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Global Governance
G20 Summit's Five Key Achievements
President Xi Jinping summarizes the outcomes of the G20 Hangzhou Summit
Edited by Yan Wei, Chris Surtees & Wang Jun 

President Xi Jinping meets the press at the end of the G20 Summit in Hangzhou on September 5 (Duan Wei)

At a press conference at the end of the G20 Hangzhou Summit on September 5, President Xi Jinping summarized the outcomes of the two-day event. Five key achievements were made during this summit, Xi said. An edited excerpt of his speech follows:

--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 partnership 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 structural reforms.

--We resolved to break a new path of 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, inspire innovation to usher in the next round of growth and prosperity.

--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 the 2010 IMF reforming package we agreed to further advance quota and voting power reforms of international financial institutions.

--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 toward inclusive and coordinated global value chains. We support the multilateral trading system and oppose protectionism, so as to release the potential of global business cooperation and reverse the decline of global trade growth.

--We resolved to promote inclusive and interconnected development, so that G20 cooperation will deliver benefits to the whole world. 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 in business, food security, and other fields.

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