China not trying to overturn existing global order nor be a one-man show, says President Xi Jinping

Mr Xi spoke to some 800 business leaders at the Business 20 summit in the coastal city of Hangzhou.
Mr Xi spoke to some 800 business leaders at the Business 20 summit in the coastal city of Hangzhou.PHOTO: AFP

HANGZHOU - China's recent moves in rolling out new multilateral mechanisms and initiatives are not aimed at setting up a new Chinese-led world order, nor targeted at any third party, said President Xi Jinping on Saturday (Sept 3).

These efforts, such as the Chinese-led Asian Infrastructure Investment Bank and the "One Belt, One Road" initiatives in reviving two ancient Silk Road trading routes, are aimed at supplementing and enhancing the existing international order and realising mutually beneficial cooperation and development, he added.

"China, in opening up to the world, is not trying to be a one-man show but keen for all parties to be involved," said Mr Xi. "It's not to expand our sphere of influence, but to support the development of all countries. It's not to construct our own backyard but to build a garden that all countries can enjoy."

Mr Xi was speaking to some 800 business leaders at the Business 20 summit, which is held alongside the Group of 20 leaders' summit opening on Sunday in the coastal city of Hangzhou.

In his 45-minute speech, Mr Xi also listed steps that China has been taking to make the world's second-largest economy more innovative, environmentally friendly, and more inclusive.

Similarly, he also called for a global economy that is innovation-led, open, interconnected and inclusive in nature, which will help put it on "a strong, sustainable, balanced and inclusive growth path".

To do so, Mr Xi urged the G-20, which comprises the world's 20 major economies, to play a bigger role in three areas.

First, it needs to help maintain international peace and stability by shedding Cold War mindsets and adopting a new security perspective that is based on cooperation, among other traits.

"We should settle differences and disputes through talks and negotiations, seek and not damage consensus, resolve and not create dilemmas, and help advance the international order in a more just and reasonable direction," he added.

Second, the G-20 should help build a new global partnership structure that is based on a sense of shared destiny and mutually beneficial cooperation.

"We should strengthen communication and coordination on major global issues to provide more public goods that can realise global peace, stability and prosperity," he added.

"We should set up and enhance a mechanism on macroeconomic policy coordination, taking into consideration the domino effect of domestic policies and push for positive instead of negative effects."

Last, G-20 members should help enhance global economic governance by using equality as its foundation so that it can better reflect the new dynamics in the global economy.

"The goal of global economic governance should be mutual sharing and it should advocate universal participation and benefit, instead of a winner-takes-all outcome," said Mr Xi.

More specifically, he said there is a need to build a global financial governance structure that is just and efficient; a global trading and investment framework that is open and transparent; a global energy governance structure that is environmentally friendly and low-carbon; and a global development dynamic that is inclusive and interconnected.

Finally, Mr Xi said one of China's goals in hosting the G-20 leaders' summit, which began in 2008, is to enhance its standing as an important platform for global economic governance.

"We are pushing for the G-20 to change its focus from short-term policies to medium- and long-term policies, and from crisis management to longer-term governance mechanisms," he added.