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Premier Li calls for joint efforts to safeguard globalization, tackle downward pressure

Updated: Nov 21,2019 07:34 PM

Premier Li Keqiang held the fourth “1+6” Roundtable with leaders of six major international economic and financial institutions in Beijing on Nov 21.

The six leaders are: President David Malpass of World Bank, Managing Director Kristalina Georgieva of the International Monetary Fund, Deputy Director-General Alan Wolff of the World Trade Organization, Director-General Guy Ryder of the International Labor Organization, Secretary-General Angel Gurria of the Organization for Economic Cooperation and Development, and Chairman Randal Quarles of the Financial Stability Board.

This year's dialogue was focused on "Promoting Openness, Stability and High Quality Development of the World Economy".

The global economic landscape is experiencing profound and complicated changes, such as rising protectionism and slowing economic growth, which have impacted global industrial chains and division of labor, causing more instability and uncertainties, said Premier Li. Institutions such as World Bank and the International Monetary Fund have repeatedly adjusted expectations downward for global economic growth this year and next, he said.

All countries, including China, are deeply integrated in the world economy in an era of globalization, Premier Li noted. This degree of integration called for concerted actions from all countries to address global challenges.

Premier Li called for efforts to firmly uphold multilateralism and rules-based free trade, and to promote free trade and investment facilitation.

On the policy front, all parties should move toward effective solutions through enhanced coordination, including in macro policies, he said, mentioning the need to meet each other halfway.

In addition, all countries need to seize opportunities in the new round of technological and industrial revolutions, and cultivate new growth drivers, along a path of innovation-led development that could bear fruit shared by all, according to Premier Li.

Inclusive growth should be promoted to achieve fair and equitable development and support more developing countries in integrating into the global division of labor system, said the Premier, adding that this will help narrow the north-south gap and safeguard world peace.

A rules-based multilateral trading system with the World Trade Organization (WTO) at its core is the foundation of economic globalization and free trade, Premier Li said while speaking of WTO reform at the dialogue.

He added that China supports the necessary reforms in WTO, allowing the free trade system to better meet the needs of the times.

The reform must be target-oriented, and uphold the basic principles and core values of WTO, but it is not to demolish and rebuild the original ones, the Premier said.

He also suggests that World Bank, the International Monetary Fund and other institutions should carry out corresponding reforms to gather the forces from all sides.

China has always been an active force in promoting reform of the international economic governance system, said the Premier.

The attending leaders of the international economic and financial institutions spoke highly of China’s contributions to global economic growth, saying that as a major economy and an important participant in global development, China has been playing a vital role in preventing and dealing with the financial crisis.

With the growth of the world economy slowing down, all parties should work together to safeguard multilateralism and free trade, enhance policy coordination, and deepen cooperation in fields such as industrial transformation, climate change, green development and digital economy.

In addition, all sides should jointly address global challenges, promote an inclusive growth in the world economy, and advance green, sustainable development to bring benefits to people throughout the world.

State Councilor and Secretary-General of the State Council Xiao Jie and He Lifeng, vice-chairman of the National Committee of the Chinese People's Political Consultative Conference and head of the National Development and Reform Commission, also attended the dialogue.