Uphold Openness, Inclusiveness, Win-Win Cooperation and Multilateralism

Uphold Openness, Inclusiveness, Win-Win Cooperation and Multilateralism*

October 30, 2021

Faced with changes and a pandemic, both on a scale unseen in a century, the G20, the premier forum for international economic cooperation, must shoulder its responsibilities, consider the future of humanity and the wellbeing of the people, uphold openness, inclusiveness and win-win cooperation, practice true multilateralism, and promote the building of a global community of shared future. I would like to suggest that we work in the following five specific areas.

First, work in solidarity to combat Covid-19.

With the coronavirus ravaging the whole world, none of us can stay safe on our own. Solidarity and cooperation are the most powerful weapons. The international community must work in concert to confront and defeat the pandemic with a science-based approach. Stigmatization around the issue of the virus and politicization of origin tracing both run counter to the spirit of solidarity against the pandemic. We need to step up cooperation on prevention, control, diagnosis and treatment, and be more ready for major public health emergencies. The G20 includes the world’s major economies and should therefore play a leading role in building consensus, mobilizing resources, and promoting cooperation.

At the early stage of the pandemic, I called for Covid-19 vaccines to be made a global public good. To this end, I would like to propose here a Global Vaccine Cooperation Action Initiative:

One, we need to strengthen vaccine R&D cooperation and support vaccine companies in conducting joint R&D and production with developing countries.

Two, we need to uphold equity and justice, and provide more vaccines to developing countries to meet the global vaccination target for 2022 as set by the World Health Organization (WHO).

Three, we need to support the World Trade Organization (WTO) in making an early decision on waiving intellectual property rights on Covid-19 vaccines, and encourage vaccine companies to transfer technology to developing countries.

Four, we need to scale up cross-border trade cooperation to ensure smooth passage of vaccines and related raw and auxiliary materials.

Five, we need to treat different vaccines equally and advance mutual recognition of vaccines in accordance with the WHO’s Emergency Use Listing.

Six, we need to provide financial support for global vaccine cooperation, especially for developing countries to access vaccines.

To date, China has provided over 1.6 billion doses of vaccine to more than 100 countries and international organizations, and will provide over 2 billion doses to the world in the course of this year. China is conducting joint vaccine production with 16 countries, with an initial capacity of 700 million doses per year. The International Forum on Covid-19 Vaccine Cooperation that I proposed in May at the Global Health Summit was held successfully in August. The participating countries reached intended agreements amounting to more than 1.5 billion doses for this year. China, together with 30 other countries, has also launched an Initiative for Belt and Road Partnership on Covid-19 Vaccine Cooperation, calling on the international community to promote fair distribution of vaccines around the world. China is ready to work with all parties to increase vaccine accessibility and affordability in developing countries and make a positive contribution to building a global line of defense through vaccination.

Second, strengthen coordination to promote recovery.

Covid-19 has had a complex and far-reaching impact on the global economy. It is imperative that we apply the right prescriptions to address both symptoms and root causes of the problems we face. We should step up macroeconomic policy coordination and ensure the continuity, consistency and sustainability of our policies. Major economies should adopt responsible macroeconomic policies, prevent their domestic measures from causing a rise in inflation, exchange rate fluctuations, or mounting debt, avoid negative fallout on developing countries, and ensure the sound functioning of the international economic and financial system.

At the same time, we should take a long-term perspective, improve the global economic governance system and rules, and make up for the relevant governance deficit. We should continue to push for the scheduled conclusion of the 16th General Review of Quotas of the International Monetary Fund (IMF) to buttress the global financial safety net. China supports the early launch of negotiations on the 20th replenishment process of the International Development Association, and maintains that the relevant Voting Rights Review should faithfully reflect the changes in the international economic landscape and amplify the voice of developing countries. China welcomes the IMF’s decision on the new allocation of Special Drawing Rights totaling US$650 billion, and stands ready to lend the new allocation to low-income countries that are seriously affected by Covid-19.

