CGTN: China pledges concrete support to developing countries at global financing summit

2023-06-24 16:40:35

BEIJING, April 12 /PRNewswire/ — China will continue to take concrete measures to support the rest of the developing world, Chinese Premier Li Qiang said Friday at the closing ceremony of the Summit for a New Global Financing Pact in Paris .

The summit, proposed by French President Emmanuel Macron at the G20 Summit in Bali last November, was intended to explore the current status and prospects of climate action and reform of the international financial system.

The closing ceremony was attended by over 60 heads of state and government and international organizations, including Brazilian President Luiz Inacio Lula da Silva, South African President Cyril Ramaphosa and Pakistani Prime Minister Shehbaz Sharif.

Measures against climate change

Leaders attending the summit called for joint efforts to tackle climate change, protect biodiversity, tackle developing countries’ debt problems and promote sustainable development worldwide.

As Macron explained on Friday, wealthy countries have made an overdue pledge of $100 billion in climate finance to developing countries and set up a fund for biodiversity and forest protection.

China is actively promoting a green and low-carbon energy transition, while responsibly participating in promoting the global energy transition and addressing climate change, Li said in a speech on the energy transition on Thursday.

China is willing to cooperate with other countries and adhere to the principles of mutual benefit and win-win cooperation, with technological innovation as the main driving force, to promote the establishment of global clean energy partnerships, and jointly create a clean and beautiful creating world, he added.

reform of the financial system

In his closing speech, Macron said there was a consensus to reform global financial institutions like the World Bank and the International Monetary Fund and make them “more efficient, fairer and better adapted to today’s world”.

UN Secretary-General Antonio Guterres warned that the current global financial system is exacerbating inequalities and denying the poorest countries the credit and debt support they need and deserve.

“Nearly 80 years later, the global financial architecture is outdated, dysfunctional and unfair. It is no longer able to meet the demands of the 21st century world: a multipolar world characterized by highly integrated economies and financial markets, but also by marked by geopolitical tensions and rising systemic risks.”

Li also called on financial bodies to complete a new round of quota and voting rights reform and strengthen the voice of emerging and developing countries.

China works with the international community to liberalize and facilitate trade and investment, and opposes all forms of protectionism, decoupling and disruption of supply chains, Li added.

The Chinese premier chose Europe for his first overseas trip since taking office, telling Macron that China and Europe have their own strengths and need to further expand cooperation.

China and Europe should cope with the uncertain international situation with the stability of Sino-EU relations and jointly promote the sustainable development of mankind, he said at the summit.

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