Business / Hangzhou G20

Chinese president shows leadership through concrete economic proposals

(Xinhua) Updated: 2016-09-05 13:50

MEXICO CITY - Chinese President Xi Jinping showed his leadership on Sunday by outlining concrete proposals for boosting the global economy, said Ignacio Martinez Cortes, a researcher on Chinese affairs at the National Autonomous University of Mexico.

Speaking to Xinhua, Martinez Cortes hailed the fact that Xi had called on G20 members to tighten coordination on macroeconomic policies in order to jointly ensure financial stability and find new engines of economic growth.

For the researcher, one of Xi's key proposals was for the G20 to build an open global economy, which would advance the free movement of goods and capital.

He added that Xi had taken to heart recent declarations by IMF President Christine Lagarde, who warned that the world was facing a weak long-term growth and a rise in inequality, which could lead to increased nationalism and opposition to free trade.

Martinez Cortes said he was happy to see "how it (China) is getting ready for 2030, while designing an agenda focused on sustainable development."

Xi did not shy away from highlighting the real challenges lying ahead for the G20, the researcher noted, adding that China, as the second largest economy in the world, "would focus on innovation in cooperation mechanisms. The country wants to move away from traditional aid models and focus on financing for development."

Martinez Cortes also said this G20 Summit has allowed China to send out a message of strength and trust about the fact that it is leaving the high growth rates of the last decade behind.

"China does not leave things half-said. It has clearly explained that the 10.5 percent annual growth rates seen in the last decade are no longer applicable and this growth will now be around 6 percent. This reinforces the fact that its growth is focused on domestic consumption and no longer on exports and investments," said the expert.

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