Xi's speech injects more impetus into global economic recovery

The emergence of new strains of the novel coronavirus, continuing increase in infections around the world and the slow progress of the vaccination program are casting a shadow on the global economic recovery in 2021.

In the latest global economic outlook report, the World Bank has cut its forecast for global economic growth in 2021 by 0.2 percentage points to 4 percent, and warned that the long-term trauma inflicted by the epidemic may precipitate the world economy into a "disappointing decade".

In this backdrop, in his speech to the World Economic Forum Virtual Event of the Davos Agenda on Monday, President Xi Jinping proposed five measures to promote the building of a community with a shared future for humankind, including actively participating in international anti-epidemic cooperation and implementing the win-win opening-up strategy.

China will continue to promote trade and investment liberalization and facilitation, maintain the smooth and stable global industrial and supply chains, and promote high-quality co-construction of the Belt and Road Initiative, Xi said.

Further, it will push for institutional opening-up of rules, regulations, management and standards, foster a marketized, law-based and international business environment, and leverage its market advantages and domestic demand potential to inject more impetus into world economic recovery.

China is committed to further improving and enhancing the level of global governance through international cooperation.

Due to its huge market scale, China's innovation-driven efforts to promote opening-up and international scientific and technological cooperation will not only promote the sustainable development of China, but also bring a huge development dividend to other developing countries.

China's strong economic recovery has boosted the region's economy and will also restore confidence in other countries. Under the new circumstances, China needs to further strengthen dialogue and introduce its development proposals, including by actively participating in World Economic Forum meetings to win the understanding and support of other countries.

In the post-epidemic era, China is expected to play a bigger role in global governance and work with other countries to safeguard national security, reduce carbon emissions, fight climate change and improve economic and financial governance, especially for reforming the World Trade Organization and other international institutions.