Chinese President Xi Jinping said there is a need to improve global economic governance and build a world economy characterised by cooperation. We have developed the G20 comprehensive growth strategies and established a framework for strong, sustainable, balanced and inclusive growth.
Addressing Session II of the 19th G20 Summit at Rio de Janerio, the Chinese President said, “We should stay committed to strengthening global economic partnerships, reinforcing macro policy coordination in fiscal, financial, monetary and structural reform policies in a bid to open up more possibilities for the global economy”.
He said it is important to make good use of the G20 Finance Ministers and Central Bank Governors Meetings, let them serve as aballast for macro policy coordination, and foster an open, inclusive, and nondiscriminatory environment for international economic cooperation. As main creditors, international financial institutions and commercial creditors need to take part in debt reduction and suspension for developing countries and create a clean business environment by upholding a zero-tolerance stance against corruption and denying safe haven to corrupt officials and their assets.
President Xi said, “It has been 16 years since the G20 Summit was launched. Over the years, we have worked in solidarity to steer the world economy on track. We have worked to face global challenges head-on, be it climate change or the Covid-19 pandemic, spearheaded technological transformation and kept renewing the G20’s responsibilities and missions.”
Achievements
The G20 needs to build on its past achievements and continue to act as a force to improve global governance and move history forward. We should observe the principles of the U.N. Charter and defend the international order based on international law. In light of the G20’s mandate, we could build greater international consensus in the economic, financial, trade, digital and eco-environmental fields to improve global governance and promote a multipolar world.
He said, “We need to improve global financial governance and build a world economy characterised by stability. To increase the voice and representation of developing countries, the World Bank should carry out shareholding review and the International Monetary Fund should carry out quota share realignment in line with the agreed timeframe and roadmap. It is important to enhance the systems for financial risks monitoring, early warning and handling, reinforce cooperation in such areas as digital currency and taxation, and strengthen the global financial safety net. The G20 Sustainable Finance Roadmap should be implemented at a faster pace. ”
“There is a need to improve global trade governance and build a world economy characterized by openness. We should place development at the center of the international economic and trade agenda, and steadily advance trade and investment liberalization and facilitation. We should press ahead with reforming the World Trade Organisation (WTO). We should work actively to keep the WTO rules relevant.
Steps should be taken to improve global digital governance and build a world economy characterized by innovation. We should strengthen the function of the G20 Digital Economy Ministers’ Meeting, and let it play a leading role in digital transition, the deep integration of the digital economy and the real economy, and rules-making in emerging areas. We should step up international governance and cooperation on artificial intelligence (AI), to make sure that AI is for good and for all, not a game of the rich countries and the wealthy. China will hold another world AI conference in 2025 and welcomes the participation of fellow G20 members.
Eco-friendliness
We also need to improve global ecological governance and build a world economy characterized by eco-friendliness. We should honour the principle of common but differentiated responsibilities, and fully and effectively implement the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework for the sake of man’s harmonious coexistence with nature.
China stands ready to continue to deepen international cooperation with all sides on green infrastructure, green energy, green mining and green transport.Global security governance is part and parcel of global governance. The G20 should support the U.N. and its Security Council in playing a greater role, and support all efforts conducive to the peaceful settlement of crises.
To deescalate the Ukraine crisis and seek a political settlement. China and Brazil, together with some other Global South countries, launched the group of ‘friends for peace’ on the Ukraine crisis, with the goal of bringing together more voices for peace.
