Page 9 - ON BUILDING A HUMAN COMMUNITY WITH A SHARED FUTURE

A NEW BLUEPRINT FOR GLOBAL GROWTH

world economic growth over the medium- to long-term. This is the first
time that the G20 is taking action on innovation. It is important for
us to pool together the strengths of each country’s innovation policies
and make sure that our action is guided by conceptual consensus, and
performed according to concrete plans with institutional guarantees. To
tackle the pronounced problem of lackluster global economic growth,
we need to innovate our macroeconomic policies and effectively combine
fiscal and monetary policies with structural reform policies.
Second, we need to build an open world economy to expand the
scope of development. The history of world economic development
shows that openness brings progress while isolation leads to
backwardness. Rehashing beggar-thy-neighbor approaches is not going
dig any country out of crisis or recession. It will only narrow the space
for common development in the world economy and result in “lose-lose”
scenarios.
According to the Chinese classics, “Government should ensure
lenient customs, smooth transit, free-flowing commerce, and favorable
agricultural policies.” This speaks to the importance of building an open
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world economy. China has put trade and investment high on the G20
agenda. We support the G20’s steps to strengthen institution-building
in trade and investment; to formulate a strategy for global trade growth
and guiding principles for global investment policy-making; and to
consolidate the multilateral trading regime and reaffirm its commitment
to opposing protectionism. We hope that these measures will open up
greater markets and space for the development of individual countries
and ensure the revitalization of trade and investment, the two major
engines of growth.
Third, we need to build an interconnected world economy and
foster synergistic strength. In the age of economic globalization, the
development of all countries is closely linked — just as one prospers or
suffers, so do we all. No country can hope to develop on its own; the
only sure path is through coordination and cooperation. We need to
achieve interconnected development by promoting a more coordinated
world economy.
We should foster greater interconnectivity between our regulations
and policies. Coordination of macroeconomic policies would help to

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