Li Keqiang Holds the Seventh "1+6" Roundtable with Heads of Major International Economic Organizations
Build an Open World Economy and Boost World Economic Recovery and Growth
On December 9, 2022, Premier Li Keqiang of the State Council held the seventh “1+6” Roundtable in Huangshan City, Anhui Province with President David Malpass of the World Bank Group, Managing Director Kristalina Georgieva of the International Monetary Fund, Director-General Ngozi Okonjo-Iweala of the World Trade Organization, Director-General Gilbert F. Houngbo of the International Labor Organization, Secretary-General Mathias Cormann of the Organization for Economic Cooperation and Development, and Chairman Klaas Knot of the Financial Stability Board. Under the theme of “Strengthening Multilateral Cooperation for Global Common Development”, they had in-depth discussions and exchanges on issues including building an open world economy and boosting global economic recovery and growth.
Li Keqiang said that for the past seven years, China has held a roundtable with major international economic organizations every year. This is the first face-to-face meeting in three years, which aims to deepen exchanges and cooperation, jointly uphold multilateralism and promote openness and development of the world economy, and everyone actively made suggestions and recommendations for China’s reform and opening-up. The world economic situation is intricate and complex, with geopolitical tensions, heightened global inflation, low economic growth and acute food and energy problems. President Xi Jinping noted that living in the same global village, we should stand with each other in the face of risks and challenges. China is ready to work with all parties, including the six major international economic organizations, to explore ways of opening-up and cooperation and boost the steady growth of the world economy.
Li Keqiang noted that at the critical juncture of the current world economic growth, major economies and major international economic organizations should draw on their valuable experience in addressing the international financial crisis and other common major challenges, strengthen macro policy coordination and international cooperation, and strike a balance between preventing inflation and maintaining stable growth. When adjusting macro policies, major economies should take into account their impact on developing economies and work together to safeguard the stability of global economy and finance. Food and energy are the basic foundations for the operation of economy, and it’s necessary to ensure the smooth operation of these two markets.
Li Keqiang stressed that trade and investment liberalization and facilitation are the engines of economic growth, benefiting all countries. In today’s world economy, countries are interdependent and no country can do without the other. All the participating international economic organizations oppose “decoupling and severing supply chains”. It's necessary to uphold multilateralism, support free and fair trade, keep global industrial and supply chains stable and unimpeded, and work together to promote the integration of world economy. China has benefited from and promoted global opening-up, and upheld and participated in the existing international order and economic and trade rules. Major international economic organizations are important platforms for global economic governance and multilateral cooperation. China has hosted the dialogue for many years in a row and achieved fruitful cooperation results for a long time. The dialogue in itself is to promote global opening-up through practical actions. China firmly supports international economic organizations in better playing their role as platforms to make the world economy more open.
Li Keqiang said that efforts should be made to promote inclusive and sustainable development. Since the outbreak of the COVID-19 pandemic, the development gap between the North and the South has widened, and the international community needs to help developing countries grow. China is willing to continue to participate in debt treatment beyond the G20’s Debt Service Suspension Initiative. He expressed the hope that all major creditors will adhere to the principle of collective actions and fair burden sharing and generally participate in debt treatment.
Li Keqiang stressed that without a peaceful and stable environment, development is out of the question. China is committed to the path of peaceful development, and stands ready to work with other parties to firmly uphold the basic norms governing international relations based on the purposes and principles of the UN Charter and jointly safeguard world peace and tranquility.
Leaders of international economic organizations attending the meeting said that they should open up to each other, support international trade and investment cooperation, prevent the fragmentation of the world economy, build a diversified and resilient international industrial chain, and help solve the debt problem of low-income countries. All parties hope to deepen the partnership with China and make greater contributions to tackling climate change and promoting sustainable development.
Xiao Jie was present at the dialogue.