Chinese President Xi Jinping applauds G20 summit outcomes

Chinese President Xi Jinping delivers his closing statement for the G20 summit in Hangzhou, on September 5, 2016. Photo: AFP

The 11th G20 summit in Hangzhou closed the curtain on Monday, with Chinese President Xi Jinping announcing at a press conference that G20 leaders reached extensive consensus on building an innovative, invigorated, interconnected and inclusive world economy.

Leaders of G20 member nations, guest countries and international institutions discussed the major problems concerning the world economy and exchanged views on topics including more effective global economic and financial governance, robust international trade and investment as well as inclusive and interconnected economic development, said Xi at the press conference on Monday after closing of the summit.

The G20 summit in Hangzhou was held at a critical moment as international and regional issues threaten the recovery of an already sluggish world economy.

Leaders attending the G20 summit are committed to setting the course for the world economy and pledged to coordinate their financial and monetary policies to revive it, said Xi, stressing the need to build an innovative world economy.

"The facts tell us that merely depending on fiscal and monetary policies is not enough. We should rely on innovation to promote the world economic growth," said Xi, adding that the G20 Blueprint on Innovative Growth was unanimously approved at the G20 summit.

Consensus was also reached on the improvement of the global economic and financial governance, which is aimed at enhancing the risk aversion of the world economy, said Xi.

G20 leaders agreed to continue to push forward with international financial organizations' quota and voting right reforms in a bid to better protect the economic interests of the emerging markets and developing countries, said the Chinese president.

He said that China will establish a research center for international tax policies as part of its efforts to combat tax evasion and build a world economy relying on taxes.

Xi reiterated the strong objection to trade protectionism, saying that G20 leaders were determined to build an open world economy driven by international trade and investment. In order to achieve this goal, the G20 Guiding Principles for Global Investment Policymaking were formulated during this summit, which is the world's first multilateral investment framework aimed at enhancing the global mobility of resources, goods and services, according to Xi.

Xi hailed the G20 summit in Hangzhou as the first such meeting that incorporated the UN 2030 Agenda of Sustainable Development into the agenda of the G20 summit. It was also the first G20 summit that paid close attention to the development of African countries, noted Xi.

G20 leaders also agreed to play a positive role in bringing the Paris Climate Treaty into effect as soon as possible, and reached consensus on issues including inclusive commerce, grain safety and connectivity of the global infrastructure, added Xi.

(The article is translated and edited by Ding Yi.)

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