE) is scheduled to take place in Shanghai from Nov.
5 to 10. Its expanding exhibition area and the eager anticipation of exhibitors toward the event
signal that China will continue offering new opportunities to the world and injecting fresh impetus
into global economic development with its new development achievements.
On its way forward, China will walk side by side with various countries as always and continue
staying committed to true multilateralism and carrying forward the spirit of partnership, so as to
make bigger contributions to promoting robust, sustainable, balanced, and inclusive global
economic growth.
