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.
Fourth, we are determined to revitalize international trade and investment as key engines of growth, and build an open world economy. We agree to fully leverage the role of the Trade Ministers’ Meeting and the Trade and Investment Working Group. We have worked out the G20 Strategy for Global Trade Growth to promote the inclusive and coordinated development of global value chains, provide continued support for the multilateral trading system, and reiterate the commitment to reject protectionism, in a joint endeavor to unlock the potential of global trade cooperation and reverse the decline of global trade growth. We have formulated the G20 Guiding Principles for Global Investment Policymaking, which lays out the first global framework of multilateral rules governing international investment. With these common efforts, we have reasons to look forward to renewed vitality of the world economy and continued robust advancement of economic globalization driven by strong international trade and investment.
Fifth, we are determined to promote inclusive and interconnected development, so that G20 cooperation will deliver benefits to the whole world. For the first time, we have given priority to development in the global macro-policy framework. For the first time, we have devised a groundbreaking Action Plan on the 2030 Agenda for Sustainable Development. We agree to take the lead in implementing the Paris Agreement on Climate Change to encourage its early entry into effect. We have proposed the G20 Initiative on Supporting Industrialization in Africa and LDCs, made an Entrepreneurship Action Plan, adopted the Global Infrastructure Connectivity Alliance Initiative, and decided to deepen cooperation in such areas as food security and inclusive business. These action plans and practical outcomes will help reduce inequality and imbalance in global development, deliver tangible benefits to people of the developing world, make important progress toward realizing the Sustainable Development Goals by 2030, and contribute to the common development of mankind.
We have come to a deeper understanding of the importance of making full use of the role of the G20 as the premier forum for international economic cooperation and deem it necessary to transform the G20 from a crisis response mechanism to a long-term governance mechanism and expand its focus from short-term policy response to a combination of short-, medium- and long-term policymaking. We all believe that the development of the G20 bears on the immediate interests of all members and the future of the world economy. Only when the G20 stays responsive to time and change can it retain its vigor and vitality. We resolve to support the continued focus by the G20 on the most prominent, pivotal and pressing challenges facing the world economy, enhance policy coordination, improve institutional building, and fully implement the outcomes, thus leading strong, sustainable, balanced and inclusive growth of the world economy.
Before I formally announce the conclusion of the summit, let me extend my sincere thanks to all of you for your trust in me and the Chinese government, for the support, understanding and cooperation you have rendered China during the summit, and for the hard work and important contribution you have made to facilitate world economic growth and the development of the G20.
Thanks to our joint efforts, the G20 Hangzhou Summit has produced fruitful results and is successfully concluded. I am convinced that Hangzhou will be a fresh starting point for the G20 to embark on a new journey.
Ours has been a short but memorable gathering. It is about time to say goodbye. In a moment, I will meet the press and brief them on the outcomes of the summit and our deliberations in light of the consensus we have reached. Some colleagues will stay in China for a few more days. Others are departing soon. I hope you will take back fond memories from your trip to China, including the beautiful scenery of the West Lake. I wish all of you a pleasant and safe journey home.
I now declare the G20 Hangzhou Summit closed.