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Premier Li responds to financial chiefs' concerns

Updated: Nov 26,2020 10:07 AM    english.www.gov.cn

Premier Li Keqiang held a roundtable meeting with leaders of six international economic and financial institutions via video link in Beijing on Nov 24.

The six leaders attending the fifth "1+6" Roundtable were World Bank Group President David Malpass, International Monetary Fund Managing Director Kristalina Georgieva, World Trade Organization Deputy Director-General Alan Wolff, International Labor Organization Director-General Guy Ryder, Organization for Economic Cooperation and Development Secretary-General Angel Gurria, and Financial Stability Board Chairman Randal Quarles.

Under the theme of "Promoting World Economic Recovery and Growth in the Post-COVID-19 Era", the participants had an in-depth exchange on topics including the situation of the world economy, global economic governance in the post-COVID-19 era and China's economic situation.

"This year, due to the pandemic, we could only talk with each other through video," Premier Li said in his opening remarks. "I am sorry I could not have lunch or dinner with you, but we could have in-depth communication, which is a kind of spiritual banquet." He also said that China is considering its economic arrangements for the next stage while working on the 14th Five-Year Plan, and that China welcomes valuable suggestions.

Impossible to develop with doors closed

During the discussion, a head of an international economic institution asked Premier Li: "Given that multilateralism faces challenges, as a staunch supporter of multilateralism, how will China view the future of multilateralism and what is China's expectation for multilateral institutions?"

Premier Li said that amid rising trade protectionism and unilateralism, multilateralism has been impacted, even threatened, and is undergoing a "test". "However, we must be aware that the international order since the World War II that is based on international laws and coordinated by international organizations, has not fundamentally changed," he said.

"The international community should work together to face the challenges. The trend of economic globalization is irreversible, and opening-up and cooperation remain the trend of the era," the Premier said. "China has been integrated into the world economy and become a part of it, so it is impossible to develop the country with the doors closed."

Premier Li stressed the irreplaceable role of multilateral institutions, especially major international economic institutions, in the world economic development.

"China has actively participated in events organized by multilateral institutions. While planning macroeconomic policies and proposing development goals, China has carefully analyzed reports of major international economic institutions, and referred to those reports to make judgments on the international situation," Premier Li said.

The Premier said that in the post-epidemic era, China is ready to strengthen cooperation with major international organizations on a larger scale and at a deeper level, support them to play an important role in global governance, jointly promote global development and improve people's well-being in all countries.

Treat enterprises of all types equally

In response to policy implementation of treating all types of enterprises equally, Premier Li said that as long as enterprises are registered in China, regardless of whether they are domestic or foreign-invested, State-owned or private, they will be treated equally and provided with a fair environment, and this principle will only be strengthened in the future.

He said China is such a huge country, so it is inevitable that some individual issues exist. However, in China's over 40 years of reform and opening-up, the policy implementation in equal treatment of all types of enterprises is in constant progress, and the country has always welcomed all investors from other countries.

"China is still the hot spot for foreign investors. Although affected by COVID-19 this year, foreign investment in many places in China is still increasing," the Premier said. He told the six leaders that if they have any issues concerning investment in China, China will deal with it according to laws and regulations.

He stressed that the principle of equally treating all types of enterprises will be fully implemented in China.

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