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Remarks by Foreign Minister Wang Yi at the G20 Session of The Boao Forum for Asia Annual Conference 2016

2016/03/25

24 March 2016

Mr. Moderator,
Distinguished Guests,
Dear Friends,

Good evening!

Let me first welcome all of you to Boao, China. I appreciate you traveling all the way to join us for this discussion themed "G20 in Transition: Global Vision, China Plan" and look forward to your wisdom and support to the G20 Hangzhou Summit. The summit is the most important event China hosts this year, and also a venue for international economic and financial governance most valued and followed worldwide.

Today, the world economy is facing multiple challenges, with the following particularly prominent.

First, wavering confidence. Eight years after the crisis started, the global economy is yet to be fully back on track. Old problems remain unresolved while new challenges are emerging. Growth, trade, investment, geopolitics and other issues are intertwined. All this makes us think: what is the way forward?

Second, insufficient driving force. The traditional approach of solely relying on fiscal and monetary policies has reached its limits. New growth points are still in the making. The world economy is in a transition where new growth drivers are yet to replace the old ones.

Third, lack of synergy. Policies of major economies are divergent. Some economies prefer the "safe" short-term policies and are reluctant to pursue mid- to long-term policies such as structural reform. Trade and investment protectionism is resurfacing. Regional free trade arrangements need to be better coordinated. We face the question of how we can build an open global economy.

In light of such reality, the world is looking to the Hangzhou Summit for answers. As the host, China attaches great importance to its preparations. President Xi Jinping has laid out the overall plan China has made for the summit. Relevant departments of the Chinese government as well as the Hangzhou city of Zhejiang province are now in full action, with progress being made in all areas. Looking ahead, we hope the summit could produce progress in the following aspects.

First, steer the wheel. At this critical juncture, the G20 has the responsibility to come forward and chart the course for the world economy in a way that ensures steady growth for now and create new impetus for the long run. What has happened shows that fiscal stimulus and monetary easing alone is not always effective. To realize strong, balanced and sustainable growth, it is vital to pursue innovation, deepen reform, the structural reform in particular, and promote greater openness for win-win development. This is the key to unlocking the potential of mid- to long-term growth and the right direction for future development of the world economy.

Second, find new growth drivers. We will actively explore new ideas to boost the world economy and seek breakthroughs in growth, trade, investment and finance to unleash potential. We will work with other G20 members for a new blueprint of innovative growth and address the root cause of sluggish growth through new elements and business models such as the new industrial revolution and digital economy. We will vigorously advance cooperation in trade and investment to strengthen these two engines for growth. We will work out an action plan to implement the 2030 Agenda for Sustainable Development and prioritize the issue of development in macro policy coordination so that the G20 will lead the efforts for common development.

Third, energize concrete actions. One thousand promises mean less than accomplishing one thing. We will endeavor to make the Hangzhou Summit a do shop instead of a talk shop. We are working on action plans on digital economy, new industrial revolution, sustainable development, anti-corruption, renewable energy, energy efficiency and in other fields to turn consensus into actions and deliver tangible results. We will also encourage G20 members to take the lead in signing the Paris Agreement on climate change to translate the outcomes of the Paris Conference into reality at an early date.

Fourth, promote transition. Some people think as emerging markets experience slower growth, the G20 is not as relevant as it was. I don't think it's true. The G20 reflects the changes and trends in international forces and is built on equal participation by developed and developing countries in global economic governance, which makes it irreplaceable. That said, the G20 needs to keep abreast with the times and transition from crisis response to long-term governance and from focusing on short-term policy to a combination of short, medium and long term policies. We hope the Hangzhou Summit will be a new starting point in that transition process.

Some may wonder whether all these ideas will materialize. Indeed, given the reality of the world economy, there will be difficulties. But the G20 is tasked to live up to expectations and show leadership. Moreover, it takes the joint efforts of all members, not just China, to ensure the success of the Hangzhou Summit. To achieve all this, we need to work in partnership, stay united, step up policy coordination and make concerted efforts. We need to demonstrate resolve and courage and pursue innovation and new paths. We need to uphold openness and inclusiveness, pool wisdom and form synergy. We also need to have a strategic vision to deliver real outcomes with overarching and far-reaching significance.

I am confident that with the support and input from all of you, the Hangzhou Summit will be a great success. And we will be able to write a new chapter in G20 cooperation and inject new dynamism into the world economy.

Thank you.

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