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SHANGHAI, Feb. 27 (Xinhua) -- Financial policymakers from the world's 20 major economies on Saturday pledged to use all policy tools, including monetary, fiscal and structural ones, to strengthen global recovery amid growing concerns of further downward risks.

Only by accepting the 1992 Consensus and recognizing its core implications can the two sides have a common political foundation and maintain good interactions, Xi said.

He spoke about the construction of the China-Russia east-route natural gas pipeline and the Yamal liquefied natural gas (LNG) project, and called on both sides to maintain momentum of the projects, adding that discussions should start on new collaborations and cooperation models.

Local governments should support mass entrepreneurship and innovation as they will create jobs. In addition, migrant workers should be encouraged to start their own businesses back in their hometown.

A balanced understanding of the "new normal," which according to Xi will pose both a challenge and an opportunity to China's economy, will lay the foundation for future economic development, he said.