The President of the People’s Republic of China has disclosed that China’s goal of reform has been set and they would not deviate from it.
He emphasized that China would take sure and firm steps in advancing reform and would not slow down its pace.
President Xi Jinping made these remarks on Saturday at the opening of the Business 20 (B20) summit in the eastern city of Hangzhou in China.
He told the meeting that China, having reached a new historical starting point, would integrate itself into a new global growth blueprint.
The Chinese president added that China has come to a new starting point to deepen reform across the board and foster new drivers of economic and social development, adapt its economy to a new normal and transform its growth model, and further integrate itself into the world and open itself wider to the world.
President Xi said at the B20 summit that China has the confidence and ability to maintain medium-high rate of growth and deliver more development opportunities to the world while ensuring its own development.
According to him, China has the confidence and ability to maintain medium-high rate of growth as they continue to deepen reform, pursues an innovation-driven development strategy, advances green development, promotes equity and sharing of development outcomes, as well as opens up wider to the outside world.
He went on to added that China would work with other parties to ensure that the Hangzhou summit comes up with an integrated prescription to address both the symptoms and root causes so that the world economy could move along a path of strong, sustainable, balanced and inclusive growth.
“All parties at the summit should work to build an innovative and open world economy to generate new drivers of growth and expand the scope of development,” he said.
President Xi indicated that the world economy should become interconnected and inclusive to forge interactive synergy and strengthen the foundation for win-win outcomes.
Against the backdrop of lackluster global economic growth, he emphasized that they need to innovate their macroeconomic policies and effectively combine fiscal and monetary policies with structural reform policies.
According to him, one of the goals of China’s G20 presidency is to enable the G20 to transform from a crisis response mechanism focusing on short-term policies to one of long-term governance that shapes medium- to long-term policies, and solidify its role as the premier forum for international economic governance.
China, US ratify Paris Climate agreement
On Saturday, the world’s two biggest economies, the United States and China to ratify the Paris agreement to curb climate-warming emissions, which could help put the pact into force before the end of the year.
President Barack Obama and Chinese President Xi Jinping submitted their plan to join the agreement to U.N. Secretary-General Ban Ki-moon, who is in China to witness the announcement.
On Sunday’s press conference, U.N. Secretary-General disclosed that his mandate as the United Nations SG would end in December, 2016. Therefore, he commended Obama and Xi for their outstanding leadership demonstrated for accepted to ratify the Paris agreement.
He therefore urged world leaders particularly the leaders from the G20 summit to show their leadership by accelerating their domestic ratification process so that they could turn the aspiration of the Paris summit into a transformative climate action the world needs urgently.
The U.N. Secretary-General expressed delight in attending the G20 summit, while congratulating President Xi, the Chinese people and government for successfully hosting and wonderfully organizing the G20 summit.
by Mariatou Ngum in Hangzhou, China