Xi announces 2016 G20 summit to be held in Hangzhou in September
Chinese President Xi Jinping said on Sunday at the 10th summit of the Group of Twenty (G20) summit in Turkey that the Chinese economy is capable of sustaining a medium-to-high growth rate and will continue to create development opportunities for other countries. [Special coverage]
Xi said the Chinese economy is forecast to grow by about 7 percent this year, equivalent to the GDP of a medium-sized country and larger than the double-digit growth several years ago, and will continue to contribute as much as one-third to global growth.
Xi also confirmed that the next G20 summit will be held in Hangzhou, East China's Zhejiang Province on September 4 and 5 next year.
"At the world economy's most difficult time, China undertook the task to drive growth. Between 2009 and 2011, China's contribution to global economic growth stayed above 50 percent," said Xi.
"Today, the Chinese economy, though slowing down to some extent, still contributes over 30 percent of global growth and remains a major driving force for the global economy," he said. "Such confidence is supported by the strong dynamism within China's economy and the Chinese government's effective policy guidance."
Responsible superpower
Analysts said Xi's speech highlights China's image as a responsible powerhouse.
"China's domestic consumption is rising and is likely to overtake that of the U.S. China's role in the global economy is becoming increasingly important," said Zhang Jianping, a research fellow at the Academy of Macroeconomic Research under the National Development and Reform Commission.
Zhang said Xi's speech shows an image of a responsible superpower as well as its confidence to continue as an economic catalyst.
"After the 2008 financial crisis, the Chinese government has taken measures to stabilize the economy. At that time, some developing countries lost their markets, but the Chinese market allowed them to maintain a certain level of economic growth," Tu Xinquan, an associate director at the China National Institute of the WTO, told the Global Times.
Xi's suggestions
In the coming years, China will promote green and low-carbon development, improve its environment, become heavily involved in the global economy and carry out the Belt and Road Initiative, Xi said.
He noted that the world's second-largest economy will continue to vigorously improve its people's well-being and ensure that the benefits of development are shared by all.
Xi has also suggested four things to boost the global economic development: strengthen macroeconomic policy communication and coordination; promote reform and innovation, and boost the medium and long-term growth potential of the world economy; build an open world economy and reinvigorate international trade and investment; and implement the 2030 sustainable development agenda and promote equitable and inclusive development.
Huang Wei, director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, told the Global Times that the four suggestions are necessary to boost the global economy.
"The world economy has barely improved since the 2008 financial crisis because of the lack of innovative ways to drive growth. Also, building an open world economy helps create a conducive trade and investment environment," she said, adding that China's 13th Five-Year Plan on national economic and social development, which aims to build a "moderately prosperous society," will also help reduce world poverty and enhance GDP, which will benefit the global economy.
