3, 2, 1: Chinese president puts economy centre stage for G20 with three big questions
Xi Jinping gets ball rolling in Hangzhou with call to discard ‘cold war mentality’ and by pressing China’s commitment to reform and free trade
President Xi Jinping laid out his agenda ahead of the Group of 20 summit in Hangzhou on Saturday by posing three questions: can China’s economy maintain stable growth, can China persist with reform and opening up, and can China avoid the middle-income trap?
In a speech delivered to the Business 20, a group advising the state leaders at the G20, Xi said China would not shy from painful reforms or back-pedal on opening up its markets.
The remarks were an apparent effort to counter claims that China has dragged its feet on reform and become more hostile to foreign businesses since Xi came to power more than three years ago.
“We are confident and able to maintain medium-to-high-speed growth … to bring more chances for development to the world,” Xi said. “China will not swerve on reform.”
Xi peppered his 50-minute speech with references to “a phoenix reborn from fire” and “a brave man who dares to cut off his own hand” as he tried to drive home Beijing’s determination to make painful changes and defend free trade.
On the thorny trade issue of excess steel and coal production, Xi said China had taken the “strongest measures” to address overcapacity, a view Washington and Brussels are sure to counter.