BEIJING, June 24 (TMTPost)— Chinese Premier Li Qiang called for worldwide efforts to promote  globalization and free trade, eliminating risks that could reverse the effort, such as economic decoupling.

Source: Xinhua News Agency

In the face of the global development financing gap, China calls on the international community to cooperate sincerely and act together to jointly solve the problems of developing countries, especially vulnerable countries, Li Qiang said at the closing ceremony of the Summit for a New Global Financing Pact, an event hosted by French President Emmanuel Macron in Paris and attended by more than 60 heads of state, government and major international organizations.

In his speech delivered at the ceremony on Friday, Li Qiang put forward a three-point proposal. First, he proposed to firmly promote the reform of global financial governance and create a stable financing environment for developing countries. China gets ready for work with all parties to build a fair and efficient global financial governance structure and strengthen international macroeconomic policy coordination, while international financial institutions, such as the International Monetary Fund (IMF) and the World Bank, shall implement the consensus reached by the leaders of the G20, complete a new round of reform on quota and voting rights, and increase the voice of emerging markets and developing countries, Li noted.

Second, Li asked to create a global partnership for development and provide more resources for developing countries. On the one hand, developed countries should earnestly fulfill their commitments to provide aid and funds to developing countries, on the other hand, developing countries are required to enhance their capacity for independent development, Li said. He added China will continue to take concrete actions and provide various forms of support to other developing countries as best as it can.

Third, Li urged to advance economic globalization and free trade to inject fresh growth impetus into developing countries. China is ready to work with the world community to promote liberalization and facilitation of trade and investment, and unequivocally oppose various forms of trade protectionism and decoupling and severing supply and industrial chains, the state media Xinhua News Agency cited Li’s remark.

The summit in Paris aims to lay the groundwork for a renewed financial system suited to the common challenges of the 21st century, such as fighting inequalities and climate change and protecting biodiversity. Leaders at the summit believed it’s necessary to uphold multilateralism, respect different national conditions, coordinate poverty alleviation, development and environmental protection, and push for common prosperity. Leaders of developing countries at the summit called on developed countries to earnestly honor their commitments to providing assistance and funds to developing countries. Wealthy nations have finalized an overdue $100 billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests, Macron said.

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