Global economic governance must avoid "winner-takes-all results": Xi

Global economic governance should be a mechanism of sharing while seeking dominance or winner-takes-all results should be avoided, Chinese President Xi Jinping said on Saturday.

Such governance should be about participation by all and benefits for all and encourage the sharing of interests and win-win prospects, Xi said at the opening ceremony of the Business 20 (B20) summit in the eastern Chinese city of Hangzhou.

In his speech, Xi listed a number of priorities of global economic governance:

-- To jointly ensure equitable and efficient global financial governance, uphold the overall stability of the world economy;

-- To jointly foster open and transparent global trade and investment governance to cement the multilateral trading regime, and unleash the potential of global cooperation in economy, trade and investment;

-- To jointly establish green and low-carbon global energy governance to promote global green development cooperation;

-- To jointly facilitate an inclusive and interconnected global development governance to implement the 2030 Agenda for Sustainable Development of the United Nations and jointly advance the well-being of mankind.

With 10 summits already held, the Group of 20 (G20) major economies has "come to a crucial juncture of development," said Xi.

One of the goals of China's G20 Presidency, he said, 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.

"Global economic governance should embrace openness," he said, calling for the active participation and integration of various parties.

Exclusive arrangements, closed governance mechanisms and fragmentation of rules shall be rejected, he said.

By convening the B20 summit on the eve of the G20 summit, China wishes to fully pool the ideas and wisdom of the business community, he said.

Xi commended the business people from G20 members as they have teamed up with people of other communities and offered suggestions on financing growth, trade and investment, infrastructure, small and medium-sized enterprise development, employment, anti-corruption and other subjects of G20 priorities.

"You have provided important recommendations for G20 policy making and contributed positively to the Hangzhou summit," he said. Endi