G20 makes breakthroughs in building inclusive global economy: Xi

Chinese President Xi Jinping said on Saturday that the Group of 20 (G20) has made breakthroughs this year in three areas to build an inclusive world economy.

"This year's G20 has, for the first time, put the issue of development front and center of the global macro policy framework," Xi said in a keynote speech at the opening ceremony of the Business 20 summit in eastern Chinese city of Hangzhou.

It is also the first time that the G20 makes an action plan for implementing the 2030 Agenda for Sustainable Development, and carries out cooperation to support the industrialization of African countries and least developed countries, he said.

Eradicating poverty and hunger and advancing inclusive and sustainable development is not just a moral responsibility of the international community, but also helps unleash immeasurable effective demand, Xi said.

The world's Gini coefficient has reached around 0.7, higher than the recognized alarm level which stands at 0.6, Xi said, citing statistics.

"This is something we must pay great attention to," he said.

Meanwhile, industrial restructuring around the world has had its impact on different industries and communities, he said.

"We need to face this issue squarely and properly handle it in order to make economic globalization more inclusive," he said.

The Chinese president stressed that the parties have all committed themselves to working for an early entry into force of the Paris Agreement on climate change.

"We have also formulated joint action plans on energy accessibility, energy efficiency, renewable energy and entrepreneurship, and have strengthened cooperation on food security and agriculture," he added.

"We care for the needs of different social strata and communities, especially the needy, and encourage discussions among countries concerned on public administration and adjustment of redistribution policies," Xi said.

Source : XINHUA