Chinese President Xi Jinping called for countries to leverage and coordinate their macro policies to counteract the negative impact of the coronavirus outbreak and prevent the world economy from falling into recession in his address to the G20 virtual summit Thursday.

With the outbreak disrupting production and demand across the globe, Xi says countries need to implement strong and effective fiscal and monetary policies to keep exchange rates basically stable, and to better coordinate financial regulation to keep global financial markets and global industrial and supply chains stable.

Xi says China will increase its supply of active pharmaceutical ingredients, daily necessities, and anti-epidemic and other supplies to the international market. It will also continue to pursue a proactive fiscal policy and prudent monetary policy, to advance reform and opening-up, widen market access, improve the business environment, and expand imports and outbound investment to contribute to a stable world economy, the Chinese president noted.

Xi also called on all G20 members to take collective actions in cutting tariffs, removing barriers, and facilitating the unfettered flow of trade, so as to send a strong signal and restore confidence for global economic recovery.