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China's Xi calls for greater role for G20 in economic governance

Economy Jan 25, 2021 10:01AM ET
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(Reuters) - China's President Xi Jinping on Monday called on the world to strengthen macroeconomic policy coordination and bolster the role of the G20 in global economic governance as he pointed to a "rather shaky" recovery from the coronavirus pandemic.

Speaking at a virtual meeting of the World Economic Forum - a gathering usually held in a Swiss ski resort - Xi said the global economic outlook remained uncertain and public health emergencies "may very well recur" in future.

Xi, making his first appearance at the forum since his vigorous defence of free trade and globalisation in an address in Davos in 2017, struck a similar tone this time around, advocating multilateralism as the way out of current challenges in a roughly 25-minute speech. [https://tinyurl.com/y3akbv4l]

"We should build an open world economy ... discard discriminatory and exclusionary standards, rules and systems, and take down barriers to trade, investment and technological exchanges," he said.

The G20 - an international forum grouping 19 of the biggest developed and emerging economies, plus the European Union - should be strengthened as the "main forum for global economic governance" and the world should "engage in closer macro-economic policy coordination", Xi added.

China itself would more actively participate in global economic governance, he said.

China's GDP grew by 2.3% in 2020, according to official data released last week. That was its lowest annual growth rate in more than four decades but still made China the only major economy to avoid a contraction last year as many nations struggled to contain the pandemic.

International governance should be based on rules and consensus, instead of on orders given by one or the few, Xi added, without naming any countries.

"The world is undergoing changes unseen in a century, and now is the time for major development and major transformation," he said.

Xi's speech came just five days after Joe Biden was sworn in as U.S. president.

Under Biden's predecessor, Donald Trump, tensions simmered between the United States and China, the world's top two economies, on issues ranging from trade and technology to Hong Kong, Xinjiang and the coronavirus.

China's Xi calls for greater role for G20 in economic governance
 

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Comments (8)
Leon Wong
Leon Wong Jan 25, 2021 2:22PM ET
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you don't believe in what China said but see what they do.
IceIce Baby
IceIceBaby Jan 25, 2021 10:53AM ET
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Dear Xi, as a first step you can open Chinese stock markets to outlander investors directly. And let anybody open a business in China as easy as in the EU or US.
Gary SKY saw
Gary SKY saw Jan 25, 2021 10:53AM ET
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Wow.. You must just woke up from your sleep.. Your Mr trump deleted so many Chinese companies..what say you?
IceIce Baby
IceIceBaby Jan 25, 2021 10:53AM ET
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Gary SKY saw  That was a good decision, should be applicable to all Chinese companies immediately until Chinese stock markets are not open like US ones.
YUNUS EMRE ALTUN
YUNUS EMRE ALTUN Jan 25, 2021 10:31AM ET
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Nice joke . CCP regime and it’s dictator selling snake oil
Gary SKY saw
Gary SKY saw Jan 25, 2021 10:31AM ET
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You want to buy some? .. You be a millionaire..
Amos Leung
Amos Leung Jan 25, 2021 10:31AM ET
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Gary SKY saw Why so proud of selling snake oil?
Silence Dogood
Silence Dogood Jan 25, 2021 10:23AM ET
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Except for the fact that China can't be trusted to take out the trash much less important global economic issues. This guy is nuts!
Gary SKY saw
Gary SKY saw Jan 25, 2021 10:23AM ET
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Yah.. Do good.. That's your initial.. Nothing more nothing less.. Go back to your habitat... Hibernate.. You will see a better world
Kaveh Sun
Kaveh Sun Jan 25, 2021 10:09AM ET
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Give China more power. There i fix it for reuters
Marcin Badaszewski
Marcin Badaszewski Jan 25, 2021 10:07AM ET
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If You think economy growing 30 years brouth us virus. Think again. Follow the money
Knate Biro
Knate Biro Jan 25, 2021 9:12AM ET
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Why should anyone listen to an authoritarian dictator who only wants freedom for his government, not his people? ***him
Trevor Roberts
LimitUp Jan 25, 2021 9:12AM ET
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Who the f puts thumbs down on an obvious statement, too many sheep these days
dd dog
dd dog Jan 25, 2021 8:36AM ET
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thx for Covid-19 China. stop eating frickin' bats
 
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