China's Xi urges open world economy at G20 summit

Pic: Reuters

Chinese President Xi Jinping on Friday called on members of the Group of 20 (G20) nations to champion an open world economy, strengthen macroeconomic policy coordination and forestall risks in financial markets, state news agency Xinhua reported.

Speaking at the G20 summit in the German city of Hamburg, Xi also urged member states to follow a "multilateral trade regime" as global growth remains unsteady despite recovery signs, Xinhua added, amid concerns over growing protectionist pressures, including from U.S. President Donald Trump's administration.

"We must remain committed to openness and mutual benefit for all so as to increase the size of the global economic 'pie'," it quoted Xi as saying.

The world economy is still troubled by deep-seated problems and faces many uncertainties and destabilising factors, he added.

Beijing has struggled to cope with weak global demand and faces risks from growing U.S. trade protectionism under Trump and his "America First" agenda.

In January, Xi, as a keynote speaker at the World Economic Forum in Davos, Switzerland, offered a vigorous defence of globalisation and signalled Beijing's desire to play a bigger role on the world stage.