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Xi urges G20 to establish global rules for digital governance

President Xi Jinping has urged the world's major economies to adopt responsible macroeconomic policies and prevent their measures from entailing rise in inflation, exchange rate fluctuations or mounting debts for developing nations.

In a speech delivered via video link at the first session of the 16th G20 Leaders' Summit on Saturday, the president underscored the importance of avoiding the negative spillovers of policies from major economies on developing nations.

"COVID-19 has made a complex and far-reaching impact on the world economy," Xi said. "It is imperative that we apply the right prescriptions to address both symptoms and root causes of the problems we face. We should step up macroeconomic policy coordination and ensure the continuity, consistency and sustainability of our policies."

China welcomes the IMF's decision on the new allocation of special drawing rights totaling $650 billion, and stands ready to lend the new allocation to low-income countries that are seriously affected by COVID-19, he said.

The G20 should continue to provide political guidance on the reform of the WTO, uphold its core values and basic principles, and protect developing countries' rights, interests and development space, Xi said.