G20-Germany-Hamburg-2017

Leader’s view
Xi Jinping
President, People’s Republic of China
LEADER’S VIEW
Global growth
requires new drivers
Development should be more inclusive and balanced, and the gap
between the rich and the poor needs narrowing, writes Xi Jinping
5 th
Summit
2012
Elected
In this increasingly multi-polar, economically
globalised, digitised and culturally diversified
world, the trend towards peace and
development becomes stronger, and reform
and innovation are gaining momentum.
Never have we seen such close interdependence
among countries as today, such fervent desire of
people for a better life, and never have we had so
many means to prevail over difficulties.
Several challenges
We find ourselves in a world fraught with
challenges. Global growth requires new drivers,
development needs to be more inclusive and
balanced, and the gap between the rich and the
poor needs to be narrowed. Hotspots in some
regions are causing instability and terrorism
is rampant. Deficit in peace, development and
governance poses a daunting challenge to
mankind. This is the issue that has always
been on my mind…
Speech at the Opening of Belt and Road
Forum, 15 May 2017
Globalisation not to blame
Many of the problems troubling the
world are not caused by economic
globalisation. For instance, the
refugee waves from the Middle
East and North Africa in recent
years have become a global
concern. Several million
people have been displaced,
and some small children lost
their lives while crossing the
rough sea. This is indeed
heartbreaking. It is war, conflict
and regional turbulence that
have created this problem, and its solution lies
in making peace, promoting reconciliation and
restoring stability. The international financial
crisis is another example. It is not an inevitable
outcome of economic globalisation; rather, it is
the consequence of excessive chase of profit by
financial capital and grave failure of financial
regulation. Just blaming economic globalisation
for the world’s problems is inconsistent with
reality, and it will not help solve the problems.
From the historical perspective, economic
globalisation resulted from growing social
productivity, and is a natural outcome of scientific
and technological progress, not something
created by any individuals or any countries.
Economic globalisation has powered global
growth and facilitated movement of goods and
capital, advances in science, technology and
civilisation, and interactions among peoples.
But we should also recognise that economic
globalisation is a double-edged sword. When the
global economy is under downward pressure, it is
hard to make the cake of global economy bigger.
It may even shrink, which will strain the relations
between growth and distribution, between capital
and labour, and between efficiency and equity.
Both developed and developing countries have
felt the punch. Voices against globalisation have
laid bare pitfalls in the process of economic
globalisation that we need to take seriously …
Keynote speech at the World Economic Forum,
17 January 2017. G20
12 G20 Germany: The Hamburg Summit • July 2017 G7G20.com