President Xi promotes world economic growth, intl co-op

ST. PETERSBURG -- President Xi Jinping attended the eighth Group of 20 (G20) summit here on Thursday and Friday, expounding China's views and policies and reaffirming China's commitment to promoting world economic growth and international cooperation.

In his Thursday speech, Xi noted that G20 members have a minimum duty of keeping their own house in order and also need to build a closer partnership to shore up the world economy.

Talking about the Chinese economy, Xi said China has realized that it has to advance structural reforms in order to solve the problems hindering its long-term economic development, even though it would mean slower growth.

China has the conditions and abilities to achieve a sustainable and sound economic development and create for other countries an even broader market and more development space, he added.

Meanwhile, the Chinese president urged G20 members to jointly maintain and promote the openness of the world economy and oppose all forms of trade protectionism.

G20 members, he added, should bolster a free, open and non-discriminatory multilateral trade system, and try to improve global investment rules.

This is the first G20 summit Xi has attended. Prior to the summit, Xi met with leaders of Brazil, Russia, India, and South Africa, the other four emerging economies of the BRICS group.

The Chinese president said BRICS nations, under the current circumstances, should jointly tackle the spill-over effect of the developed economies' loose monetary policy.

He urged developed nations to carry out effective structural reforms, and seriously consider the timing, steps and patterns of withdrawing their quantitative easing measures.

Xi called on BRICS members to join hands to maintain and promote the openness of the world economy, oppose trade protectionism, safeguard the multilateral trade system, and advance the Doha Round of trade talks.

On the sidelines of the summit, the Chinese president also held a series of bilateral meetings.

During his Wednesday meeting with Russian President Vladimir Putin, Xi said the two countries could accelerate cooperation on major strategic projects in such fields as energy and aviation, and continue to deepen military cooperation to meet new threats and challenges.

Putin, for his part, said he is satisfied with the rapid growth of Russia-China relations, noting that the two countries have kept frequent high-level exchanges and been making progress in cooperation in various fields.