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Chinese President Xi Jinping on the next G20 Summit to be held in China in 2016

On 16 November 2015, Chinese President Xi Jinping expounded on China’s views on the 2016 G20 Summit to be held in China during the Working Lunch of the G20 Summit.

President Xi announced that China will host the 11th G20 Summit from September 4th to 5th next year in Hangzhou, Zhejiang Province.

By using a Chinese saying, "Up in heaven, there is paradise; down on earth, there are Suzhou and Hangzhou." President Xi emphasized the beautiful sceneries as well as innovation of the cities of Hangzhou and Suzhou, which will ensure that the 2016 Summit present to the leaders a unique setting where history meets modernity.

President Xi emphasized that based on an assessment of the current situation and the expectations of all parties, China has formulated the theme of the 2016 Summit as "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy".

President Xi pointed out that China hopes to take forward the preparatory work for the Summit in the following four key areas.

First, transform growth patterns in innovative ways with particular focus on pursuing reform and innovation, create and seize new opportunities to raise the potential of global economic growth.

Second, improve global economic and financial governance, increase the representation and voice of emerging markets and developing countries, and enhance the capacity of the global economy to ward off risks.

Third, promote global trade and investment to generate growth and build an open world economy.

Fourth, promote inclusive and interconnected development, strive to implement the 2030 Agenda for Sustainable Development, eliminate poverty, and achieve common development.

President Xi explained that such proposals on the above theme and key areas are based on the following three observations:

First, although the global economy is no longer mired in crisis, the recovery remains weak and fragile for lack of growth engines. And the performances and policies of major economies continue to diverge. We are in an urgent need of new sources of growth to take the global economy to a new round of prosperity.

Second, reform of the global economic governance in recent years has hit a rough patch and international economic and trade rules have been fast evolving. The UN Sustainable Development Summit, the 10th WTO Ministerial Conference and the Paris Climate Conference are all on this year's global agenda, where new plans are being made for international development cooperation, the multilateral trading regime and the global campaign against climate change. We need to make coordinated and concerted efforts to guide international economic cooperation.

Third, G20 is now facing a transformation from a mechanism of crisis response to one of long-term governance. As its agenda items shift from short-term issues to deep-seated and longer-term ones, the necessity for and difficulty of macroeconomic policy coordination and enhanced cooperation among G20 members have both increased. We need to act in the spirit of partnership to work for the smooth transformation of G20 and the consolidation of its role as the premier forum for global economic governance.

President Xi stressed that China will consistently follow an open, transparent and inclusive approach, and strengthen communication and coordination with all other members to jointly uphold, strengthen and develop G20 in preparing for the Hangzhou Summit,

Embassy of the People's Republic of China in the Republic of South Africa

 

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February 2017 Edition

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