China turned G-20 summit a platform for adopting a common strategy to develop Silk Road economic belt for prosperity and economic well-being of the people living along the route.
Chinese President Xi Jinping while inaugurating summit said his ‘along the way’ initiative, is aimed at countries along with China to share development opportunities and common prosperity of the Silk Road Economic Belt series of key projects and economic corridor construction has made important progress in the 21st century maritime Silk Road construction is promoted simultaneously.
China’s led Asian infrastructure investment Bank has begun to play an active role in regional infrastructure construction. President Xi Jinping called China’s reform and opening-up a great process.
Firstly, it is a process of exploration. There has been no precedent in human history for a country with a population of over 1.3 billion to realise modernization, he said.
Secondly, it is a process of action and hard work. China has been firmly taking economic construction as the centre, he said.
Thirdly, it is a process of common prosperity. Development for the people, by the people and to the benefit of the people — is the fundamental purpose of China’s reform and opening-up and its modernization drive.
Lastly, it is a process during which China has been walking towards the world and the world has been walking to China, said the president.
Xi said China is standing at a new starting point for comprehensively deepening reform and injecting new impetus in economic and social development, adapting to the new normal of economic development and transforming economic development mode, as well as deeply interacting with the world.
China is confident and capable of keeping growth at medium-high speed and continuing to provide the world with more development opportunities while realising its own development, he said. He said China will work together with all parties to make the G20 Hangzhou summit prescribe remedies for the world economy to achieve robust, sustainable, balanced and inclusive growth.
The world economy should become interconnected and inclusive to join forces and lay the foundation for win-win solutions, Xi said.
President Xi Jinping presented a grand vision to global business leaders, describing a new starting point for China’s development and a new blueprint for global growth.
China has the confidence and ability to maintain a medium-high rate of growth as the country continues to deepen reform, pursues an innovation-driven development strategy, and opens up wider to the outside world.
After 38 years of reform and opening up, China has come to a new starting point to deepen reform across the board and foster new drivers of economic and social development, adapt its economy to a new normal and transform its growth model, and further integrate itself into the world and open itself wider to the world, according to Xi.
Calling the new normal a stage that China cannot bypass if the country is to upgrade its economy and make it better structured, Xi stressed the significance of reform, which he said is crucial to maintaining the medium-high rate of growth under the new normal.
“China’s goal of reform has been set and we will not deviate from it. China will take sure and firm steps in advancing reform and will not slow down its pace,” Xi said. Though China posted its slowest annual growth in a quarter of a century last year, policy makers have refrained from taking any radical stimulus moves. Instead, they have resorted to supply-side reforms to optimise the economic structure, prune industrial overcapacity, slash costs, and boost efficiency.
Those efforts are painful and take the time to deliver, but some positive results are beginning to take shape. The economy is now more balanced, and driven more by consumption than investment. Consumption contributed 73.4 percent to China’s economic growth in the first half of 2016, up 13.2 percentage points from the same period last year.
China will work with other parties to ensure that the G20 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, Xi said.