Chinese president calls for closer G20 partnership to boost world economy

Chinese President Xi Jinping on Thursday urged Group of 20 (G20) members to build a closer partnership to shore up the world economy.

For that purpose, the world's major economies should first adopt responsible macroeconomic policies, he said in a speech delivered at the eighth G20 summit in this Russian city.

All major economic entities have a baseline responsibility of guaranteeing the stability of their own economies, Xi said, adding that they also need to improve communication and coordination on macroeconomic policy.

China's economic fundamentals are sound, and its economic policy is responsible for both China and the world, said the Chinese president.

China, he added, has realized that it has to advance structural reforms in order to solve the problems hindering its long-term economic development, even though it would mean slower growth, Xinhua reports.

China is capable of materializing a sustainable and sound economic development and creating for other countries an even broader market and more development space, he added.

Meanwhile, the Chinese president urged G20 members to jointly maintain and promote the openness of the world economy and oppose all forms of trade protectionism.

G20 members, he added, should bolster a free, open and non-discriminatory multilateral trade system, and try to improve global investment rules.

In addition, Xi called on the participants to build the G20 platform into an important force for stabilizing the world economy, creating an international financial safety net and amending global economic governance.

Relevant parties should speed up the implementation of the reforms of the International Monetary Fund, and step up supervision on international financial markets to make the financial system truly rely on, serve and promote the development of the real economy.

He also proposed to enhance the connection among international and regional financial cooperation mechanisms and establish a firewall against financial risks.

China will firmly push forward reforms in order to guarantee a sustainable and healthy socioeconomic development, Xi said, adding that China will also work to boost the flexibility of the foreign exchange rate of the Chinese currency.