Chinese President Xi Jinping on Thursday urged Group of 20 (G20) members to build a closer partnership to shore up the world economy.
For that purpose, the world's major economies should first adopt a responsible macroeconomic policy, he said in a speech delivered at the eighth G20 summit in this Russian city.
All major economic entities have a minimum duty of keeping their own house in order, Xi said, adding that they also need to improve communication and coordination on macroeconomic policy.
China, he added, 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.
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.
Relevant parties should speed up the implementation of the reforms of the International Monetary Fund, and step up supervision on international financial markets to make the financial system truly rely on, serve and promote the development of the real economy.
He also proposed to enhance the connection among international and regional financial cooperation mechanisms and establish a firewall against financial risks.
The Chinese president also urged all G20 members to increase the quality of their economic growth and enhance their competitiveness via structural reforms.
They should also balance their own interests with the interests of others and build a global marketplace that can bring benefits to all, Xi said
