BEIJING: Premier Li Qiang called for the international community to take concerted action to jointly address the difficulties faced by developing countries — particularly fragile nations — in the face of the global development financing gap.
Li made the remark in Paris while addressing the closing ceremony of the Summit for a New Global Financing Pact, which was initiated by French President Emmanuel Macron. Invited by the French government, Li is on a three-day official visit to the country that began on Wednesday.
The premier put forward China’s proposed solutions to addressing the widening global development financing gap. He said that efforts should be made to promote reform of global financial governance and create a stable financing environment for developing countries.
“China is willing to work with all parties to build a fair and efficient global financial governance pattern and strengthen international macroeconomic policy coordination,” he said.
International financial institutions such as the International Monetary Fund and the World Bank should implement the consensus of the G20 leaders, complete the new round of quota and voting rights reforms, and improve the voice of emerging market countries and developing nations, he added.
Li called for building a global development partnership and providing more resources for developing countries.
Developed countries should effectively fulfill their commitments to provide assistance and funding to developing countries, while developing countries need to enhance their own development capabilities, he said.
“China will continue to provide various forms of support to other developing countries through practical measures to the best of its ability,” Li said.
The premier also urged promoting economic globalization and free trade to inject new growth momentum for developing countries.
“China is willing to work with the international community to promote liberalization and facilitation of trade and investment, firmly oppose trade protectionism and all kinds of ‘decoupling’ and disruption of industrial and supply chains,” Li said.
In a world full of turbulence and uncertainties, China and the European Union should seek common ground while reserving their differences and promote more creative cooperation to respond to the uncertainty of the international situation with the stability of China-EU relations. Both sides should also jointly promote sustainable human development. –The Daily Mail-China Daily news exchange item
