With a focus on promoting openness, stability and high quality growth of the world economy, those present at the talks brainstormed advancing the reform of global governance and improving the business environment.
Chinese Premier Li Keqiang said that the current global economic situation was undergoing profound and complex changes, with world economic growth slowing down significantly, the global industrial chain and the international division of labor system being hit, and the rise of protectionism.
Leaders attending the Fourth "1+6" Roundtable dialogue in Beijing, China, November 21, 2019. /Xinhua Photo
Now, the question is how to maintain the steady growth of the world economy that is crucial to the future of mankind. China is looking forward to building consensus and deepening cooperation through dialogue to promote sustainable, steady and sound development of the world economy, said Li.
East Nanjing Road in Shanghai. /VCG Photo
A big market with huge potential
China has taken a series of measures to deepen reform and opening-up this year as a way of guarding against downward pressures. China has a big market and an increasingly improved business environment, which is full of potential, said Li.
Li added that the country will continue to adopt a proactive fiscal policy and a prudent monetary policy to stabilize the market, instead of taking quantitative easing policies and massive stimulus measures.
This year, China will carry out tax and fee reductions on a larger scale to maintain liquidity and give priority to employment. The country will also fully open up the manufacturing sector and expand the service sector to unleash the potential of domestic demand, said Li.
The leaders of six major international financial institutions were present, including President of World Bank Group David Malpass; International Monetary Fund Managing Director Kristalina Georgieva; World Trade Organization Deputy Director-General Alan Wolff; International Labor Organization Director-General Guy Ryder; Organization for Economic Cooperation and Development Secretary-General Angel Gurría; and Chair of the Financial Stability Board Randal Quarles.