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Spotlight: Xi offers Chinese solutions for global growth, Asia-Pacific development at G20, APEC summits

Xinhua, November 20, 2015 Adjust font size:

Chinese President Xi Jinping on Thursday wrapped up his trip to Turkey and the Philippines after expounding China's views and proposals on world economy and Asia-Pacific development at two multilateral summits.

Xi's attendance at the Group of Twenty (G20) summit in Antalya and the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Manila was very productive and demonstrated China's sincerity in and constructive attitude towards promoting global growth and advancing Asia-Pacific cooperation, said Chinese Foreign Minister Wang Yi.

OFFERING CHINESE PRESCRIPTION FOR WORLD ECONOMIC MALAISE

Taking on the sluggish world economic recovery, Xi offered his insights by answering two fundamental questions: how to see it and how to address it, Wang said.

At the G20 summit, the Chinese president pointed out the focus of the malaise weakening the global economy: The momentum generated by the last round of scientific and industrial revolution is waning, the potential of the traditional economic system and development model is diminishing, the problem of uneven development remains far from being solved, and the deficiencies of the existing economic governance mechanism and structure are coming to the surface.

To deal with those challenges, Xi urged all G20 members to, among others, strengthen communication and coordination on macro-policy, promote reform and innovation, build an open world economy and implement the 2030 Agenda for Sustainable Development.

Those proposals, said the foreign minister, were highly valued by world leaders attending the G20 summit.

As Xi has announced that China will host the 2016 G20 summit in the eastern city of Hangzhou, expectations are running high on China's presidency, Wang noted.

All sides hope that China will reunite G20 members to make new contributions to fundamentally boosting the world economy, tackling deep-level issues and transforming the role of the G20 mechanism, added the minister.

HIGHLIGHTING CHINA'S ROLE IN ASIA-PACIFIC COOPERATION

Addressing the APEC CEO summit in Manila, Xi called upon APEC economies to press ahead with reform and innovation, build an open economy, implement the 2030 Sustainable Development Agenda, and promote connectivity.

The series of important viewpoints Xi tabled at the APEC meeting have charted the course for growth of the Asia-Pacific economy, said Wang, stressing that China has always been a participant, driver and leader in regional cooperation.

Wang listed a number of Chinese contributions, including launching the Free Trade Area of the Asia-Pacific process, formulating and earnestly implementing a connectivity blueprint, helping other countries with infrastructure development, and dovetailing its own development strategy with those of others.

China, he said, will uphold the concept of win-win cooperation Xi has raised and make new contributions to Asia-Pacific cooperation and APEC's capacity building.

SHOWCASING CHINA'S CONFIDENCE IN ECONOMIC DEVELOPMENT

As China's influence on the world economy grows, the international community is paying high attention to China's economic policy, Wang said.

Xi expounded China's current economic situation and future development trend both in Antalya and in Manila, and his remarks have boosted the world's understanding of and confidence in China, noted the minister.

During the two summits, Xi also elaborated China's development blueprint for the next five years, saying China will adhere to a path of innovative, coordinated, green, open and shared development.

All sides agree that China is resolute in reform and opening-up, said Wang, adding that the world's second-largest economy will enjoy higher quality of growth and better future of development after going through adjustment, which heralds new and greater opportunities for the world.

"Against the backdrop of economic globalization, China and the outside world are highly interdependent, sharing weal and woe," said the Chinese foreign minister.

"The stronger China grows, the more secure the peace of the Asia-Pacific region and the world will be; the steadier the Chinese economy runs, the more promising regional and global prosperity will become," Wang added. Endi