Page 8 - ON BUILDING A HUMAN COMMUNITY WITH A SHARED FUTURE

ON BUILDING A HUMAN COMMUNITY WITH A SHARED FUTURE

The dynamism provided by the last round of scientific and industrial
revolution is now waning while new impetus for growth is still in the
making. Currently, protectionism is rising; global trade and investment
are sluggish; development of the multilateral trading regime has
been hindered by bottlenecks, and the emergence of various regional
trade arrangements has led to a fragmentation of the rules. Complex
geopolitical factors, combined with regional hot-spot issues and global
challenges, such as political and security conflicts and turmoil, refugee
crisis, climate change, and terrorism, have affected the world economy in
ways that cannot be overlooked.
In the face of such complexities and challenges, the international
community has high expectations for the G20 and the Hangzhou
Summit. At the G20 Antalya Summit last year, I proposed that we
make an accurate diagnosis of the world economy and give the right
prescriptions. China is ready to work with other parties at the Hangzhou
Summit to come up with a course of treatment that addresses both
symptoms and root causes and puts the world economy on a path of
strong, sustainable, balanced, and inclusive growth.
First, we need to build an innovation-based world economy
to generate new sources of growth. Innovation holds the key to
fundamentally unlocking growth potential. The new round of scientific
and industrial revolution with the Internet at its core is gathering
momentum, and new technologies like artificial intelligence and virtual
reality are developing in leaps and bounds. The merging of the virtual
and real economies is bound to bring revolutionary changes to our
ways of work and life. Such changes will not take place overnight or be
problem-free. They require all countries to work together to maximize
and accelerate positive effects while minimizing the potential negative
impacts.
China has made “breaking a new path for growth” one of the
major agenda items of the Hangzhou Summit and has worked for the
formulation of a G20 Blueprint on Innovative Growth. What we aim to
achieve with this is impetus through innovation and vitality through
refor m. We need to seize the historic opportunities presented
by innovation, the new scientific and technological revolution, industrial
transformation, and the digital economy to increase the potential for

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