Build an open and innovative world economy, Xi tells B20
September 5, 2016 Category G20, Weekly
In conjunction with the G20 Summit of state leaders, the B20 summit of business leaders was held in Hangzhou. More than 800 business leaders attended. In his keynote address, Chinese President Xi Jinping said that all parties at the summit should work to build an innovative and open world economy to explore new sources of growth and expand the space for development. The B20 helps international companies and commercial organizations participate in global economic governance and the making of economic and trade regulations, as it collects the opinions of world business leaders and develops a consensus. Xi said China is standing at a new starting point for comprehensively deepening reform and injecting new impetus in economic and social development, adapting to the new normal of economic development and transforming its economic development mode. China will unswervingly deepen reform in a comprehensive manner, implement an innovation-driven development strategy, pursue green growth, deliver more benefits to the people and further open-up and interact with the world, Xi said. The world economy should become more interconnected and inclusive, and join forces for win-win solutions, Xi added. The B20 Summit has submitted more than 400 policy recommendations in various fields, including reform of the financial system, trade, investment, energy, infrastructure, employment, finance and anti-corruption, the China Daily reports.
President Xi also posed three questions: can China’s economy maintain stable growth, can China persist with reform and opening up, and can China avoid the middle-income trap? Xi said China would not shy away from painful reforms or back-pedal on opening up its markets, thereby countering claims that China has dragged its feet on reform and become more hostile to foreign businesses.Xi peppered his 50-minute speech with references to “a phoenix reborn from fire” and “a brave man who dares to cut off his own hand” as he tried to drive home Beijing’s determination to make painful changes and defend free trade.“A fundamental challenge we are facing is to restore public trust,” said Australian Prime Minister Malcolm Turnbull as the B20 conference wrapped up in Hangzhou. “Protectionism is a road we could not afford to go down.” The G20 economies have enacted nearly 350 measures through mid-August that discriminate against each other’s commercial interests, triple the 100 policies introduced to free up trade, according to the Global Trade Alert.
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