World Economy

Xi Urges Nations to Increase Trade, Investment

President Xi Jinping President Xi Jinping

Chinese President Xi Jinping on Saturday said the Group of 20 major economies should aim at having the benefits of growth and development enjoyed by all countries and peoples.

Addressing the opening ceremony of the Business 20 summit in Hangzhou, Xi said the G20 belongs to not only its members but also the whole world. “This is a message we wish to send to the international community,” said Xi, CCTV reported.

“We want all people, especially those in developing countries, to enjoy a better life day by day,” he said.

Xi also said that the G-20’s meetings should be transformed into a mechanism that delivers long-term guidance on the global economy, rather than one that just responds to crises.

Xi sought to reassure world leaders that his government is committed to putting China’s economy on a more sustainable footing and called on major economies to increase trade and investment to bolster global growth.

Xi said China “has the confidence and has the ability” to maintain a “medium-to-high rate” of economic growth. To do that, he said, China will continue to overhaul the economy by reducing debt and cutting industrial overcapacity, news outlet reported.

While Beijing wants the G-20 summit—which is being held in the eastern city of Hangzhou—to showcase China’s ascending global role, the meeting comes amid growing criticism by some governments that Chinese policies are hindering world growth.

Complaints are gathering pace that China limits access to its markets while its companies freely acquire competitors abroad and that its outsize industrial capacity is inundating the world with goods, dousing prices.

Xi singled out Beijing’s efforts to cut overproduction in sectors including steel and coal-mining but said that the reductions are actions China is taking “on its own,” indirectly acknowledging and rebuffing foreign pressure. Calling China’s measures as “the most forceful,” he said China will “keep its words.”

  Lowering Barriers

“Trade protectionism is rearing its head” worldwide, Xi said. He called on the G-20 nations to act together to lower barriers for international trade and investment. He also said the group should combine fiscal and monetary policies with structural reforms to boost global growth.

In China, Xi acknowledged that the old growth model of relying on credit, resources and labor is no longer sustainable. In some sectors, he said, Chinese companies are “big but not strong, and big but not good.” He pledged continued efforts to promote innovation and environmental protection.