'Make sure all benefit from globalisation'

'Make sure all benefit from globalisation'
Leaders representing G20 members pose for a group photo at the G20 summit in Hamburg, Germany on July 7, 2017.
PHOTO: Reuters

President Xi Jinping tells world's major economies to remain true to philosophy that navigated challenges of financial crisis

President Xi Jinping called on G20 members to remain committed to building an open global economy when he spoke at the gathering of the world's major economies in Hamburg, Germany, on Friday.

"This commitment of the G20 to build open economies saw us through the global financial crisis, and this commitment is vital in reenergizing the global economy," Xi said while discussing the global economic situation with other G20 leaders.

The president called on major economies to support the multilateral trading system, observe jointly established rules, and enhance consultation to seek solutions to the challenges faced by all economies.

"It is a great pleasure to be with you in Hamburg, the City of Bridges, to discuss ways of building a bridge of co-operation to advance our shared prosperity," Xi said.

He noted that the global economy is showing signs of recovery, thanks to the efforts of G20 members, but said it is still plagued by deep-seated problems and faces uncertainty and destabilizing factors.

"We must remain committed to openness and mutual benefit for all, so as to increase the size of the global economic 'pie'," he said.

Xi highlighted the important role innovation is playing as a new source of growth for the global economy.

Countries should boost co-operation around the digital economy and jointly develop new technologies, new industries, new business models, and new products, he said.

G20 members reached important agreements on innovation and development at the summit held in Hangzhou, China, last year, he said, adding that additional concrete outcomes are expected in Hamburg.

The president also suggested a balance be struck between fairness and efficiency, between capital and labour, and between technology and employment.

"According to the prediction of the World Economic Forum, artificial intelligence will take away more than 5 million jobs in the world by 2020," he said, adding that to fix the problem, G20 members should work together to realise more inclusive global growth.

"To achieve this goal, we must ensure synergy between economic and social policies, address the mismatch between industrial upgrading and knowledge and skills, and ensure more equitable income distribution," he said.

And he urged G20 members to place more importance on co-operation in education, training, employment, business start-ups, and wealth distribution-related mechanisms.

The president also called for joint efforts to be made to improve international economic governance, by strengthening coordination of macroeconomic policies, forestalling risks in financial markets, and developing green finance.

Noting that China hosted the successful Belt and Road Forum for International Cooperation in May, Xi said participants built a platform of co-operation to tap into new sources of growth.

The commitment from that forum was highly compatible with the goals of the G20, he said.

Quoting the German saying, "those who work alone, add; those who work together, multiply", Xi called for joint efforts among G20 members to promote interconnected growth for shared prosperity and build toward a global community with a shared future.

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