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Xi Jinping Attends Opening Ceremony of the 2016 B20 Summit and Delivers Keynote Speech, Stating that China Has Reached a New Historic Starting Point and G20 Should Advance the Construction of an Innovative, Open, Interconnected and Inclusive World Economy

On September 3, 2016, President Xi Jinping attended the opening ceremony of the 2016 B20 Summit and delivered a keynote speech entitled "A New Starting Point for China's Development, A New Blueprint for Global Growth", stressing that China hopes to join efforts with all sides to build an innovative, open, interconnected and inclusive world economy and promote the world economy to move along a path of strong, sustainable, balanced and inclusive growth.

At 3:00 p.m., Xi Jinping entered the conference hall in warm applause. Xi Jinping pointed out in the speech that China's great 38-year-long course of reform and opening up is a course of blazing a new trail, a course of delivering tangible outcomes, a course of achieving common prosperity and a course of China and the world embracing each other. Today's China has reached a new historical starting point. It is a new starting point for China to deepen reform across the board and foster new drivers of economic and social development. It is a new starting point for China to adapt its economy to a new normal and transform its growth model. It is a new starting point for China to further integrate itself into the world and open itself wider to the world. Proceeding from this new starting point, China will steadfastly deepen reform in an all-round way and open up brighter prospects of development, pursue an innovation-driven development strategy to create stronger growth drivers, promote green development to achieve better economic performance, promote equity and sharing of development outcomes to deliver more benefits to the people, and open up wider to achieve greater mutual benefit and win-win outcomes. China has the confidence and ability to maintain medium-high rate of growth and deliver more development opportunities to the world while ensuring its own development.

Xi Jinping emphasized that China's development has benefited from the international community, and the country is ready to provide more public goods to the international community. New mechanisms and initiatives launched by China aim to complement and improve the current international mechanisms to achieve win-win cooperation and common development. The "Belt and Road" initiative is to share China's development opportunities with countries along the route and achieve common prosperity. China's opening drive is not a one-man show. Rather, it is an invitation open to all. It is a pursuit not to establish China's own sphere of influence, but to support common development of all countries. It is meant to build not China's own backyard garden, but a garden shared by all countries.

Xi Jinping noted that against the complex situation as well as risks and challenges facing the current world economy, China will work with other parties to ensure that the Hangzhou Summit comes up with an integrated prescription to address both the symptoms and root causes so that the world economy could move along a path of strong, sustainable, balanced and inclusive growth. The G20 needs to build an innovative world economy to generate new drivers of growth, build an open world economy to expand the scope of development, build an interconnected world economy to forge interactive synergy and build an inclusive world economy to strengthen the foundation for win-win outcomes. We will work to ensure that growth and development benefit all countries and peoples and that the livelihood of all people, especially those in developing countries, will get better day by day.

Xi Jinping called on G20 members to act immediately in the following aspects:

First, the G20 can work together to build a peaceful and stable international environment. All countries should build a new concept of common, comprehensive, cooperative and sustainable security, uphold the purposes and principles of the UN Charter, adhere to multilateralism, settle disagreements and disputes through dialogue and consultation and make the international order more just and equitable.

Second, the G20 can work together to build a global partnership for win-win cooperation. All sides need to seek common ground while shelving and narrowing differences. All countries, big or small, strong or weak, rich or poor, must treat each other as equals. All countries need to help each other achieve sound development as we work to ensure our own development. We need to step up communication and coordination on major global issues, institute and steadily improve macroeconomic policy coordination mechanisms, step up practical cooperation across the board, enable people of different countries, cultures and historical backgrounds to deepen exchanges, and jointly build a community of shared future for mankind.

Third, the G20 can work together to improve global economic governance. As the world economic situation changes, it is necessary that global economic governance remains relevant and adaptive to the changing times. Global economic governance should be based on equality, better reflect the new realities of the world economic landscape, increase the representation and voice of emerging markets and developing countries and ensure that all countries have equal rights, equal opportunities and equal rules to follow in international economic cooperation. Global economic governance should embrace openness, be driven by cooperation and be a mechanism of sharing. At this stage, global economic governance should focus on jointly ensuring equitable and efficient global financial governance and upholding the overall stability of the world economy; jointly fostering open and transparent global trade and investment governance to cement the multilateral trading regime and unleash the potential of global cooperation in economy, trade and investment; jointly establishing green and low-carbon global energy governance to promote global green development cooperation; and jointly facilitating an inclusive and interconnected global development governance to implement the UN 2030 Agenda for Sustainable Development and jointly advance the well-being of mankind.

Xi Jinping said that since the G20 has convened ten summits, it has come to a crucial juncture of development. One of the goals of China's G20 Presidency is to enable the G20 to transform from a crisis response mechanism focusing on short-term policies to one of long-term governance that shapes medium- to long-term policies, and solidify its role as the premier forum for international economic governance.

Xi Jingping at last expressed that the business community is the main driver of growth. The business people from G20 countries have taken an active part in the G20 process throughout the year and contributed positively to the Hangzhou Summit. I wish the B20 Summit a full success.

After the speech, Chair of B20 China and Chairman of China Council for the Promotion of International Trade Jiang Zengwei presented the B20 2016 Policy Recommendations to the G20 to Xi Jinping.

President Jacob Zuma of South Africa, Prime Minister Justin Trudeau of Canada, heads of relevant international organizations and others attended the opening ceremony.

Wang Huning, Wang Yang, Li Zhanshu, Yang Jiechi and others were present.

The B20 Summit provides a significant platform for the international business community to participate in global economic governance and international economic and trade regulation. The 2016 B20 Summit was held in Hangzhou on September 3 and 4. Over 1100 business people from G20 member states and guest countries attended the opening ceremony.

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