Chinese President Xi Jinping says China is ready to embrace reforms to restructure its economy, and create a larger market and more room for development. He also says the G20 members should build a closer partnership to shore up the global economy, in his first speech at the Saint Petersburg summit in Russia.

President Xi Jinping told the G20 Summit, the world's major economies should adopt a responsible macroeconomic policy.

President Xi addressed how China, for its own part, is bracing for reforms and cooperation.

President Xi said China's economic fundamentals are sound, and its economic policy is responsible for both China and the world. He said the country is able to create an even broader market and more development space.

Chinese President Xi Jinping (R) attends the first session of the eighth summit of the Group of 20 (G20) in St. Petersburg, Russia, Sept. 5, 2013. Xi Jinpeng delivered a speech during the session here on Thursday. [Photo/Xinhua]

China is ready to advance structural reforms to make way for long-term economic development, even though it may lead to slower growth.

President Xi Jinping also said China will work to boost the flexibility of the foreign exchange rate of the Chinese currency, and to create a fair legal environment for foreign firms doing business in China.

President Xi called on G20 members to jointly maintain and promote the openness of the world economy and oppose all forms of trade protectionism.

He said the G20 platform should function as a force to stabilizing the world economy, creating an international financial safety net and amending global economic governance.

Reforms of the International Monetary Fund should be speeded up, so that supervision of international financial markets can be strengthened.

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