CGTN China calls for more inclusive development in post-COVID world
BEIJING, Nov. 22, 2020 /PRNewswire/ -- With COVID-19 still causing widespread damage across the world, China on Saturday called for concerted efforts from major economies to promote more inclusive development and improve global governance in the post-pandemic era.
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The pandemic, which has infected over 57.4 million people and killed over 1.3 million worldwide, has exposed many weak links in global governance. The international community is wondering what the Group of 20 (G20) can do to make the system better, Chinese President Xi Jinping said when addressing the G20 Riyadh Summit via video link.
Xi said the G20, playing an irreplaceable role in the global fight against COVID-19, should uphold multilateralism, openness, inclusiveness, mutually beneficial cooperation, and keep pace with the times.
Created in 1999, the G20 is the main forum for international cooperation on financial and economic issues. It comprises 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain and the United States – plus the European Union.
Helping developing countries
"We should keep our support for developing countries and help them overcome the hardships caused by the pandemic," Xi told other G20 leaders, urging the world's leading economies to pursue more inclusive development.
China has fully implemented the G20 Debt Service Suspension Initiative (DSSI) while overcoming its own difficulties, with the total amount exceeding $1.3 billion, he noted.
The G20 launched the DSSI in April to address the immediate liquidity needs of low-income countries, allowing the debt service payments due from May 1 to the end of the year owed by the most impoverished countries to be suspended. The debt suspension will be extended by another six months until June 30, 2021, the G20 finance ministers and central bank governors decided in October.
China ranked first among the G20 members in terms of debt deferral amounts under the DSSI for the poorest countries, Finance Minister Liu Kun said recently.
"China will increase the level of debt suspension and relief for countries facing particular difficulties and encourage its financial institutions to provide new financing support on a voluntary basis and according to market principles," Xi said in his speech.