During his speech, President Xi stressed the importance of the link between business and social development and how China has realized rapid poverty reduction.[Special Coverage of the G20 Summit]
China is on its way to becoming the world's largest economy and playing a greater role in the global political economy, independent from the existing multilateral institutions and in contrast with the TPP and TTIP, the two trading arrangements initiated by the US.
The establishment of the AIIB and the ambitious strategic Belt and Road Initiative are examples of this new role that will give a boost to China as a global power.
President Xi Jinping's speech at Business 20 on Saturday integrates traditional Chinese, which highlights amity, sincerity, mutual benefit and inclusiveness, into the reform of global governance. It also introduces the Chinese perception of innovative, coordinated, green, open and shared development onto the world stage, thus providing a new way of thinking for the world to build a community of shared destiny. It is our hope that the G20 Summit in Hangzhou will reach consensuses and agree on more actions for global economic governance.
In my opinion, the keyword of President Xi's speech is "reform", which not only concerns China's domestic economic reforms, but also the new steps that must be taken to facilitate the growth of the global economy. With respect to the reform of the Chinese economy, I am particularly impressed by the determination, courage and will expressed in the speech.
A strong signal has been clearly sent to the world: China's economy will experience a series of serious, fundamental and structural reforms. In addition, Xi's speech reiterates the importance of collaboration and free trade for the global economy.
President Xi describes the Chinese developments to date and the plans ahead and, most importantly, the plan to share its ways in the Belt and Road transformation and development project.
This speech will be referred to for many years to come for its efficient use of words to describe Chinese policy.
The G20 is the first real global organization of a reasonable size, and balanced between developed and developing nations, to try to create the basis for balanced and sustainable development.