G20 Major Economies Confident in Restoring Strong Growth of World Economy: Xi

Chinese President Xi Jinping said that leaders of the Group of 20 (G20) major economies and heads of international organizations are confident in restoring strong and balanced growth of the world economy as he spoke at a press conference held after the G20 Summit concluded in east China's Hangzhou. Xi said thanks to the joint efforts of all G20 members, guest countries and international organizations, the summit concluded with fruitful outcomes and achieved its desired goal. The leaders of G20 members and international organizations are determined to set the course for the world economy, Xi said. "The G20 must demonstrate 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 reform," said Xi. While guarding against and responding to short-term risks, more is need to be done to unlock the potential for medium and long-term growth, he said. "We are confident that through the concerted effort of all parties, we will be able to restore the world economy back to strong, sustainable, balanced and inclusive growth," said Xi. Merely relying on fiscal and monetary policies does not work for the world economy, Xi said, emphasizing the key role of innovation in reinvigorating the world economy. "We're resolved to break a new path of growth and instill new dynamism into the world economy," Xi said. A G20 Blueprint on Innovative Growth was passed at the summit, he added. He said that the leaders have agreed to continue to push forward quota and voting right reform of international financial institutions. "Building on the implementation of the 2010 IMF reform package, we agreed to further advance quota and voting power reforms of international financial institutions. We expressed our hope that the IMF will work towards the completion of a new quota reform plan as scheduled and that the World Bank will implement its shareholding review according to the agreed roadmap and time frame with the objective of achieving equitable voting power over time so as to enhance the representation and voice of emerging markets and developing countries," Xi said. Xi said they reached a consensus on revitalizing the two engines -- trade and investment -- to build an open world economy. He said G20 members vowed to make joint efforts to push inclusive and connected development to make the outcomes of the summit to benefit the world. More on:http://www.cctvplus.com/news/20160905/8031441.shtml#!language=1 Subscribe us on Youtube: https://www.youtube.com/c/CCTVPlus CCTV+ official website: http://www.cctvplus.com/ LinkedIn: https://www.linkedin.com/company/cctv-news-content Facebook: https://www.facebook.com/NewsContent.CCTVPLUS Twitter: https://twitter.com/CCTV_Plus