President Xi Jinping said world leaders to stick opening-up and while safeguarding the multilateral trade
Buenos Aires. President Xi Jinping on Friday called on world leaders to stick to opening-up and cooperation while safeguarding the multilateral trade system to promote “fair” and “inclusive” global economic growth.
“Over the past decade, we have braced difficulties together, navigated the world economy out of recession and brought it back to the track of recovery and growth,” he said. “Ten years later, let us work with the same courage and strategic vision and ensure that the global economy grows on the right track,” he told leaders participating in the ongoing 13th Group of 20 Summit meetings.
Ten years after the eruption of the global financial crisis in 2008, some deep-rooted factors causing the crisis have yet to be eliminated and risks are accumulating, he said in a speech. The G20 should learn from history to find the right direction of development, he said.
The historical trend of the world economies stepping toward opening-up and integration remains unchanged, he said, adding that it is the only right choice for them to engage in cooperation and seek mutual benefit and a win-win outcome.
Xi urged that the G20 members stick to opening-up and cooperation and safeguard free trade and a rule-based multilateral global trade system. China agrees to conduct necessary reform of the World Trade Organization (WTO), but the world should uphold the core values and fundamental principles of the WTO such as openness, inclusiveness and non-discrimination and ensure the development benefits and policy space of the developing countries, he said.
In the process of WTO reform, the involved parties should engage in extensive consultations to achieve gradual progress, he said. “There should not be one country imposing its position on others.”
The world economies should also forge strong partnership and strengthen macro policy coordination to promote strong, balanced, sustainable and inclusive growth of the world economy, Xi said.
The developed economies should pay more attention to, and work to minimize, the impact of their monetary and fiscal policies on the emerging and developing economies. The International Monetary Fund (IMF) should conclude the 15th General Quota Review expeditiously, he added.
The IMF has planned to complete the review, based on which shares of different countries are expected to be adjusted in line with their changing economic position, by its 2019 spring meetings and no later than the 2019 annual meetings.
Xi also urged that the global monetary system should be made more diversified to build a stronger global financial security net.
The president said the world should encourage innovation to achieve deep-level integration between the digital economy and the real economy; meanwhile, attention should also be paid to risks and challenges that arise from innovation. He suggested that the G20 should put in more resources to study application of new technologies and its ramifications.
Xi stressed that the many problems facing the world today are, in essence, related to the issue of development and, therefore, development should be at the core of global macro policy coordination; the world economies should seriously implement the 2030 sustainable development agenda, which includes 17 major goals, and provide strong support for achieving those goals under the framework of the UN, he said.
The development interests and space of the developing countries should be protected to ensure “truly equitable” growth and efforts should be made to support infrastructure construction and inter-connectivity in Africa, he added.
Xi said that China, as a beneficiary of reform and opening-up, will continue to push a new round of reform and economic opening-up, deepen market reform, protect intellectual property rights, encourage fair competition, and increase imports.
While safeguarding its legitimate interests, China is willing to strengthen cooperation with other countries and resolve their differences in a constructive manner, the president said.
The two-day G20 Summit has brought together 38 leaders of major world economies and international organizations to discuss ways to fight protectionism and improve global economic governance.