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A valuable insight from Xi Jinping ahead of the G20

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A valuable insight from Xi Jinping ahead of the G20

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China must rely on reforms to maintain a medium-to-high rate of economic growth over the long term.

Chinese President Xi Jinping was speaking to a business forum on the eve of a summit of the world’s 20 biggest economies in Hangzhou.





What Xi said about reforms



“We must rely on reforms to maintain a medium- to high speed economic growth rate, Xi said. “Hanging back means lost opportunities.”

“China has made clear the direction of its reforms and it will not waver; reform steps will go forward,not slow down.”



What Xi said about cutting China’s excess capacity



Plans to cut excess capacity in the coal and steel sectors were based on plans for China’s long-term growth and structural adjustments, Xi said.

The US has been pressuring China to step up its efforts to reduce excess industrial capacity.

“In regard to capacity cuts, China’s measure is the strongest and most practical, and we will fulfill our promises,” Xi said.



What Xi said about the G20





The G20 should combine monetary and fiscal policies with structural reforms to promote growth, Xi said.

The global economic recovery remained weak and G20 countries should take steps to revive trade and investment, Xi added, pointing to challenges including the refugee crisis, climate change and terrorism.



What Xi said about China’s role in the world



Isolationism could not resolve problems faced by the global economy and countries should work together to combat protectionism, Xi said.

At a time when China has rattled nerves around the region with its increasingly assertive stance on disputes like the South China Sea and its ambitious military modernisation programme, Xi said his country is committed to peaceful development.

“To seek harmony and coexistence has been in the genes of the Chinese nation throughout history and it represents the very essence of eastern civilisation,” he said.

“The logic that a strong country is bound to seek hegemony no longer applies and the willful use of force will lead nowhere.”

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