Xi Jinping: Global Economy’ Moves in Right Direction

Chinese President Xi Jinping attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich

While addressing the 12th Summit of Group 20 (G-20) major economies Chinese President Xi jinping said that the global economy was showing signs e£ moving in me right direction, The related international organizations forecast that it will grow by 3.5 percent this year, the best performance mat we have seen in several years. This would not be possible without the efforts of the G20. On the other hand, the global economy is still plagued by deep-seated problems and faces many uncertainties and destabilizing factors. He said that facing such challenges, the G20 agreed.in Hangzhoo last year on the path forward: building an.innovative, invigorated, interconnected and inclusive world economy. This year, building on me theme of the Hangzhou Summit, the Hamburg Summit has .made “Shaping an Interconnected World” its theme. What we need to do now is to work together to translate our vision into action. With this in mind, I wish to state the following: Firstly, he said that they should stay committed to building an ‘ope-n global economic~:. This commitment of the G20 r.o build open economies saw us through the global financial crisis, and this commitment is vital to re-energizing the global economy. Secondly he added that then should foster new sources of growth for the global economy. Innovation, more than anything else, is such a new source of growth. Research shows that 95 percent of the world’s businesses are now closely linked with the Internet, and the global economy is transitioning toward a digital economy. Thirdly, he observed that they should work together to achieve more Inclusive global growth. Currently; global economic growth. is not balanced, and technological advances work against job creation. According to the projection of the World Economic Forum, artificial intelligence will take away more than 5 million jobs in the world by 2020. Fourthly Xi said that they should continue improving global economic governance. In the wake of the global financial crisis, the G20 has done a lot to improve macroeconomic policy coordination, reform international financial institutions, tighten international~financial regulation and combat tax avoidance, thus ensuring financial market stability and recovery. We should build on these achievements. In particular, we should strengthen coordination of macroeconomic policies, forestall risks in financial markets and develop financial inclusion and green finance to make the financial sector truly drive the development of the real economy.

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