Chinese president addresses 25th St Petersburg International Economic Forum

BEIJING -- President Xi Jinping on Friday attended and addressed the plenary session of the 25th St. Petersburg International Economic Forum in virtual format upon invitation.

Xi pointed out that the world is faced with major changes and a pandemic both unseen in a century, economic globalization is facing headwinds, and there are unprecedented challenges to the implementation of the UN's 2030 Agenda for Sustainable Development. At a time when the international community is so keen about achieving more equitable, sustainable and secure development, we should seize opportunities, meet challenges head-on, and work on the implementation of the Global Development Initiative to build a shared future of peace and prosperity.

Xi said that, first, we need to foster an enabling environment for development. It is important that we follow true multilateralism, respect and support all countries' pursuit of development paths suited to their national conditions, build an open world economy, and increase the representation and voice of emerging markets and developing countries in global economic governance, with a view to making global development more balanced, coordinated and inclusive.

Second, we need to strengthen development partnerships. It is important that we enhance North-South and South-South cooperation, pool cooperation resources, platforms and networks of development partnerships, and scale up development assistance, in order to forge greater synergy for development and close the development gap.

Third, we need to advance economic globalization. It is important that we strengthen "soft connectivity" of development policies and international rules and standards, reject attempts at decoupling, supply disruption, unilateral sanctions and maximum pressure, remove trade barriers, keep global industrial and supply chains stable, tackle the worsening food and energy crises, and revive the world economy.

Fourth, we need to pursue innovation-driven development. It is important that we unlock the potential of innovation-driven growth, improve the rules and institutional environment for innovation, break down barriers to the flow of innovation factors, deepen exchanges and cooperation on innovation, facilitate deeper integration of science and technology into the economy, and make sure the fruits of innovation are shared by all.