The remedies given by Chinese President Xi Jinping to world economy not only demonstrates China’s sense of responsibility as a major developing nation, but also helps revive the confidence and courage of world economy, said the commentary published by People’s Daily after Xi delivered a keynote speech at the B20 Summit held on Saturday.

According to the article titled as “Be pioneer in world economy”, in his speech, Xi presented the world with China’s development achievements and prospects and gave out prescription on world economy.

“China will embrace even better prospects and make still greater contribution to the world,” the article said.

The following is an abstract translation of the editorial:

The 11th G20 Summit finally drew curtain in Hangzhou, eastern China’s Zhejiang Province. As today’s world economy and global governance system are standing at a critical juncture, the whole globe expects the remedies given by the summit as well as Chinese proposals and Chinese wisdom contributed by the host country.

Amid the complicated global economy trapped in risks and challenges, more world’s attention is turning to China. They hope to know whether the world’s second largest economy can sustain a steady growth and whether it can avoid a “middle income trap” through continuing with its reform and opening up efforts.

By defining China as standing at a new historic starting point of development in five aspects, Xi provides satisfactory answers to these questions in his keynote speech at the B20 Summit.

According to the Chinese president, at the new starting point, China will steadfastly deepen reform in an all-round way and open up brighter prospects of development, pursue an innovation-driven development strategy to create stronger growth drivers, promote green development to achieve better economic performance, promote equity and sharing of development outcomes to deliver more benefits to the people, and open up wider to achieve greater mutual benefit and win-win outcomes.

In the first half year, China managed to maintain its economic growth at 6.7 percent and submitted a satisfactory answer sheet in many other sectors.

China is confident and capable of keeping growth at medium-high speed and continuing to provide the world with more development opportunities while realizing its own development, he said.

In order to revive the world economy, Xi also suggested to build an innovative world economy to generate new drivers of growth, build an open world economy to expand the scope of development, build an interconnected world economy to forge interactive synergy, and build an inclusive world economy to strengthen the foundation for win-win outcomes.

The four-pronged proposals, as a profound explanation of the theme of the G20 Hangzhou Summit, namely“Towards and innovative, invigorated, interconnected and inclusive world economy”, also tells the world that G20 is not only a group of twenty countries, but also one of the whole world.

As the development of the G20 has come to a critical juncture, good faith and immediate actions are required to transform G20 from a crisis response mechanism focusing on short-term policies to one of long-term governance that shapes medium- to long-term policies, and to solidify its role as the premier forum for international economic governance.

In his speech, Xi urged the G20 members to, together with the international community, build a peaceful and stable international environment, build a new concept of common, comprehensive, cooperative and sustainable security, build a global partnership for win-win cooperation, build community of shared interests and destiny, improve global economic governance and build a new global economic governance that is based on openness, driven by cooperation and shared by all.

These proposals will also lay a new foundation for the global peace, stability and development and make new contribution to the welfare of all human beings.