China injects valuable confidence, dynamics to world economy

By Ren Huanyu

The 14th summit of the Group of 20 (G20) was kicked off in Osaka, Japan on June 28. Chinese President Xi Jinping attended the meeting and delivered a speech titled Working Together to Build a High-Quality World Economy.

Xi's speech comes at a time when the global economy is once again at a critical crossroads. It expounded on the current global economic situation and the Chinese schemes to improve global governance, and listedmajor measures for China to open up further, reflecting China’s sense of responsibility to promote win-win cooperation and common development.

The Osaka summit has received high attention from the world, as protectionism and unilateralism are spreading, and trade and investment tensions are on the rise, bringing disruptions to the global industry landscape and financial stability. Besides, the world economy also is confronting more risks and uncertainties.

G20 members represent 2/3 of the global population, nearly 90 percent of the world’s GDP and nearly 80 percent of the global trade. They shoulder a great responsibility for world economic growth.

At the critical moment, how can G20 truly help stabilize the world economy, drive global growth and enhance global economic governance to bring more benefits to the people of all countries?

With economic globalization facing headwinds, the world economy is in a transition from old to new drivers of growth. Innovation provides the driving force for long-term global growth. A review of historical experience shows that the dynamism and creativity unleashed through institutional reform and the new industries and products enabled by the advances in science and technology have been essential for the world economy to turn the corner and recover from previous major crises.

In today’s world, when global economy is becoming digital, Xi proposed to build a high-quality world economy.

“We must find the best way to advance structural reform. We must develop a future-oriented industry structure, policy framework and management system through promoting the digital economy, enhancing connectivity and improving social security, so as to enhance the efficiency and resilience of our economies.” Xi’s remarks exactly reflected how the world should strive for high-quality development.

Partnership is the most valuable treasure of G20. “We, as the leaders of major economies, are duty bound to re-calibrate the direction of the world economy and global governance at this critical juncture, work together to boost market confidence, and bring hope to our people.” Xi called on G20 members to always promote their partnership and treat each other with respect and trust, and in that spirit, engage in consultation as equals, manage differences while seeking common ground, and build greater consensus. What he said showcased the vision of the leader of a major country.

The G20 Leaders' Summitmechanism was established 11 years ago to maintain the stability and development of the world economy. It was because unity defeated disputes and win-win cooperation replaced private profits, G20 members have braced difficulties together, navigated the global economy out of recession and brought it back to the track of recovery and growth. When the world economy is at a crossroad today, such partnership is of special importance.

In his speech, Xi offered Chinese schemes to build a high-quality world economy, saying that “we need to persist in reform and innovation to find more impetus for growth, progress with the times and improve global governance, rise up to challenges and break bottlenecks in development, and uphold our partnership and resolve differences properly.”

Xi’s speech responded to the expectation of each party and has won wide applause from the international society. Experts said that the strong voice made by him when global economy was at a critical moment would bring strong support for the sustainable development of world economy, and China has become a source of stability for world economy and global governance.

As the world’s second largest economy, China has made important contribution to promoting world economic growth and improving global governance, fulfilling its responsibilities as a major country.

It has held twice the Belt and Road Forum on International Cooperation to promote the high-quality development of the Belt and Road construction, took the initiative to establish the Asian Infrastructure Investment Bank to inject positive energy to global economic governance, and proposed the vision of consultation, cooperation and benefit for all in global governance and the concept to build a community with shared future for mankind to realize win-win results and common progress.

By proposing new governance ideas, building new cooperation platforms and developing new driving forces, China is highly consistent with the goal of G20. When the world is encountering rampant trade protectionism and unilateralism, China’s concepts and practices have a profound meaning.

“More will be done to open up the Chinese market wider”; “greater initiative will be demonstrated in expanding imports”; “more steps will be taken to improve the business environment”; “equal treatment will be extended to all foreign investment”; “greater efforts will be made to advance trade talks”.

The five major measures of opening-up declared by Xi at the summit signaled that China will constantly fulfill its solemn promises with concrete actions, and guide G20 members to form a strong team to jointly build a high-quality world economy.

“China has full confidence in following its path and running its own affairs well. At the same time, China will work in the spirit of peaceful co-existence and win-win cooperation with all other countries to build a community with a shared future for mankind and to tirelessly pursue a brighter future of the global economy,” Xi remarked.

The certainty and positive energy from China became the largest highlight of the G20 Osaka summit, injecting valuable confidence and dynamics to the world economy.

（Source: People’s Daily）