Xi calls for collective effort to energize global economy

President Xi Jinping (C) attends the first session of the 10th summit of the Group of Twenty (G20) major economies in Antalya, Turkey, Nov 15, 2015. [Photo/Xinhua]

President Xi Jinping has pledged to seek collective efforts to give new impetus to the global economy and deliver a fruitful G20 summit next year in Hangzhou, Zhejiang province, by working with the member states in an open, transparent and inclusive manner.

Ximade his remarks at the conclusion of the two-day G20 summit in Antalya, Turkey, in a speech on how China will chair its G20 presidency, which starts on Dec 1.

The next summit is scheduled for September 4 and 5 in Hangzhou, while Germany will be the host in 2017.

As agreed upon by all the members, Turkey and Germany will be working with China to prepare for the September summit.

"China has sensed that all have pinned high expectations on the summit next year... and after early consultation, we have decided on a theme of forming an innovative, vibrant, interconnective and inclusive global economy," Xi said.

He said that during its presidency, China will help explore new driving forces for the global economy, which is experiencing its most difficult time since the 2008-09 financial crisis. This will be done by implementing reform and innovation, Xi said.

"We are planning to work from four fronts and, first, we need to work out new growth models globally," the president said.

Second, Xi said, China will be working with the members to improve the global economic and financial governance by increasing representation of developing and emerging economies in the international community. G20 countries should also boost the capacity for preventing global economic crisis.

"In recent years, the implementation of global governance reform has not been smooth, and the pace of change for global economic and trade rules has accelerated ... We need to coordinate our stances and take the lead in global economic cooperation," said Xi.

Third, Xi said that China will help boost global trade and investment, which are two engines of economic growth, and form a more open world economy.

"And fourth, we endeavor to boost the inclusive and interconnective growth of patterns, in an effort to realize the United Nations' sustainable development goals by 2030 and alleviate poverty," said Xi.

He said that the G20 group is experiencing a transition from a crisis-prevention platform, starting in 2008 in Washington, to a long-term governance mechanism, with members facing a necessity for, and difficulties in increasing, the coordination of macroeconomic policies.

"So we need to carry on our partnership spirit, deliver a smooth transition of the G20, and solidify its status of major global economic governance," the president said.

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