Xi addresses the 14th G20 Summit held in the Japanese city of Osaka on June 28, 2019 (XINHUA)
While addressing the 14th G20 Summit held in the Japanese city of Osaka on June 28, President Xi Jinping called on the G20 to join hands in forging a high-quality global economy. The following is an edited excerpt of Xi’s remarks:
Firstly, the G20 should stick to reform and innovation and explore driving force for growth. We need to forcefully advance structural reform and strive to achieve high-quality growth through the development of digital economy, promoting connectivity, improving social security and other measures. Meanwhile, the group members need to create a favorable market environment, respect, protect and encourage innovation, and advocate international cooperation in innovation.
Secondly, the G20 should keep pace with the times and improve global governance. We should strengthen the multilateral trade system and conduct necessary reforms of the World Trade Organization to make it more effective in implementing its principles of opening markets and promoting development. There is a need to ensure that the financial safety net has enough resources and that the global financial architecture has fairer representation. The G20 should implement the Paris Agreement on climate change and improve energy, environmental and digital governance.
Thirdly, the G20 should actively tackle challenges and remove development bottlenecks. China's proposal for jointly building the Belt and Road aims to mobilize more resources, strengthen connectivity, unleash driving force for growth, realize market alignment and incorporate more countries and regions into economic globalization. The G20 should continue to prioritize development in macroeconomic policy coordination and increase development input.
Fourthly, the G20 members should uphold the spirit of partnership and properly address differences. The G20 members are at different stages of development. The key is consultation on the basis of equality, seeking common ground while reserving differences, managing divergences and expanding consensus with an attitude of mutual respect and mutual trust.
Firstly, more will be done to open up the Chinese market wider. China will soon release the 2019 edition of the negative list on foreign investment, with the focus on greater openness in agriculture, mining, manufacturing and services. China will set up six new pilot free trade zones, open a new section of the Shanghai Pilot Free Trade Zone, and speed up exploration of building a free trade port in Hainan Province.
Secondly, greater initiative will be demonstrated in expanding imports. China will further bring down its overall tariff level, strive to remove non-tariff trade barriers, and slash institutional costs in imports. China will make the Second China International Import Expo a success.
Thirdly, more steps will be taken to improve the business environment. In the new legal framework for foreign investment that is to take effect on January 1 next year, China will introduce a punitive compensation mechanism for intellectual property (IP) infringement cases and make the relevant civil and criminal laws more stringent to deliver better IP protection.
Fourthly, equal treatment will be extended to all foreign investment. China will lift all foreign investment restrictions beyond the negative list, and provide equal treatment for all types of businesses registered in China in the post-establishment phase. A complaint mechanism will be set up for foreign companies to air their grievances.
Fifthly, greater efforts will be made to advance trade talks. China will push for an early conclusion of the Regional Comprehensive Economic Partnership and accelerate the negotiations on a China-European Union investment agreement and the China-Japan-Republic of Korea Free Trade Agreement.