Together for a fair and equitable system of global governance
Speech by His Excellency Xi Jinping
President of the People's Republic of China
On reforming global governance institutions
At Session II of the 19th G20 Summit
Rio de Janeiro, 18 November 2024
Your Excellency, President Luiz Inácio Lula da Silva,
Dear colleagues,
It has been 16 years since the G20 Summit began. During these years, we have worked in mutual solidarity to address the global financial crisis, fostered cooperation in the global economy, finance and trade, and set the world economy on the path to recovery. We have joined forces to tackle global challenges such as climate change and the COVID-19 pandemic, spurred technological transformation and continuously renewed the G20's responsibilities and mission. Together, we have worked to improve global governance, strengthen macroeconomic policy coordination, advance reforms of international financial institutions and promote international cooperation in a spirit of equal consultation and mutual benefit.
From a new starting point, the G20 should build on its achievements to date, act as a force for improved global governance and move history forward. We should remember that humanity lives in a community with a shared future, and view the development of others as opportunities rather than challenges, and see ourselves as partners rather than rivals. We should respect the basic norms of international relations enshrined in the purposes and principles of the UN Charter and uphold an international order based on international law. In line with the G20 mandate, we could build a broader international consensus in areas such as economics, finance, trade, digitalisation and ecology to improve global governance and promote an equitable and orderly multipolar world and a universally beneficial and inclusive economic globalisation.
First, we need to improve global economic governance and build a world economy based on cooperation.
We have developed comprehensive G20 growth strategies and created a framework for strong, sustainable, balanced and inclusive growth. We need to remain committed to strengthening global economic partnerships, strengthening macroeconomic policy coordination on fiscal, financial, monetary and structural reforms, developing new quality productive forces and raising overall productivity to open up more opportunities for the global economy. It is important to make good use of the G20 Finance Ministers' and Central Bank Governors' meetings to serve as a guarantee of macroeconomic policy coordination and to promote an open, inclusive and non-discriminatory environment for international economic cooperation. Major creditors, international financial institutions and commercial lenders should be involved in reducing and suspending the debts of developing countries. It is also important to create a clean business environment through zero tolerance for corruption, strengthening international cooperation on refugee and asset repatriation and denying safe havens for corrupt officials and their assets.
Second, we need to improve global financial governance and build a world economy based on stability.
In order to increase the voice and representation of developing countries, the World Bank should revise its shareholding and the International Monetary Fund should restructure quotas according to an agreed timetable and roadmap. A concerted effort is needed to maintain the stability of international financial markets and to prevent the negative effects of domestic monetary policy on other countries. Developed countries should fulfil their obligations in this regard. It is important to strengthen systems for monitoring, early warning and addressing financial risks, to strengthen cooperation in areas such as digital currencies and taxation, and to strengthen the global financial safety net. The G20 should accelerate the implementation of the Road to Sustainable Finance to better meet the green finance needs of developing countries.
Third, we need to improve global trade governance and build a world economy based on openness.
We should place development at the centre of the international economic and trade agenda and gradually push for liberalisation and facilitation of trade and investment. We should continue to reform the World Trade Organisation (WTO), oppose one-size-fits-all policies and protectionism, restore the normal functioning of the dispute settlement mechanism as soon as possible, incorporate the Agreement on Facilitating Investment for Development into the WTO legal framework, and reach consensus on an agreement on e-commerce as soon as possible. We should actively work to keep WTO rules relevant by resolving long outstanding issues and exploring the formulation of new, forward-looking rules to strengthen the authority, effectiveness and relevance of the multilateralist trading system. It is important to avoid politicising economic issues, dividing the global market and adopting protectionist measures in the name of green and low-carbon development. Two years ago, China and Indonesia, along with several other countries, launched the International Cooperation Initiative on Resilient and Stable Industrial and Supply Chains, which seeks more equitable, inclusive and constructive industrial and supply chain partnerships. We stand ready to work more closely with all parties on this initiative.
Fourth, we need to improve global digital governance and build a world economy based on innovation.
We should strengthen the function of the G20 Digital Economy Ministerial Meeting and enable it to play a leading role in digital transformation, deep integration of the digital economy and the real economy, and rule-making in new areas. We should strengthen international governance and cooperation on artificial intelligence (AI) so that AI serves the good of all and is not just a tool of rich countries and elites. China hosted the World AI Conference 2024 and the High Level Meeting on Global AI Governance and issued the Shanghai Declaration on Global AI Governance. Along with other parties, China supported the adoption of the UN General Assembly resolution on increasing international cooperation on AI capacity building. China will host the next World Conference on AI in 2025 and welcomes the participation of all G20 members.
Fifth, we need to improve global environmental governance and build a world economy based on environmental friendliness.
We should honour the principle of common but differentiated responsibilities and fully and effectively implement the Paris Agreement and the Kuning-Montreal Framework for Global Biodiversity for the harmonious coexistence of humanity and nature. Developed countries should provide developing countries with the necessary funding, technology and capacity-building support. The recently concluded United Nations Conference on Biodiversity produced an important consensus. We should jointly support the ongoing and upcoming UN conferences on climate change and desertification to achieve positive results. Energy transition and energy security are key issues. We should follow the approach of "creating the new before abolishing the old" and replace traditional energy sources with clean energy in a stable and orderly way to accelerate the green and low-carbon transformation of the world economy. China is ready to continue to deepen international cooperation with all parties on green infrastructure, green energy, green mining and green transportation, and will provide support to developing countries according to its capabilities.
Global security governance is an integral part of global governance.
The G20 should encourage the UN and its Security Council to play a greater role and to support all efforts leading to peaceful resolution of crises. To de-escalate the Ukrainian crisis and achieve a political solution, we should adhere to the principles of not expanding the battlefield, not escalating hostilities and not provoking conflict. China and Brazil, along with several other countries in the Global South, have launched a group of 'friends of peace' in the Ukrainian crisis to gather more voices for peace. The fighting in Gaza has caused deep suffering for the people. There is an urgent need for all sides to stop fighting, end the war and provide support to alleviate the humanitarian crisis in the area and for post-war reconstruction. The fundamental solution to the Palestinian-Israeli conflict cycle lies in the implementation of the two-state solution, the restoration of Palestine's legitimate national rights and the creation of an independent Palestinian state.
Colleagues,
Let's renew our commitment to the G20's founding mission and make a new start from Rio de Janeiro. Let's continue to partner, practice true multilateralism and open up a better future of shared development and prosperity.
Thank you. Thank you.
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