We should safeguard the multilateral trading system with the WTO at its core and build an open world economy. The G20 should continue to provide political guidance on the reform of the WTO, uphold its core values and basic principles, and protect developing countries’ rights, interests and development space. It is imperative to restore, as quickly as possible, the normal operation of the dispute settlement mechanism, and work for positive results at the 12th WTO Ministerial Conference. We should keep industrial and supply chains secure and stable, and ensure the smooth functioning of the global economy. China proposes to hold an international forum on resilient and stable industrial and supply chains, and welcomes the active participation of G20 members and relevant international organizations.

Infrastructure development plays an important role in propelling economic growth. China has made unremitting efforts in this regard through Belt and Road cooperation and other initiatives. China is prepared to work with all sides to uphold the principles of extensive consultation, joint contribution, and shared benefits. China will stay committed to the vision of open, green and clean cooperation, and pursue the goal of high-standard and sustainable development for the benefits of the people, so as to deliver more fruitful outcomes from high-quality Belt and Road cooperation.

Third, embrace inclusiveness to achieve common development.

The pandemic has created multiple crises around the world, and hit developing countries particularly hard. The number of people living in hunger has reached around 800 million. Implementation of the 2030 Agenda for Sustainable Development is facing unprecedented challenges. In this context, we must take a people-centered approach and make global development more equitable, effective and inclusive, so that no country will be left behind.

The G20 should prioritize development in macro policy coordination, ensure sound implementation of the Action Plan on the 2030 Agenda for Sustainable Development, move forward with the Initiative on Supporting Industrialization in Africa and Least Developed Countries, and promote synergy among the existing mechanisms for development cooperation. Advanced economies should fulfill their pledges on official development assistance and provide more resources for developing countries.

Not long ago, I proposed a Global Development Initiative at the United Nations and called on the international community to strengthen cooperation in poverty alleviation, food security, Covid-19 response and vaccines, development financing, climate change and green development, industrialization, the digital economy and connectivity, so as to accelerate the implementation of the 2030 Agenda for Sustainable Development and achieve more robust, greener and more balanced global development. This initiative is closely compatible with the G20’s priority goal of promoting global development. We welcome the active participation of more countries in the initiative.

Fourth, pursue innovation to tap growth potential.

Innovation is a decisive factor in economic and social development and in addressing common challenges to humanity. The G20 should join forces to unleash the potential for innovation-driven growth and draw up rules based on extensive participation and broad-based consensus to foster an enabling environment for innovation-driven development. Forming exclusive blocs and drawing ideological boundaries will only cause division and create more obstacles, which will do only harm to scientific and technological innovation.

The digital economy is an important frontier of scientific and technological innovation. The G20 should shoulder its responsibilities in the digital era, accelerate the development of new types of digital infrastructure, promote deeper integration of digital technologies with the real economy, and help developing countries eliminate the digital divide. China has proposed the Global Initiative on Data Security. We may discuss and develop international rules for digital governance that reflect the will and respect the interests of all sides, and actively foster an open, fair, just and nondiscriminatory environment for digital development. China attaches great importance to international cooperation on the digital economy, and has decided to apply to join the Digital Economy Partnership Agreement. China stands ready to work with all parties for the healthy and orderly development of the digital economy.

Fifth, promote harmonious coexistence to achieve green and sustainable development.

The G20 must uphold the principle of common but differentiated responsibilities. It must push for the full implementation of the Paris Agreement on climate change, and support a successful COP26 of the United Nations Framework Convention on Climate Change and a fruitful COP15 of the Convention on Biological Diversity. Developed countries must lead by example on emissions reduction, fully accommodate the special difficulties and concerns of developing countries, deliver on their commitments in climate financing, and provide technology, capacity-building, and other support for developing countries. This is critical to the success of the upcoming COP26.

China has all along undertaken the international responsibilities commensurate with its national conditions. We have actively advanced the green transition of our economy and raised the targets of our climate actions on our own initiative. In the past 10 years, China has phased out 120 million kilowatts of installed coal-fired power generation capacity. The construction of a first batch of wind and photovoltaic power stations, with a total installed capacity of about 100 million kilowatts, has proceeded according to schedule. China will strive to achieve peak carbon dioxide emissions before 2030 and carbon neutrality before 2060. We will honor our words with actions and work with all countries to pursue a path of green, low-carbon and sustainable development.

* Part of the speech at Session I of the 16th G20 Leaders’ Summit.

(Not to be republished for any commercial or other purposes.)