The pandemic, which has infected more than 57.4 million people and killed more than 1.3 million worldwide, has exposed many weak links in global governance. The international community is wondering what the Group of 20 (G20) can do to improve the system, Chinese President Xi Jinping said during his address to the G20 summit in Riyadh via video link.
Xi said the G20, playing an irreplaceable role in the global fight against COVID-19, should support multilateralism, openness, inclusion, mutually beneficial cooperation and keep pace with its time.
Created in 1999, the G20 is the main forum for international cooperation on financial and economic issues. It includes 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, turkey, Brittany and United States – plus the European Union.
Help developing countries
“We must maintain our support for developing countries and help them overcome the difficulties caused by the pandemic,” Xi told other G20 leaders, urging the world’s major economies to pursue more inclusive development.
China fully implemented the G20 Debt Service Suspension Initiative (DSSI) while overcoming its own challenges, with the total amount exceeding $ 1.3 billion, he noted.
The G20 launched the DSSI in April to address the immediate liquidity needs of low-income countries, enabling debt service payments owed by May 1 at the end of the year, the poorest countries must be suspended. The debt suspension will be extended for a further six months until June 30, 2021, decided in October by the finance ministers and central bank governors of the G20.
China ranked first among G20 members in terms of DSSI debt deferral amounts for the poorest countries, Minister of Finance Liu Kun said recently.
“China will increase the level of debt suspension and relief for countries facing particular difficulties and will encourage its financial institutions to provide new financial support on a voluntary basis and according to market principles, ”Xi said in his speech .
He reaffirmed From China commitment to help and support other developing countries in making COVID-19 vaccines an accessible and affordable public good around the world.
The Chinese president also called on the G20 to promote free trade, oppose unilateralism and protectionism, and safeguard the rights and development space of developing countries.
Meeting global challenges
“We need to build capacity to meet global challenges,” Xi said. “The most urgent task at the moment is to strengthen the global public health system and contain COVID-19 and other infectious diseases.”
G20 members should work together to strengthen the role of the World Health Organization and build a global health-for-all community, he said.
Meanwhile, the president called for international cooperation to protect the environment, fight climate change and build a “clean and beautiful world where man and nature coexist in harmony”.
China announced in September that it would strive to achieve carbon neutrality by 2060. The country is targeting a peak in CO2 emissions before 2030.
The G20 should also take a leadership role in promoting innovation-driven development in the digital age and improving economic globalization, Xi said.
Noting that the pandemic has fueled a boom in new technologies and business forms, he called for action to turn crisis into opportunity.
“We can deepen structural reform and cultivate new engines of growth through scientific and technological innovation and digital transformation,” he said.
Commenting on the backlash against economic globalization, he called for addressing challenges head-on and making globalization “more open, inclusive, balanced and beneficial for all”.
From China The decision to establish a new development paradigm will create more opportunities for countries around the world to share its achievements in pursuing high-quality economic development, Xi told other leaders attending the summit. .
From China Senior leaders made the strategic decision to foster a new development paradigm with internal circulation as a pillar and internal and external circulation reinforcing each other.
“China will always be a builder of world peace, a contributor to global development and a defender of international order, ”Xi said. We can overcome differences through dialogue, resolve differences through negotiation and make a joint effort for world peace and development.