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G20 Summits • 2016 Hangzhou Summit

G20 Hangzhou Summit Continues,
President Xi Jinping Chairs the Meeting and Delivers a Closing Speech,
Stressing to Take the Hangzhou Summit as a Fresh Starting Point
for the G20 to Embark on a New Journey

Hangzhou, September 5, 2016

On September 5, 2016, the G20 Hangzhou Summit continued at Hangzhou International Expo Center. President Xi Jinping chaired the meeting and delivered a closing speech.

At the second, third, fourth and fifth sessions of the meeting, leaders of G20 members, guest countries and international organizations exchanged in-depth views on topics such as more efficient global economic and financial governance, robust international trade and investment, as well as inclusive and interconnected development, and jointly discussed other prominent issues affecting world economy such as climate change, refugees, anti-terrorism financing and global public health, reaching broad consensus.

The summit ended at about 5:00 p.m. Xi Jinping pointed out in the closing speech that the G20 Hangzhou Summit has reached many important consensuses through heated and productive discussions and with joint efforts of all parties.

First, we are determined to point the way and set the course for the world economy. In light of risks and challenges confronting current world economy, we should further strengthen macro-policy communication and coordination, work in the spirit of partnership to promote mutual help and win-win cooperation and concentrate our mind and energy to pursue strong, sustainable, balanced and inclusive growth. We should address both the symptoms and root causes, and a host of effective policy tools, fiscal, monetary and structural, must be leveraged to send a strong signal of the G20's commitment to global growth.

Second, we are determined to break a new path for growth and instill new dynamism into the world economy. We have unanimously adopted the G20 Blueprint on Innovative Growth. The G20 encourages multi-leveled innovation in a wide range of domains, including development concepts, institutional architecture and business models, with science and technology innovation at the core. We also believe that fruits of innovation should be shared. We decide to forge ahead with structural reform and open up a new path for global growth and increase medium- to long-term potential of the world economy.

Third, we are determined to improve global economic and financial governance to enhance the resilience of the world economy. We agree to advance the quota and governance reform of international financial institutions, strengthen the implementation of various financial reforms and jointly safeguard stability in the international financial market. We have formulated an action plan on energy access, renewable energy and energy efficiency, and reached multiple consensus on further deepening anti-corruption cooperation.

Fourth, we are determined to revitalize international trade and investment as key engines of growth and build an open world economy. We have worked out the G20 Strategy for Global Trade Growth and the G20 Guiding Principles for Global Investment Policymaking which lays out the first global framework of multilateral rules governing international investment. We will continue to support the multilateral trade system and reiterate our commitment to reject protectionism. We look forward to renewed vitality of the world economy driven by strong international trade and investment.

Fifth, we are determined to promote inclusive and interconnected development so that G20 cooperation will deliver benefits to the whole world. For the first time, we have given priority to development in the global macro-policy framework. For the first time, we have devised a groundbreaking Action Plan on the 2030 Agenda for Sustainable Development. We agree to encourage the early entry into effect of the Paris Agreement on Climate Change. We have proposed the G20 Initiative on Supporting Industrialization in Africa and Least Developed Countries and the Global Infrastructure Connectivity Alliance Initiative, which will deliver tangible benefits to people of the developing world and contribute to the common development of mankind.

Xi Jinping emphasized that it is necessary to transform the G20 from a crisis-responding mechanism to a long-term governance mechanism, and expand its focus from short-term policy response to a combination of short-, medium- and long-term policy making. We resolve to support the continued focus by the G20 on the most prominent, pivotal and pressing challenges facing the world economy, enhance policy coordination, improve institutional building, and fully implement the outcomes, thus leading strong, sustainable, balanced and inclusive growth of the world economy.

Xi Jinping thanked all parties for their contributions to boosting world economic growth and the development of the G20. Xi Jinping pointed out that under our concerted efforts, the G20 Hangzhou Summit has achieved fruitful results and a successful end. It is believed that this Summit will be a fresh starting point for the G20 to embark on a new journey.

Chancellor Angela Merkel of Germany, presidency of the G20 in 2017 introduced visions and plans in hosting the Hamburg Summit.

The summit adopted the G20 Leaders' Communiqué of the Hangzhou Summit.

Wang Huning, Wang Yang, Li Zhanshu, Yang Jiechi and others attended relevant activities.

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Source: Official website of China's 2016 G20 presidency