Editor's note: Chinese President Xi Jinping addressed the 13th G20 Summit in Buenos Aires, Argentina, at its first session on November 30, 2018 calling for joint efforts to uphold and build an open world economy. An edited excerpt follows:

It has been 10 years since the global financial crisis broke out and since the first G20 summit was held. Today, the global economy, is still not free from the lingering impacts of the 2008 crisis, even though it continues to maintain growth overall. Old growth drivers are yet to be replaced by new ones and various risks are building up rapidly.

The new round of technological revolution and industrial transformation is triggering profound changes worldwide, namely the increase in wealth inequality and the intensification of social contradictions. The world economy is facing another historical choice.

In humanity’s relentless quest for development and progress, the trend toward openness and integration among countries is unstoppable despite instabilities in the global economy.

Greater coordination between complementary economies around the world must meet the need of productivity growth. They will also shape the future of relations of production. In this process, countries are increasingly becoming a community of shared interests, shared responsibilities and a shared future. Going forward, cooperation resulting in gains for all those involved is the only choice for us, be it in good times or bad. Facing various challenges, we must have a stronger sense of urgency, be rational in approach and look beyond the horizon. We must fulfill our responsibility and steer the global economy in the right direction.

First, we should stay committed to openness and cooperation and uphold the multilateral trading system. In 2018, the growth of trade in goods may decline by 0.3 percent globally. We should uphold free trade and the rules-based multilateral trading system. China supports necessary reform of the World Trade Organization (WTO), and believes that it is critical to uphold the WTO's core values and fundamental principles such as openness, inclusiveness and non-discrimination, and ensure the development interests and policy space of developing countries. We need to conduct extensive consultation to achieve gradual progress instead of imposing one's position on others.

Moreover, we should forge a strong partnership with other countries and step up macro policy coordination. Partnership is the most valuable asset of the G20. We should employ the three tools of fiscal and monetary policies and structural reform in a holistic way to ensure strong, balanced, sustainable and inclusive growth of the global economy. Developed economies, when adopting monetary and fiscal policies, should give more consideration to and work to minimize the impact such policies may exert on emerging markets and developing economies. The international monetary system should become more diversified, and the global financial safety net should continue to be strengthened.

On that point, we should stay committed to innovation and create new momentum for growth. The global economy is embracing the trend of digital transformation, and the technological revolution that we find ourselves in will reshape human society in profound ways.

Furthermore, we should commit to partnerships resulting in gains for countries involved to promote inclusive global development. Development holds the key to solving any problems facing the world today. Development also provides a strong guarantee for greater equity and justice. We should protect the development interests and space of developing countries to ensure global growth that is truly equitable.

This year marks the 40th anniversary of China's reform and opening up. During the past 40 years, with the support of the international community, businesses and individuals in China have forged ahead with perseverance and made historic achievements in development. In the years since the global financial crisis, China has contributed over 30 percent of global growth.

China is firm in its resolve to eradicate poverty. Our goal is to eliminate absolute poverty as currently defined by 2020, and we have every confidence that we will meet this target. China owes its progress to reform and opening up, and will continue to advance on this path. Earlier this month, the first China International Import Expo (CIIE) was successfully held, and was warmly received by the international community.

China will continue to deepen market-oriented reform, protect property rights and intellectual property rights, encourage fair competition and do more to expand imports. The CIIE will be held annually as a way to further open China's market. China will continue to improve its business environment, and hopes that all countries will work together for a free, open, inclusive and orderly international economic environment.