Entry Submitted by Spydr at 12:27 PM EDT on September 6, 2016
Video transcript: President Xi Jinping holds post-G20 press conference, 5 Sept. 2016
(Video source: Xinhua News Agency)
Friends from the press, ladies and gentlemen, good afternoon.
The 11th G20 Summit has just concluded with great success. In the last
two days, leaders from G20 members, guest countries, and international
organizations have engaged in in-depth discussions under the theme,
'towards the innovative, invigorated, interconnected, and inclusive
More specifically, strengthening policy coordination and breaking a new
path for growth, more effective and efficient global financial and
economic governance, robust international trade and investment, and
inclusive and interconnected development.
We also covered other issues affecting the world economy, and explored
ways to enhance global economic growth and cooperation. The
participating leaders reached extensive consensus on these topics.
The Leaders' Communique adopted at the G20 Hangzhou Summit has made
clearer the direction, goals and measures for G20 cooperation. It
contains the Hangzhou Consensus on World Economic Growth, featuring
vision, integration, openness, and inclusiveness.
The Hangzhou Summit is convened at a crucial juncture both for the world
economy and for the transformation of the G20. As we meet, global
recovery lacks momentum. International and regional issues, as well as
global challenges, are clearly weighing down growth. And the various
risks and uncertainties remain acute.
Against this backdrop, the eyes of the world are on this summit, and
people look to Hangzhou with high expectations. Thanks to the joint
efforts of all G20 members, guest countries, and international
organizations, the summit concluded with fruitful outcomes and achieved
its desired goal.
Now let me briefly walk you through the main outcomes of the summit.
First, we resolved to point the way and set the course for the world
economy. G20 leaders all agreed that the risks and challenges facing the
world economy make it crucial to maintain a peaceful and stable
international environment. The G20 must display the spirit of solidarity
and friendship by intensifying macro-policy coordination, following
through on the Hangzhou Action Plan, and leveraging various effective
tools at our disposal, including fiscal and monetary policies and
While guarding against and responding to short-term risks, we need to do
more to unlock the potential for medium- and long-term growth. While
expanding aggregate demand, we also need to improve the quality of
supply. We are confident that through the concerted efforts of all
parties, we will be able to restore the world economy back to strong,
sustainable, balanced, and inclusive growth.
Second, we resolved to break a new path for growth and instill new
dynamism into the world economy. Experience teaches that the old
approach of simply relying on fiscal and monetary policies no longer
works. We need to reignite the engine of growth via innovation, to usher
in the next round of growth and prosperity.
In the G20 Blueprint on Innovative Growth that we have adopted, we
envisioned an all-dimensional, multi-tiered, and wide-ranging approach
to innovation, which is driven by innovation in science and technology,
but goes beyond it to cover development philosophy, institutional
mechanism, and business models, so that the benefits of innovation will
be shared by all.
With focus on structural reform, we outlined the priority areas, guiding
principles, and a set of indicators to fundamentally remove the
bottlenecks to growth. in the area of new industrial revolution, we
agreed to vigorously develop advanced and high-end manufacturing to
spearhead the Fourth industrial Revolution.
Catalyzing the digital economy, we will encourage the extensive use of
internet technologies across the economy and society to embrace a new
era of connection between things and amongst people. This blueprint,
which encapsulates our shared vision, planned actions, and institutional
safeguards, will open up new horizons for global growth.
Third, we resolved to improve global economic and financial governance
to enhance the resilience of the world economy. The G20 has been a
standard-bearer for improving global economic and financial governance,
where we have made new progress this year. Building on implementation of
the 2010 IMF reform package, we agreed to further advance quota and
voting power reforms of international financial institutions.
We expressed our hope that the IMF will work toward the completion of a
new quota reform plan as scheduled, and as the World Bank will implement
a shareholding review according to the agreed road map and time frame,
with the objective of achieving equitable voting power over time, so as
to enhance the representation and voice of emerging markets and
We studied the possibility of broadening the use of Special Drawing
Rights. The World Bank has taken the lead in issuing SDR-denominated
bonds in China. All of this will contribute to the improvement of the
current international monetary and financial systems.
G20 leaders also resolved to take more robust measures to enforce
various financial reforms. A joint test run of global, regional
financial safety nets will be conducted to build a strong bulwark
against financial crises.
