—Chinese President Xi Jinping's Speech at the Eighth G20 Summit in St. Petersburg, Russia, on September 5, 2013 (abstract)

It is a great pleasure to meet you here in the beautiful St. Petersburg to discuss measures for promoting global economic growth and creating employment opportunities. First of all, I'd like to express my heartfelt thanks to President Vladimir Putin and the Russian Government for their efforts and thoughtful arrangements for this summit.

At present, the world economy is gradually stepping out of the bottom of the recession, and the situation is continuing to develop in an agreeable direction. At the same time, the negative impact of international financial crisis still lingers, and there is still a long way to go before the global economy can be said to have truly recovered. Therefore, we should look to the long-term solution and strive to shape a world economy where all countries enjoy development and innovation, mutual growth, and interest integration.

—Development and innovation are required for the sustainable growth of the world economy.

All countries should improve the quality and efficiency of their economic growth, and enhance their economic competitiveness through active structural reform.

—Growing together is required for a strong world economy.

All countries should cultivate an awareness of community and common destiny, of cooperating in competition and achieving mutually beneficial results. Give consideration to the interests of other countries when pursuing the national interests of your own, and taking care of the development of other countries when seeking your own development. We should form a linkage effect between the developments of countries.

—Integration of interest is required for the balanced growth of the world economy.

All countries should build a global value chain that shares interest and foster a global market that benefits all parties and achieves the development of mutually beneficial growth.

To shape such a world economy, all G20 members should build a closer economic partnership with one another and shoulder their due responsibilities.

Firstly, we should adopt responsible macroeconomic policies. The major economies of the global community should take care of their own matters, ensuring that there are no large issues in their own economy. All countries should strengthen their macroeconomic policy coordination efforts.

China's economic policy is not only responsible for the Chinese economy but also for the world economy. China's economic fundamentals are good, registering 7.6 percent of global GDP growth in the first half of this year.

We realized that in order to fundamentally solve the problem of sustainable long-term economic development, we should firmly push forward structural reform.

China has the conditions and ability to achieve sustainable and healthy economic development, creating even a broader market and a development space that can bring positive spillover effects to the world economy.

Secondly, we should safeguard and develop an open world economy. We should oppose all forms of protectionism and maintain a free, open and non-discriminatory multilateral trade system and improve global investment regulations, guiding the rational flow of capital during global development and effectively allocate development resources.

Third, we should improve global economic governance to make it fairer and more just. The relevant countries should further push forward the implementation of the quota and governance reform from the International Monetary Fund (IMF). We should make new formulas that reflect the weight of the economic aggregate of various countries in the world economy. We should continue to strengthen the international financial market supervision and build a stable anti-risk international monetary system, conduct reform on the currencies for Special Drawing Rights, strengthen the connections among international and regional financial cooperation mechanisms and build a financial risk firewall.

In order to promote the sustainable and healthy development of China's economy and society, China will unswervingly promote reform. We are conducting research on comprehensively deepening reforms and pushing forward structural reform on the economy, politics, culture, society, and ecological civilization through overall planning. Through this we can achieve further liberation and development of social productivity, as well as liberate and increase the creativity of the whole society.

China will strengthen the construction of a market system; advance structural reforms on macroeconomic regulation and control, taxation, finance, investment, administrative system and other fields; and give full play to the basic role of the market in resource allocation. China will strive to deepen reform on the marketization of interest and exchange rates to increase the elasticity of the RMB exchange rate, and to gradually make RMB capital account convertible. China will adhere to the opening-up strategy of creating mutual benefit, deepening structural reform on investment and trade, perfect the laws and regulations, creating a legal environment of fair operations for companies of various countries in China, and solve trade disputes with relevant countries through consultation.

As long as we work together and build a closer partnership, the G20 will have a more stable, better and comprehensive development and the people of various countries will have more confidence in the world economy and their future prospects.