Colleagues,

Let me begin by congratulating President Erdogan on the full success of the Antalya Summit. It has sent an encouraging signal of the G20 working together to boost the global economy and improve people's well-being all over the world.

China will host the 11th G20 Summit from September 4th to 5th next year in Hangzhou, Zhejiang Province. I wish to take this opportunity to express my appreciation to countries and international organizations for their support. I look forward to welcoming you to the Hangzhou Summit.

There is a Chinese saying, "Up in heaven, there is paradise; down on earth, there are Suzhou and Hangzhou." It means that the cities of Hangzhou and Suzhou have beautiful sceneries that make them comparable to paradise on earth. Hangzhou is not only a renowned city of history and culture, but also a leader in innovation. I trust that the 2016 Summit will present to us a unique setting where history meets modernity.

Through our previous conversations with various G20 members, we have got a keen sense of people's expectations for next year's Summit. Based on an assessment of the current situation and the expectations of all parties, we have formulated the theme of the 2016 Summit as "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy". We hope to take forward the preparatory work for the Summit in the following four key areas.

First, we need to transform growth patterns in innovative ways with particular focus on pursuing reform and innovation. We must create and seize new opportunities to raise the potential of global economic growth.

Second, we need to improve global economic and financial governance, increase the representation and voice of emerging markets and developing countries, and enhance the capacity of the global economy to ward off risks.

Third, we need to promote global trade and investment to generate growth and build an open world economy.

Fourth, we need to promote inclusive and interconnected development, strive to implement the 2030 Agenda for Sustainable Development, eliminate poverty, and achieve common development.

Our proposal on the above theme and key areas is based on the following three observations.

First, although the global economy is no longer mired in crisis, the recovery remains weak and fragile for lack of growth engines. And the performances and policies of major economies continue to diverge. We are in an urgent need of new sources of growth to take the global economy to a new round of prosperity.

Second, reform of the global economic governance in recent years has hit a rough patch and international economic and trade rules have been fast evolving. The UN Sustainable Development Summit, the 10th WTO Ministerial Conference and the Paris Climate Conference are all on this year's global agenda, where new plans are being made for international development cooperation, the multilateral trading regime and the global campaign against climate change. We need to make coordinated and concerted efforts to guide international economic cooperation.

Third, G20 is now facing a transformation from a mechanism of crisis response to one of long-term governance. As its agenda items shift from short-term issues to deep-seated and longer-term ones, the necessity for and difficulty of macroeconomic policy coordination and enhanced cooperation among G20 members have both increased. We need to act in the spirit of partnership to work for the smooth transformation of G20 and the consolidation of its role as the premier forum for global economic governance.

Colleagues,

G20 belongs to each and every one of its members. In preparing for the Hangzhou Summit, China will consistently follow an open, transparent and inclusive approach, and strengthen communication and coordination with all other members to jointly uphold, strengthen and develop G20.

I look forward to seeing you at the shore of the West Lake in Hangzhou next September.

Thank you.