CGTN: China pledges practical support for developing countries at global financing summit

BEIJING, June 25, 2023 /PRNewswire/ — China would continue to take practical steps to support its fellow developing countries, Chinese Premier Li Qiang said on 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, aimed to explore the current status and prospects of climate action and international financial system reform.

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

Climate change action

Leaders attending the summit called for joint efforts to combat climate change, protect biodiversity, address the debt problems of developing countries and promote sustainable development around the world.

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 on Friday.

China is actively promoting a green and low-carbon energy transition while participating in a responsible manner in promoting the global energy transition and addressing climate change, Li said on Thursday when delivering remarks on energy transition.

China is willing to work with other countries and adhere to the principles of mutual benefit and win-win cooperation, with technological innovation as the core driver, to promote the establishment of global clean energy partnerships to build a clean and beautiful world together, he added.

Financial system reform

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

UN Secretary-General Antonio Guterres warned that the current global financial system exacerbates inequalities, 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“Nearly 80 years later, the global financial architecture is outdated, dysfunctional, and unjust. It is no longer capable of meeting the needs of the 21st century world: a multipolar world characterized by deeply integrated economies and financial markets, but also marked by geopolitical tensions and growing systemic risks.”

Li also called on the financial bodies to complete a new round of reform on quotas and voting rights, and increase the voice of emerging markets and developing countries.

China, together with the international community, pushes for trade and investment liberalization and facilitation, and opposes protectionism, decoupling and disrupting supply chains in any form, Li added.

The Chinese premier chose Europe as his first overseas trip since taking office and told Macron that China and Europe have their own strengths and need to further strengthen cooperation.

China and Europe should cope with the uncertainty of the international situation with the stability of ChinaEurope relations, and jointly promote the sustainable development of mankind, he said at the summit.