<img src='https://news.cgtn.com/news/2024-10-09/China-urges-quick-reform-of-international-financial-framework-1xyKe66Cxwc/img/724eed48daf54edf8075e50715a360ab/724eed48daf54edf8075e50715a360ab.jpeg' alt='The UN headquarters in New York, United States. /CFP'
A Chinese envoy emphasized the need to expedite the reform of the international financial framework to enhance the voice and representation of developing countries during a UN debate on economy and finance on Tuesday.
Dai Bing, deputy permanent representative of China to the UN, advocated for equitable and inclusive global development. He said development issues should take precedence and highlighted the importance of improving investment. Dai particularly urged developed nations to assist developing countries in strengthening their development capacities, enabling them to better address various risks and challenges.
He strongly opposed unilateralism and protectionism, calling for a commitment to building an open world economy and rejecting decoupling and supply chain disruptions.
Dai also advocated for fair and effective global economic management. He urged international financial institutions and multilateral development banks to enhance their operational and financing capabilities, providing more long-term and concessional financial support to developing countries.
He emphasized the need for countries worldwide to strengthen macroeconomic policy coordination and warned major developed economies to adopt responsible fiscal and monetary policies to mitigate negative spillover effects.
The envoy reaffirmed China’s commitment to advancing Chinese modernization and comprehensively deepening reforms, stating that these efforts would provide new momentum for developing the Global South and promote global growth.
