China's President Xi Jinping said innovation and a open world economy are key to helping spur global growth in a speech before the first session of the Group of 20 in Antalya, Turkey.

Xi said that G20 countries should use a multi-pronged approach aimed at stabilizing economic growth in the short term, with an eye on the world economy over the long term.

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"The current crisis is far more complex than any of the previous crises, and it can not be fixed overnight," said Xi. "We should reject protectionism and uphold and strengthen the multilateral trading regime in order to provide sufficient space for the development of different countries."

Xi suggested four proposals: strengthening communication and coordination on macroeconomic policies; promoting reform and innovation to enhance growth potential; building an open world economy to bring out vigor in international trade and investment; and implementing the 2030 Agenda for Sustainable Development.

The Chinese economy is expected to grow by 7% this year, and contributes an estimated 30% to the overall world economic growth. China's proposed Five-Year Plan (2016-2020) on national economic and social development looks to build a "moderately prosperous society" and double its 2010 GDP and per capita income of both urban and rural residents by 2020, said Xi.

"China has the confidence and capability to maintain medium-high growth," Xi said.

Aftering attending the G20 summit, which ends Monday Nov. 16, Xi will head to Manila in the Philippines to attend the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting from Nov. 17 to 19. This meeting is intended to promote global economic cooperation and cooperation in the Asia-Pacific region.

It was also announced today that China will host the 2016 G20 summit in the eastern city of Hangzhou, from September 4^th to 5^th.

TagsChina’s Xi at G20: Innovation, Open Economy Will Boost Global Growth, Group of 20, in a speech before the G20, in Antalya, Turkey, The Chinese economy is expected to grow by 7% this year, Chinatopix, moderately prosperous society, APEC summit Manila