Xi Jinping Chairs G20 Hangzhou Summit and Delivers an Opening Speech

On September 4, 2016, the 11th G20 Summit was held at the Hangzhou International Expo Center. President Xi Jinping chaired the summit and delivered an opening speech. Xi Jinping stressed that faced with current challenges, the G20 must keep up with the changing times, fully honor its commitment, make joint efforts and deliver benefits to all as well as stick together as partners in meeting challenges in order to bring the global economy onto the track of prosperity and stability, and achieve robust, sustainable, balanced and inclusive growth.

At 3:00 p.m., leaders from G20 members and guest countries as well as heads of relevant international organizations arrived at the meeting hall successively. Xi Jinping, as the host, shook hands and exchanged greetings with them respectively and then posed for a group photo.

At 3:30 p.m., Xi Jinping rapped the gavel and announced the opening of the summit.

In his opening address, Xi Jinping pointed out that at present, the global economy, while still on the road to recovery, faces multiple risks and challenges such as weak growth momentum, sluggish demand, volatility in the financial market and low growth in international trade and investment. The international community has great expectation for the G20 and places high hopes on the Hangzhou Summit. He hoped the Hangzhou Summit will provide a solution that addresses both the symptoms and root causes of the global economic problems and propel the global economy onto a path of robust, sustainable, balanced and inclusive growth.

Xi Jinping made 5 proposals to meet current challenges of global economy.

First, we should strengthen macroeconomic policy coordination, jointly promote global growth and uphold international financial stability.

Second, we should break new path for growth and generate new growth momentum. The G20 should change its policy approach, and place equal importance on both short-term and medium-to-long-term policies, and both demand-side management and supply-side reform.

Third, we should improve global economic governance and strengthen institutional safeguards. The G20 should continue to improve the international monetary and financial systems and the governance structure of international financial institutions and strengthen the global financial safety net to boost the resilience of the world economy against risks.

Fourth, we should build an open global economy and continue to promote facilitation and liberalization of trade and investment. We should honor our commitment of not adopting new protectionist measures, strengthen coordination and cooperation on investment policies and take credible steps to stimulate trade growth.

Fifth, we should implement the 2030 Agenda for Sustainable Development and promote inclusive development. This year, development is high on the G20 agenda, and we have committed ourselves to implementing the 2030 Agenda for Sustainable Development and formulated an action plan. Through supporting industrialization in Africa and the least developed countries, we can reduce the inequality and imbalance in global development and deliver the benefits of global growth to people of all countries.

Xi Jinping emphasized that the G20 carries high expectation of the international community and shoulders a heavy responsibility. We must ensure that the G20 fully plays its role of keeping the world economy on the track of prosperity and stability. First, the G20 must keep up with the changing times and lead the way forward. The G20 should adapt itself to the needs of the global economy and further transform itself from a mechanism of crisis response to one of long-term governance. Second, the G20 should fully honor its commitment and take practical actions. This year, we have formulated action plans for many areas such as sustainable development, green finance, energy efficiency and combating corruption, and each and every plan should be implemented. Third, the G20 should become a platform of cooperation built through joint efforts that delivers benefits to all. We should listen to the views of all countries, especially the developing countries, so as to make the G20 more inclusive and better respond to the demand of people of different countries. Fourth, the G20 should stick together as partners in meeting challenges and therefore we can navigate the heavy waves of the global economy and sail towards a future of growth. We hope the Hangzhou Summit will fulfill its mandate of boosting global growth, strengthening international economic cooperation and promoting the future growth of the G20.

The first-phase meeting was held afterwards. Participating leaders exchanged in-depth views on the topic of "strengthening policy coordination and breaking a new path for growth" and reached significant consensus. Leaders attending the meeting all agreed that it is crucial to strengthen macro-economic policy coordination and it is imperative and of great potential to innovate the growth model.

Wang Huning, Wang Yang, Li Zhanshu , Yang Jiechi and others attended the above events.