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China’s economy is deeply entrenched in global economy-China’s Premier

Chinese President Xi Jinping meets with International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the Great Hall of the People in Beijing, capital of China
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Beijing, 8 December 2021 (GNP/ TDI): Premier of China Li Keqiang has called for stronger policy links between major economies to stabilize the global financial system and supply chain.

On Monday at a video conference with heads of six major economic and financial institutions, including the World Bank, International Monetary Fund (IMF), and World Trade Organization (WTO), Li Keqiang said that China’s economy is deeply entrenched in the global economy and the door to opening up will only open wider and wider.

China, which marks the 20th anniversary of joining the WTO, has pushed the message of multilateralism amid a series of global challenges recently. From the supply chain disruption caused by the Covid-19 pandemic to geopolitical tensions with the United States and its allies.

WTO is the core, and promote freedom and facilitation

“We must adhere strictly to the international trade system, of which the WTO is the core, and promote freedom and facilitation of trade and investment”. China is committed to strengthening communication and cooperation with all parties to create a conducive environment for global economic stability, added by Li.

China’s strenuous efforts to secure high-quality growth will not only help the country but the world to recover. And its domestic re-evaluation will drive green development. Kristalina Georgieva, executive director of the International Monetary Fund (IMF), said on Monday that the global economy has continued to recover but the recovery faces many risks. Including the uncertain course of the COVID-19 pandemic over the arrival of new varieties, and the ​inflation outlook.

Supporting global recovery will be a joint effort we must make together, Georgieva said in a statement after the Sixth Roundtable “1 + 6” called by almost Chinese Premier Li Keqiang. The series, “Promoting Sustainable, Inclusive and Sustainable Economic Growth: from Recovery to Restructuring”. Provided a platform for leaders of international economic organizations to share information on promoting global economic stability and sustainable growth after COVID-19, and sustainable economic development. Chinese economy.

China is an important engine for global growth

China is an important engine for global growth; Taking concrete steps to support high-quality growth will not only benefit China but the world, Georgia added. In the areas of international cooperation, the IMF official stressed the urgent need to reach the global lender’s pandemic proposal to vaccinate 40% in each country by the end of this year and 70% by 2022.

She said the IMF acknowledged China’s “significant contributions” to expanding access to vaccines. China has provided 1.7 billion doses of COVID-19 vaccines to at least 100 countries and international organizations and will provide more than 2 billion doses by the end of this year, Chinese Ambassador to the  United States (US) Qin Gang said at an online ministerial conference hosted by the US. Secretary of State Antony Blinken on November 10th.

World Economic Outlook report

An IMF official called for co-operation to reduce trade disputes and strengthen the international trade system. Which he said was a key factor in job growth, In its latest World Economic Outlook report released in October. The IMF cited trade and technology disputes among major risk factors that contribute to global uncertainty over global stability. The escalation of trade and technology disputes, particularly between the United States and China. Could offset investment and productivity growth, raising some barriers to the recovery path, the 190-member global lender noted.

Georgieva also added more is needed to accelerate the transformation of net-zero carbon emissions and to support climate change efforts, by affecting all available policy aspects. China’s climate strategy is developing and will play a key role in global climate efforts, she added. Speaking at a press conference, World Bank President David Malpass said the number of people in extreme poverty has increased by more than 100 million. Since the outbreak began, and a low vaccination rate adds added to the risk of human suffering.

David Malpass Remarks: World Bank

Malpass said China’s active participation and “strong voice” in debt reduction efforts are very much needed. And would benefit all stakeholders by promoting sustainable investment and debt. He said China’s economic growth had recovered quickly and successfully from the pandemic. But growth had slowed down lately, indicating an irreversible structural deficit. The key to China’s future growth lies in the re-balance of domestic demand. The increase in the creation of independent industry and growth, Malpass added.

He noted that China’s structural change in terms of low carbon power. Which is an important part of its climate response. It is closely related to the principle of domestic re-equity. One of the reasons for the high carbon footprint in the Chinese economy is the over-production of commodities and the related demand for cement and steel in the Chinese economy. A more service-oriented, consumption-driven growth model would create sustainable job opportunities, and generate less pollution and greenhouse gas emissions, he said.

China’s experience in growing and reducing poverty over the past 40 years demonstrates the power of market-focused reforms. Property rights, and the ingenuity of Chinese entrepreneurs. These are lessons that China can share with others and that are very important for China’s future growth.

Premier Lie Keqiang expressed his views

The World Bank has also focused on its lending to China to support global public goods. Including reducing greenhouse gas emissions, controlling marine plastics and water pollution. Supporting shifts in sustainable agricultural practices through renewable and measurable methods, according to Malpass.

Premier Li expressed the best experience of years of practice in China is to rely on reforms and opening-up in boosting vitality and momentum and to reduce economic stress while implementing sound macro policies. He said China could cope with short-term economic volatility and sustain steady and sound economic development for the long run.

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