China's Xi Jinping calls for greater role for G20 in economic governance

Daniel Fowler
January 26, 2021

Mr Xi called for world leaders to consider four objectives as they come to grips with the pandemic: stepping up macroeconomic policy coordination to lift the battered global economy, abandoning "ideological prejudice" and accepting that no two countries' systems are the same, narrowing the gap between developed and developing nations, and coming together against global challenges such as public health crises and climate change.

"The pandemic is far from over and the recent resurgence in COVID cases reminds us that we must carry on the fight", Xi said. "We hope these efforts will bring more cooperation opportunities to other countries, and give further impetus to global economic recovery and growth", he said. "There is no doubt that humanity will prevail over the virus and emerge even stronger from this disaster".

"The world is undergoing changes unseen in a century, and now is the time for major development and major transformation", he said.

China, where COVID-19 was originally discovered, has been one of the first countries to lift most of the lockdown restrictions still in place across much of the West. President Xi called on all parties to uphold multilateralism and build a community with a shared future for mankind.

"Zero sum game or victor takes all is not the philosophy of the Chinese people". "We should recognize that with the growth of developing countries, global prosperity and stability will be put on a more solid footing, and developed countries will stand to benefit from such growth", he said.

While President Xi repeatedly stressed the importance of cooperation, whether on a Covid-19 response, strengthening the global economy or tackling climate change, there were veiled warnings for the United States and its democratic allies which have openly sanctioned or criticised China over Hong Kong, Xinjiang, Taiwan and the South China Sea. "China will continue to promote trade and investment liberalisation and facilitation, help keep the global industrial and supply chains smooth and stable, and advance high-quality Belt and Road cooperation", he said.

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He said China is committed to sharing its experience with other countries and assisting those less prepared for the pandemic and work for greater accessibility to COVID vaccines in developing countries.

"Science, technology and innovation is a key engine for human progress".

"China will get more actively engaged in global economic governance and push for an economic globalisation that is more open, inclusive, balanced, and beneficial to all", he added.

With the objective of discussing the breakdown from the coronavirus crisis and tackle the vital necessity for worldwide collaboration, over 2,000 business, administration and civil society leaders together with 25 heads of state or administration are scheduled to gather online for the World Economic Forum (WEF) Davos Agenda in the current week.

"2021 will be the critical year to re-establish trust in our ability to shape our common future in collective and constructive ways", Schwab said.

The virtual meeting comes as the raging pandemic, in addition to claiming the lives of more than 2 million people, risks triggering widened long-standing health, economic and digital disparities.

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