Xi Jinping’s Speech at the Opening Ceremony of the B20 Summit

China's Remedy

First, we need to build an innovative world economy to generate new drivers of growth. The new round of scientific and industrial revolution with the Internet as its core is gathering momentum. New technologies such as artificial intelligence and virtual reality are developing by leaps and bounds. The combination of the virtual economy and the real economy will bring revolutionary changes to our way of work and life. All countries need to work together to jointly promote these changes.

Second, we need to build an open world economy to expand the scope of development. The path of world economic development shows that openness brings progress, and isolation leads to backwardness. To repeat the beggar-thy-neighbor approach will not help any country get out of the crisis or recession. It will only narrow the space of common development in the global economy and will lead to a lose-lose scenario.

Third, we need to build an interconnected world economy to forge interactive synergy. In the age of economic globalization, countries are closely linked in their development, and they all rise and fall together. No country could seek development on its own. And the one sure path is through coordination and cooperation. We need to realize interconnected development by promoting common development of the global economy.

Fourth, we need to build an inclusive world economy to strengthen the foundation for win-win outcomes. We need to eradicate poverty and hunger and advance inclusive and sustainable development. This is not just a moral responsibility of the international community; it also helps unleash immeasurable effective demand.

China's Proposals

First, we can work together to build a peaceful and stable international environment. It is important to reject the outdated Cold War mentality and build a new concept of common, comprehensive, cooperative and sustainable security. We call on all countries to cherish the hard-won peace and tranquility and play a constructive role in maintaining global and regional stability.

Second, we can work together to build a global partnership for win-win cooperation. In the era of economic globalization, there’s no island completely cut off from the rest of the world. As members of the global village, we need to cultivate the awareness of a community of shared future for mankind. Partnership is the most valuable asset of the G20 and the choice of all countries as they rise up together to global challenges.

Third, we can work together to improve global economic governance. As the world economic situation changes, it is necessary that global economic governance remains relevant and adaptive to the changing times. Global economic governance should be based on equality, better reflect the new realities of the world economy, increase the representation and voice of emerging markets and developing countries, and ensure that all countries have equal rights, equal opportunities and equal rules to follow in international economic cooperation.