China to energize world economy with growth, cooperation

The world economy received a fresh dose of confidence and vigor on Saturday, with Chinese President Xi Jinping saying his country will maintain sustainable and balanced growth and make greater contribution to global growth.

In a speech at the ongoing ninth Group of Twenty (G20) Summit here, he also urged the world's leading economies to boost cooperation and turn the bloc into a stabilizer of the world economy, an incubator of global growth and a propeller of global economic governance.[Special coverage]

CHINA'S COMMITMENT

The G20 summit took place just days after the 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting concluded in Beijing.

Observers say that the back-to-back gatherings of world leaders offer a chance to boost win-win interaction between China and the rest of the world.

The APEC meetings highlighted China's important role as a regional and global heavyweight, Shada Islam, policy director at the Brussels-based Friends of Europe think tank, told Xinhua in a recent interview.

The biggest contribution that China can make to the world economy is to keep its own growth on track, even if there is a slight slowdown, and to keep its markets open.

In the eyes of Etienne Reuter, former head of the office of the European Commission in China's Hong Kong, the G20 summit is "an occasion for China to confirm its commitment to reforming its own economy and to contributing to the revival of the world economy."

China's sincerity in helping boost global growth was on vivid display during the APEC summit, when Xi assured the participants of China's determination to carry out further reforms and open wider to the outside world.

In Brisbane, Xi told G20 leaders that, with various domestic reforms, the Chinese economy will maintain its momentum for powerful, sustainable and balanced growth, and provide the world with greater demands as well as more market, investment and growth opportunities.

G20'S GROWTH STRATEGIES

Noting that G20 members have worked out comprehensive growth strategies, Xi said that, in order to realize comprehensive growth, they should seek and boost driving forces for sustained growth and open up a new situation that features innovative development, integrated interests and interconnected growth.

Firstly, G20 economies should innovate in their economic development patterns, Xi said, adding that more vitality should be brought into the economy through structural reforms in finance, investment, trade and other fields.

Stressing the important role of infrastructure construction in generating economic growth, he said China supports the G20 in setting up a global infrastructure center and supports the World Bank in establishing a global infrastructure fund.

Meanwhile, Xi pledged to make contribution to global infrastructure investment via such initiatives as the Silk Road Economic Belt, the 21st Century Maritime Silk Road, the Asian Infrastructure Investment Bank and the Silk Road Fund.

Secondly, G20 members should build an open global economy, Xi said, calling for concerted efforts in resisting trade and investment protectionism and safeguarding multilateral trade systems.

Thirdly, G20 members should improve global economic governance, he said, urging all members to strive for a fair, just, inclusive and orderly international financial system.

Efforts should also be made to increase the presence of developing countries and emerging-market economies and offer them a bigger say in international systems, and ensure the equality of different countries in global economic cooperation in terms of rights, opportunities and rules, he added.

As the world economy has gradually moved out of the bottom but the overall recovery remains lackluster, Xi called on G20 members to regard themselves as a community of common interests and shared destinies and turn the bloc into a stabilizer of the world economy, an incubator of global growth and a propeller of global economic governance.

COOPERATION BETWEEN BRICS COUNTRIES

On the sidelines of the G20 summit, Xi also met with leaders of Brazil, Russia, India and South Africa, and urged the group of leading emerging economies known as BRICS to actively participate in international cooperation and raise their voice in global economic governance.

Economic cooperation serves as a perennial driving force for the development of the BRICS countries, Xi noted.

The BRICS countries, he said, should remain committed to making long-term plans for economic cooperation and forging a closer economic partnership by facilitating market inter-linkages, financial integration, infrastructure connectivity as well as people-to-people contacts.

BRICS cooperation should be driven by the two "wheels" of economy and politics, so that BRICS can act not only as a powerhouse for global growth but also as a shield for world peace, Xi said.

The BRICS countries should further boost their cooperation and coordination in world politics and security so as to safeguard international fairness and justice, he said.

Other BRICS leaders agreed that the emerging-economy bloc should strive for sustained growth and actively improve global economic governance.