（September 4, 2016）

Dear colleagues,

We have just held an in-depth exchange of views on strengthening policy coordination and breaking a new path for growth. We have reached an important consensus. Now please let me make a brief summary.

We have all agreed that it is crucial to strengthen macro-economic policy coordination. The world economy continues to recover but faces risks of downturn. Differences in economic cycles and monetary policies between countries intensify the volatility of the capital market. The situation requires us to pull together, pursue win-win results through cooperation, enhance macro-economic policy coordination, increase policy transparency,and reduce any negative spillover effect. We promise to stabilize the market, expand demand, and enhance the vitality and resilience of the world economy with all the policy tools at our disposal, including monetary, fiscal and structural reform policies. We will intensify structural reform, determine the key fields and guiding principles of reform, and build a system of indicators to evaluate their effects. We will take monetary policies that support economic growth, adopt flexible fiscal policies, implement all manner of growth-friendly tax policies and public expenditure policies, and maintain close communication over the foreign exchange market. We will make clear to each other our policies and behaviors in macro-economy and structural reform.

We have all agreed it is imperative to create an innovative growth model. The biggest problem for the world economy is its sluggish growth. Monetary and fiscal policies will not be enough to provide a fundamental solution to structural contradictions in economic growth, meaning that the old way of relying merely on monetary and fiscal policies is now unsustainable. At the same time, a new round of revolution in science and technology and industrial transformation has begun to take shape. Innovation means development and the future. “Range far your eye over long vistas.”[1] With the G20 transforming from the mechanism of short-term crisis response to that of long-term governance, we should go beyond demand management policy, promote an innovation-driven development strategy and structural reform, gain momentum from innovation, work simultaneously on demand-side and supply-side reform, and explore a new path for growth.

We have all agreed that there are many things we can do in order to create an innovative growth model. We have jointly formulated the G20 Blueprint on Innovative Growth to promote omni-dimensional, multi-level and wide-ranging innovation, which takes scientific and technological innovation as the core and facilitates the evolution of development concepts, systems and mechanisms, and new business models. We will thereby promote exchange and share the fruits of innovation, and foster an ecological environment that is beneficial to innovation. We should continue with structural reform, break down barriers to economic growth deriving from systems and mechanisms, and stimulate market vitality and social creativity. We should seize the opportunity of the new industrial revolution, develop advanced and intelligent manufacturing, and enhance the innovation capability of global manufacturing. We should promote the digital economy, facilitate close integration of the virtual economy and the real economy, and motivate social innovation and entrepreneurship through the internet.

Dear colleagues,

The road of reform and innovation has never been smooth or regular. Twists and turns are inevitable. As state leaders we should be responsible and decisive. We should both guide and follow the trends of the times, open up new horizons and break new ground. As a major forum for international economic cooperation, the G20 should have the courage and resolution to serve as a pioneer—seize the opportunities brought about by innovation, new industrial revolution, digital economy and structural reform, promote the transformation of the world economy, and benefit all peoples.

Dear colleagues, the first session has ended.

注释：

[1]A line from Mao Zedong's poem titled“Reply to Mr.Liu Yazi, ”Mao Zedong Poems,published by Foreign Languages Press in 1976,p.51.