Xinhua News Agency, Rio de Janeiro, Nov. 18
Work together to build a Fair and Reasonable Global Governance System
-- Speech at the Second phase of the 19th G20 Summit on the topic of "Reform of global governance institutions"
(18 November 2024, Rio de Janeiro)
Xi Jinping, President of the People's Republic of China
Dear President Lula,
Dear Colleagues,
It has been 16 years since the G20 Summit began. In recent years, we have worked together to cope with the international financial crisis, promoted global economic, financial and trade cooperation, and led the world economy on the road to recovery. We have braced ourselves for global challenges, worked together to address climate change, fight COVID-19 and navigate technological changes, and entrusted the G20 with new responsibilities and missions. We have worked hand in hand to improve global governance, strengthen macroeconomic policy coordination, advance the reform of international financial institutions, and lead international cooperation in the spirit of equal consultation and mutual benefit.
Standing at a new starting point, the G20 should build on past achievements and forge ahead, and continue to be a force for improving global governance and promoting historical progress. We should uphold the vision of a community with a shared future for mankind, see each other's development as opportunities rather than challenges, and treat each other as partners rather than rivals. We should abide by the basic norms governing international relations based on the purposes and principles of the UN Charter and uphold the international order based on international law. In line with the functions of the G20, we should further build international consensus in the fields of economy, finance, trade, digital and ecological environment, improve global governance, and promote an equal and orderly multi-polar world and economic globalization that benefits all.
1，Improve global economic governance and build a cooperative world economy. We have formulated the G20 Comprehensive Growth Strategy and established a framework for strong, sustainable, balanced and inclusive growth. At present, we need to strengthen global economic partnership, strengthen macro policy coordination in fiscal, financial, monetary and structural reforms, foster new quality productivity, raise total factor productivity, and open up broader space for the development of the world economy. We should make good use of the G20 Finance Ministers and Central Bank Governors meeting mechanism to build a "stabilizer" for macro policy coordination and foster an open, inclusive and non-discriminatory environment for international economic cooperation. International financial institutions and commercial creditors, as major creditors, should be involved in debt relief for developing countries. It is necessary to foster a clean and positive business environment, adhere to zero tolerance for corruption, strengthen international cooperation in tracing fugitives and recovering stolen assets, and not provide "safe haven" for corrupt persons and their assets.
2, we need to improve global financial governance and build a stable world economy. We need to increase the voice and representation of developing countries, conduct the World Bank's shareholding review in accordance with the agreed timetable and road map, and promote the adjustment of the IMF's share ratio. Developed countries should jointly maintain the stability of the international financial market and prevent negative spillover effects of their own monetary policy adjustments. We need to improve the system for monitoring, early warning and handling financial risks, strengthen cooperation in digital currency, taxation and other fields, and strengthen the global financial safety net. We need to speed up the implementation of the G20 Sustainable Finance Roadmap to better meet the green financing needs of developing countries.
3, improve global trade governance and build an open world economy. We should put development at the center of the international economic and trade agenda, continue to promote trade and investment liberalization and facilitation, continue to advance the reform of the WTO, oppose unilateralism and protectionism, work for an early resumption of the normal operation of the dispute settlement mechanism, incorporate the Agreement on Investment Facilitation for Development into the WTO rules framework, and reach agreement on an e-commerce agreement at an early date. It is important to actively advance WTO rules to keep up with The Times. It is necessary to resolve long-standing outstanding issues while actively exploring the formulation of future-oriented new rules to enhance the authority, effectiveness and relevance of the multilateral trading system. We should avoid politicizing economic issues, artificially dividing the global market, and resorting to protectionism in the name of green and low-carbon development. Two years ago, China, Indonesia and other countries jointly launched the International Cooperation Initiative on the Resilience and Stability of Industrial Chain and Supply Chain, calling for a more equal, inclusive and constructive industrial chain and supply chain partnership. We are ready to strengthen cooperation with all parties in this regard.
4, improve global digital governance and build an innovative world economy. We need to strengthen the function of the G20 Digital Economy Ministerial Meeting and play a leading role in digital transformation, deep integration of the digital economy and the real economy, and rule-making in emerging areas. It is necessary to strengthen international governance and cooperation on AI to ensure that AI works for the good and benefits all mankind, and avoid it becoming a "game for the rich and the rich." China hosted the World Conference on Artificial Intelligence 2024 and the High-level Conference on Artificial Intelligence Global Governance, issued the Shanghai Declaration on Artificial Intelligence Global Governance, and worked with other parties to push the UN General Assembly to adopt a resolution on strengthening international cooperation on artificial Intelligence capacity building. China will continue to host the World Conference on Artificial Intelligence in 2025, and G20 members are welcome to participate.
5, improve global ecological governance and build an eco-friendly world economy. The Paris Agreement and the Kunming-Montreal Global Biodiversity Framework should be fully and effectively implemented in accordance with the principle of common but differentiated responsibilities and the concept of harmonious coexistence between man and nature. Developed countries should provide necessary financial, technological and capacity building support to developing countries. The recent Conference of the Parties on Biological Diversity reached important consensus, and we need to jointly support the positive outcomes of the Conference of the Parties on Climate change and Desertification to be held this year. Energy transformation and energy security is a big article. We must adhere to the principle of standing up first and breaking down later, so that clean energy can replace traditional energy in a smooth and orderly way, and accelerate the green and low-carbon transformation of the world economy. China will continue to deepen international cooperation with other parties in green infrastructure, green energy, green mining and green transportation, and provide support to developing countries within its capacity.
Global security governance is also an important part of global governance. The G20 should support the United Nations and its Security Council in playing a greater role and support all efforts conducive to a peaceful settlement of the crisis. It is necessary to follow the principle of "no spillover of the battlefield, no escalation of the war, and no fire by all parties" to promote the de-escalation of the crisis in Ukraine and seek a political solution. China and Brazil, together with countries of the global South, have launched a "Friends of Peace" group on the Ukraine crisis to bring together more voices committed to peace. The war in Gaza has brought heavy suffering to the people. We should urge all parties to cease fighting as soon as possible and provide support for easing the humanitarian crisis and post-war reconstruction in the region. The fundamental way out of the repeated cycle of Palestinian-Israeli conflicts is to implement the "two-state solution", restore the legitimate rights of the Palestinian nation and establish an independent Palestinian state.
Dear Colleagues,
Let us recall the founding intention of the G20, start from Rio de Janeiro again, carry forward partnership, practice true multilateralism, and open up a bright future of common development and prosperity.
Thank you very much！