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Promoting Innovative Development Achieving Interconnected Growth

2014/11/15

Remarks by H.E. Xi Jinping
President of the People's Republic of China
At Session One of the Ninth G20 Summit

Brisbane, 15 November 2014

Prime Minister Tony Abbott,
Dear Colleagues,

As the premier forum for international economic cooperation, the G20 shoulders an important mission in promoting world economic stability and growth. In recent years, thanks to our concerted efforts, the world economy has bottomed out and continued to move in a positive direction. On the other hand, economic recovery still lacks momentum, risks remain in the financial market, and global trade continues to hover at a low level. The estimate of the relevant international organizations has put this year's growth of the world economy and international trade at 3.3% and 3. 1% respectively, both lower than the pre-crisis level.

A boat that sails against the current will be pushed backward if it does not move forward. For us, the immediate priority is to coordinate macroeconomic policies, overcome development challenges, reduce economic risks, and realize the goal of economic prosperity, financial stability. trade expansion, job creation and improved livelihood.

Just a few days ago, APEC introduced its plan for promoting growth in the Asia-Pacific region. I am pleased to note that the G20 is also making its own efforts which are of great significance. It has formulated the Comprehensive Growth Strategy and adopted the target of lifting GDP growth by 2% over the next five years above the trajectory implied by existing policies.

The key to implementing the Comprehensive Growth Strategy is to unleash and foster the driving forces for sustained growth, and promote innovative development, integrated interests and interconnected growth of all countries. In this connection, I suggest the G20 make efforts in the following three areas:

First,we should explore new ways to achieve growth. In our response to the international financial crisis, counter-cyclical stimulus policies were adopted to iron out volatility in the economy. Although such an approach produced visible short-term results, it failed to address the root cause of the problem. We must explore new thinking. policies and means of development, and pay more attention to the quality and efficiency of growth. In particular, we should carry out structural reform in fiscal policies, taxation, finance, investment, competition, trade and employment, and combine macroeconomic policies with social policies in order to generate momentum for wealth creation, release the power of the market, and push for a transition from cyclical recovery to sustainable growth.

We should also place high importance on the pulling effect of infrastructure on the economy. When hosting the APEC Economic Leaders' Meeting, China had made connectivity one of the key issues on the agenda in order to create new drivers of economic growth. We support the G20 in establishing a Global Infrastructure Hub and the .World Bank in setting up a Global Infrastructure Facility, and we will also contribute our share to global infrastructure investment through such means as the building of the Silk Road Economic Belt, the 21st Century Maritime Silk Road, the Asian Infrastructure Investment Bank and the Silk Road Fund.

Second, we should build an open economy. Expansion in world trade benefits all countries, while a smaller world market is in no country's interest. We should continue to champion free trade, uphold the multilateral trading system, build a mutually-beneficial global value chain and foster a big global market. We should continue to oppose trade and investment protectionism, and push forward the Doha Round negotiations. We should make sure that various free trade agreements are open, inclusive, transparent and non-discriminatory, and prevent the global market from being carved up and avoid a fragmented trade system.

Third, we should improve global economic governance. This year marks the 70th anniversary of the Bretton Woods conference, which gives us an opportunity to take stock of the experience of the Bretton Woods system and further improve global economic governance. We should seize the opportunity to build a fair, equitable, inclusive and well-managed international financial system. increase the representation and voice of emerging markets and developing countries, and ensure equal rights, opportunities and rules for all countries in international economic cooperation. We should speed up the effective implementation of the IMF reform package, and strengthen the global financial safety net. The New Development Bank and Contingency Reserve Arrangement established by the BRICS countries and the Asian Infrastructure Investment Bank initiated by over 20 Asian countries all make a positive complement to the international financial system.

Dear Colleagues,

China's economic growth is an important engine of the world economy. According to the estimate of the relevant international organization, China is one of the largest contributors to the G20's Comprehensive Growth Strategy, which is the result of the policy measures China has taken for the purpose of fostering steady growth, adjusting economic structure, advancing reform and improving people's livelihood. The growth strategy China has submitted to the G20 includes 134 such policy measures. fully demonstrating our resolve, thinking and action to promote growth through reform.

The Chinese economy will keep the momentum of strong, sustainable and balanced growth. Its annual growth is equivalent to the economic aggregate of a medium-sized developed country. Over the next five years, China will import US$10 trillion of goods and invest over US$500 billion overseas. This will lead to more demand in world economy and create more market, investment and growth opportunities. As the host of the G20 summit in 2016, China is ready to make even greater contribution to and play a bigger role in driving world economic growth.

Here, I wish to announce that China will subscribe to the IMF Special Data Dissemination Standard.

Dear Colleagues,

As the saying goes, if you want to walk fast, walk alone; if you want to walk far, walk together. In the face of the various risks and challenges of the world economy, the members of the G20 must foster a sense of community of shared interests and destiny, and stay as good friends and good partners. We should actively coordinate macroeconomic policies, and pursue win-win cooperation with the growth of one country supplementing and reinforcing the growth of another. Through these efforts, we will enable the G20 to walk steady and far to truly help stabilize the world economy. drive global growth and enhance global economic governance, bringing more benefits to the people of all countries.

Thank you.

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