Xi calls on G20 to champion open world economy, foster new growth

In addition, Xi asked G20 members to strengthen coordination of macroeconomic policies, forestall risks in financial markets, and develop financial inclusion and green finance to make the financial sector truly drive the development of the real economy.

The Chinese president cited last year's summit in the eastern Chinese city of Hangzhou and the Belt and Road Forum for International Cooperation (BRF) in Beijing in May this year to expound the synergy between the Hangzhou summit and the Hamburg summit and between the commitment of the BRF and the goal of the G20.

The world economy is expected to grow by 3.5 percent this year, the best performance in recent years. China posted a forecast-beating growth rate in the first quarter, with GDP up 6.9 percent year on year, the quickest increase in 18 months.

China has been a major stabilizer and driver for the world economy, contributing more than 30 percent of global growth in recent years.

The G20 leaders said at the summit that the world economy has shown positive signs such as growth recovery and employment improvement, but is still facing instabilities and uncertainties brought by unbalanced development, increasing trade barriers and financial vulnerability.

They said that the G20 members, which are of great influence on the world economic and financial issues, should strengthen solidarity and make concerted efforts to implement the consensus and outcomes of the Hangzhou summit, advance structural reforms, and promote innovation and education.

They added that the G20 members should also promote trade that is beneficial to all and improve the international financial system, so as to achieve a balanced, resilient and sustainable global growth and deliver the development benefits to more people in the world.

Many of the leaders called for protecting free trade and the World Trade Organization rules and voiced opposition to protectionism.