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Li Keqiang Holds "1+6" Roundtable with Heads of Major International Economic and Financial Institutions-Jointly Discussing and Promoting an Open, Invigorated and Inclusive World Economy

On the morning of September 12, 2017, Premier Li Keqiang held the second “1+6” Roundtable with President Jim Yong Kim of the World Bank, Managing Director Christine Lagarde of the International Monetary Fund, Director-General Roberto Azevêdo of the World Trade Organization, Director-General Guy Ryder of the International Labor Organization, Secretary-General Angel Gurría of the Organization for Economic Cooperation and Development, and Chairman Mark Carney of the Financial Stability Board at the Fanghua Garden of Diaoyutai State Guesthouse. The first phase of the Roundtable, centering on the theme of “global economic situation and prospect of economic globalization”, made in-depth exchanges mainly on such issues as global economic growth, sustainable development, safeguarding the multilateral trading system, economic globalization, labor market policies, and reforms in international financial administration and supervision.

Li Keqiang said that currently the world economy exhibits a favorable aspect of recovery, but with an aspect of fragility as well. There are still quite a few unstable and uncertain factors. At the beginning of this year, President Xi Jinping elaborated on China’s position and proposition of adhering to multilateralism and trade liberalization and building a community of shared future at the annual meeting of the World Economic Forum in Davos. China is willing to strengthen candid exchanges with the international community, jointly seize the situation, communicate on policies, guide expectations, and endeavor to promote sustained recovery of the world economy. Li Keqiang put forward five suggestions:

Firstly, the world economy is now at a critical point. Each country should adhere to working together with one heart, follow the trend of multilateralism and globalization, comply with and negotiate to perfect international rules, and boost communication and coordination in macroeconomic policies, so as to jointly inject positive energy into the world economic growth.

Secondly, push forward the structural reform with greater efforts. Each country should grasp the opportunity of the new-round scientific and technological revolution and industrial transformation to strengthen system innovation, reduce the institutional transaction cost, motivate vitality in business start-ups and innovation, develop emerging industries, improve labor productivity, better protect intellectual property, and increase inputs in infrastructure construction, so as to create better conditions for promoting economic development and structural adjustment.

Thirdly, safeguard the multilateral trading system with free trade as the cornerstone. Each country should give full play to comparative advantages of its own and share development outcomes. Solving the problem of imbalanced trade should not rely on closing doors to each other, but rather opening doors even wider so as to expand mutual opening-up and realize mutual benefits and win-win results.

Fourthly, enhance inclusiveness of the world economic growth. Each country should create more high-quality job opportunities to make social security more fair and sustainable and improve fairness and generality in the development. China is willing to better integrate the Belt and Road Initiative with the 2030 Agenda for Sustainable Development of the United Nations and development strategies of other countries, so as to promote realization of common growth and common prosperity.

Fifthly, continue to promote reforms in financial administration and supervision. Each country should focus on facilitating development of the real economy and guarding against financial risks, strengthen macro-prudential management and systematic risk prevention. China is willing to maintain sound cooperative relations with related international financial institutions and actively participate in international financial governance.

The heads of the international financial institutions participating in the Roundtable spoke highly of China’s achievements in economic development and commended China’s efforts to establish an open world economy. They said that although the world economy has regained the growth momentum, the fragility and potential risks still exist. In some countries, the trend of protectionism has been rising and social differentiation has been intensifying. The international community should unite political consensus, stick to the principle of multilateralism and the policy orientation of liberalization and facilitation of trade and investment, and promote the establishment of the global financial security network, thereby making globalization more inclusive and equitable. Each country should be encouraged to, in accordance with its own national conditions, comprehensively adopt monetary, financial and reformative policies in order to promote technological and institutional innovation, improve productivity, expand effective investment, increase investment of human capital and create high quality employment, thereby making growth more people-oriented. This is also helpful for robust, sustainable, balanced and inclusive growth of the global economy.

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