|Sept. 6, 2016
Remarks by H.E. Xi Jinping
President of the People’s Republic of China
At the Closing Ceremony of the G20 Hangzhou Summit
Hangzhou, 5 September 2016
Over the past one and a half days, we have had intensive and productive discussions on the key agenda items under the theme of the Summit. We had an in-depth exchange of views on strengthening policy coordination, breaking a new path for growth, more effective and efficient global economic and financial governance, robust international trade and investment, inclusive and interconnected development and other issues affecting the world economy, and reached important consensus in many areas.
First, we are determined to point the way and set the course for the world economy. We share the view that the world economic recovery remains weak, weighed down by insufficient drivers of growth and negative impact of regional and international hot-spots and global challenges. It is crucial to maintain peace and stability and foster an enabling environment for world economic development. We will further strengthen macro-policy dialogue and coordination, work in the spirit of partnership to promote mutual help and win-win cooperation, and concentrate our minds and energy to pursue strong, sustainable, balanced and inclusive growth. We have adopted the G20 Leaders’ Communiqué of the Hangzhou Summit. It sets out the direction, goals and steps for G20 cooperation, embodies the Hangzhou Consensus for growth, and provides the blueprint for building an innovative, invigorated, interconnected and inclusive world economy.
We believe that addressing the risks and challenges to today’s world economy requires multi-pronged solution to tackle both the symptoms and the root causes. A host of effective policy tools, fiscal, monetary and structural, must be leveraged to sharpen vigilance and buffer against short-term risks, unleash medium- to long-term potential, ensure sufficient aggregate demand, and improve the quality of supply. This will send a strong signal of G20’s commitment to global growth, and will go a long way to shoring up market confidence and ensuring stability of global financial markets.
Second, we are determined to break a new path for growth and instill new dynamism into the world economy. We have unanimously adopted the G20 Blueprint on Innovative Growth. It reflects our desire to find the right pathway toward sustained and healthy growth of the world economy, capitalize on the new opportunities brought about by innovation, the new industrial revolution, digital economy and other new factors and business types, and flesh out a series of specific action plans. We agree to encourage multi-leveled innovation in a wide range of domains, including development concepts, institutional architecture and business models, with science and technology innovation at the core. We also believe that fruits of innovation should be shared. We decide to forge ahead with structural reform and have identified the priority areas, guiding principles and a set of indicators. The Blueprint provides us with the consensus, action plan and the overall framework to open up a new path for global growth and increase medium- to long-term potential of the world economy.
Third, we are determined to improve global economic and financial governance to enhance the resilience of the world economy. We agree to advance the quota and governance reform of international financial institutions, broaden the use of SDR, strengthen the Global Financial Safety Net and make the international monetary system more stable and resilient. We resolve to implement various financial reforms, closely monitor and address the underlying risks and vulnerability of the financial system, deepen cooperation on financial inclusion, green financing and climate fund, and jointly maintain stability in international financial markets. We will enhance international tax cooperation as a means to promote global investment and growth. To transform the global energy governance, we have formulated an action plan on energy access, renewable energy and energy efficiency. On corruption, we have reached further consensus on deepening cooperation and are determined to deprive all corrupt elements of any safe haven in G20 countries and beyond. We hope the above progress and measures will lead to more balanced global economic and financial governance, well-functioning institutions and effective actions that will secure world economic growth.