ST. PETERSBURG, May 23 (Xinhua) -- China would work with other countries to meet challenges in an era of change and create a future of prosperity and development for the global economy, Chinese Vice President Li Yuanchao said here Friday.
Addressing the 18th St. Petersburg International Economic Forum, Li said the annual event had grown into an important platform for representatives of various countries to discuss ways of boosting world economic development.
"China applauds the important role it has played in building consensus and promoting common development," he said.
He said that, with the world economy in profound adjustment, realizing a global recovery remained a challenging job for all countries.
"Therefore, the theme of the forum, namely, 'Building Trust in An Era of Change,' is a highly relevant one," Li said.
The vice president put forth a four-point proposal on how to jointly meet challenges to achieve common development.
"First, we should enhance trust through opening up and promote opening up with trust," he said.
As economic globalization deepened, opening up was the sure way to prosperity and development, and trust was an important prerequisite for promoting opening up and cooperation, he said.
"Countries should, bearing in mind the overall interests of the global family, stay committed to mutual opening up, oppose protectionism, deepen economic cooperation, build an integrated global market, and foster a world economic environment featuring order, openness and fair competition," Li said.
Second, he said, countries should promote innovation through reform and advance reform with innovation.
"Although the world economy is turning for the better, the economies still need to keep up the momentum of reform and innovation. All countries should strengthen macro economic policy coordination and their own reform endeavors," he said.
Li also called for reform of global economic governance institutions to build a new global economic order that was fair, equitable, inclusive, balanced, dynamic, well regulated and stable.
"Third, we should pursue win-win progress through cooperation and promote cooperation with win-win progress," he said.