Experts welcome Xi's G20 plan for action

President Xi Jinping has consistently shown China's strong commitment to act as a responsible global stakeholder by advocating for an open economy and promoting multilateral trade, inclusive growth, and the digital economy, experts said.

They commented after Xi made four suggestions regarding economic growth and international trade during the first working session at the G20 summit, in Hamburg on Friday.

Experts said Xi spoke of continuing efforts to bring the world closer by removing trade and infrastructural barriers. The sentiments echoed proposals he made in January at the World Economic Forum and at the Belt and Road Initiative forum in Beijing in May.

Guido Cozzi, a professor of macroeconomics at the University of St. Gallen in Switzerland, said Xi's four suggestions show a very open and mature vision of how the world economy should work.

"This is very reassuring, especially for Europe," said Cozzi. "Both regions benefit from openness and suffer from geopolitical, financial, and environmental risk."

"President Xi has spotlighted the key challenges facing all nations today," said Shada Islam, director of Europe and geopolitics at the Brussels-based Friends of Europe.

"He has illustrated that China recognizes the importance of trade liberalization, open economies, the potential of further using digitization to boost development, and meeting the United Nation's Sustainable Development Goals."

Islam noted that by mentioning the Belt and Road Initiative, Xi showed China's readiness to work with other countries to tackle major challenges.

Erik Berglof, director of the London School of Economics' Institute of Global Affairs

Erik Berglof, director of the Institute of Global Affairs at the London School of Economics, said Xi is continuing to embrace globalization.

"His language is very close to that of the communique from Hangzhou," he noted.

Shi Shiwei, director of the research center for Europe at the Beijing-based University of International Business and Economics, said Xi's emphasis on inclusive growth was significant because it addresses a major challenge to globalization – the unequal distribution of benefits.

"Xi's advocacy for the benefits of globalization to benefit both developed and developing economies is important," said Shi, who said an emphasis on improving industrial capacity, economic liberalization, and climate change mitigation were also ways in which emerging economies will benefit from globalization.

Shi said financial collaboration, green finance development, labor market development and equality are also important in creating an inclusive growth framework.

Delegates also discussed sustainable development, climate change, and coordinating the fight against terrorism at the closed-door meeting.

On Saturday, they will discuss partnerships with Africa, digitization, employment, and female empowerment.