We decided to deepen international tax cooperation to step up the fight
against tax evasion and avoidance and support developing countries in
building capacity, so as to boost global investment and growth via
robust tax measures. China will make its own contribution by
establishing an international tax policy research center.
Hoping to improve the efficacy of global energy governance, we drew up
the Action Plan on Harnessing Energy Access in Asia and the Pacific, and
the G20 Voluntary Action Plan on Renewable Energy, and decided to launch
a G20 energy efficiency leading program.
Breakthroughs have been made this year in counter-corruption
cooperation. We endorsed the G20 High Level Principles on Cooperation on
persons sought for corruption and asset recovery. We agreed to set up a
research center on anti-corruption cooperation, and China has adopted
the G20 2017-2018 Anti-Corruption Plan.
For these efforts, we have created an international anti-corruption
framework, defining principles, mechanisms, and actions that will deny
perpetrators of corruption any sanctuary in G20 members and worldwide.
Fourth, we resolved to revitalize international trade and investment as
key engines of growth, and build an open world economy. We agreed to
improve the G20 trade and investment mechanisms, endorse the G20
strategy for global trade growth, and move towards an inclusive and
coordinated global value chain. We support the multilateral trading
regime and oppose protectionism, so as to release the potential for
global business cooperation and reverse the decline of global trade growth.
The G20 Guiding Principles for Global Investment Policy Making we have
adopted is the world's first framework of multilateral investment rules.
It is also a milestone in the G20's transformation from a
crisis-response mechanism to one of long-term governance. These
measures, aimed at removing obstacles to trade, will improve efficiency
in the flow of resources, factors of production, goods and services,
facilitate world economic growth, and advance economic globalization.
Fifth, we resolved to promote inclusive and interconnected development
so that G20 cooperation will deliver benefits to the whole world. China
is the largest developing country, and the Hangzhou Summit has
demonstrated a clear focus on development and attained fruitful
achievements in this area.
This year, we have realized three 'firsts' in the field of development.
The first time that development has featured prominently in global,
macro-policy framwork. The first time that an action plan on the 2030
Agenda for Sustainable Development. And the first time that G20 as a
group has lent its support to industrialization in Africa and the least
developed countries. All these are pioneering moves in the G20's history.
We have also agreed to take the lead in implementing the Paris Agreement
on Climate Change, and push for early entry into force and
implementation of the Paris Agreement, aiming to reduce inequality and
imbalance in global development.
We have adopted the Entrepreneurship Action Plan, launched the Global
Infrastructure Connectivity Alliance, and achieved practical results
inclusive business, food security, and other fields. In so doing, we
hope to send the signal to the world that the G20 belongs not only to
its members but also to the whole world. Our goal is to insure that
growth and development will benefit all countries and the overwhelming
majority of their peoples equitably.
We also realize that under the current circumstances the G20 needs to
better play its role as the premier forum for international economic
cooperation. It needs to further shift from a mechanism for crisis
response to one of long-term governance, from emphasizing short-term
policies to balancing short-, medium-, and long term policies, and from
demand-side management to supply-side reform.
We all agreed that the transformation of the G20 will affect the
immediate interests of all members and the future of the world economy.
To maintain the G20's vitality we must embrace change and progress with
the times. We are determined to support the G20's continual focus on the
most prominent, important, and pressing challenges of the world economy.
We will strengthen policy coordination, improve mechanisms, and solidly
implement the summit outcomes so as to achieve strong, sustainable,
balanced, and inclusive growth of the world economy.
Finally, I wish to acknowledge the active support and assistance of the
Chinese Presidency has received over the past year from the G20 members,
guest countries, and international organizations. We have achieved
fruitful outcomes by hosting over 70 meetings and adopting 29
initiatives. None of this would have happened without the concerted
efforts of all concerned parties. And as the host country, we wish to
thank all G20 members, guest countries, and international organizations
for their important contributions to the success of the Hangzhou Summit.
Our thanks also go to B20, T20, L20, W20, Y20, C20 and so on, for
contributing brilliant ideas to the success of the Hangzhou Summit and
the development of G20.
After today we will continue working with all sides to implement and
advance the outcomes of the Hangzhou Summit.