Chinese President Urges True Multilateralism to Build Open World Economy –

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Addis Ababa, January 18, 2022 (Walta) – Chinese President Xi Jinping called on countries around the world to uphold true multilateralism to build an open world economy, making economic globalization more open, inclusive, balanced, and beneficial for all.

The president made the remark today in his keynote speech delivered at the 2022 World Economic Forum via video link.

According to a press release the Chinese Embassy in Addis Ababa sent to ENA,  the president urged countries around the world to fully unleash the vitality of the world economy.

To turn the world economy from crisis to recovery, the President said it is imperative to strengthen macro-policy coordination.

“Major economies should see the world as one community, think in a more systematic way, increase policy transparency and information sharing, and coordinate the objectives, intensity, and pace of fiscal and monetary policies,” he underscored.

He urged major developed countries to adopt responsible economic policies, manage policy spillovers, and avoid severe impacts on developing countries.

International economic and financial institutions should also play their constructive role to pool global consensus, enhance policy synergy and prevent systemic risks, he pointed out.

Xi stressed the need for the world to bridge the development divide and revitalize global development noting that the process of global development is suffering from severe disruption, as can be seen from the fact that the Human Development Index has declined for the first time in 30 years.

Some developing countries have fallen back into poverty and instability due to the COVID-19 pandemic; he said adding that many in developed countries are also living through a hard time.

“No matter what difficulties may come our way, the international community must adhere to a people-centered philosophy of development, place development and livelihoods front and center in global macro-policies, realize the UN’s 2030 Agenda for Sustainable Development, and build greater synergy among existing mechanisms of development cooperation to promote balanced development worldwide,” he elaborated.

The world needs to uphold the principle of common but differentiated responsibilities, promote international cooperation on climate change in the context of development, and implement the outcomes of COP26 to the United Nations Framework Convention on Climate Change.

The president called on the developed economies to take the lead in honoring their emissions reduction responsibilities, deliver on their commitment to financial and technological support, and create necessary conditions for developing countries to address climate change and achieve sustainable development.

He affirmed that China stands ready to work with all partners to jointly translate the Initiative into concrete actions and make sure that no country is left behind in this process.

President Xi Jinping also said that the world needs to discard the Cold War mentality and seek peaceful coexistence and win-win outcomes.

The world today is far from being tranquil; rhetorics that stoke hatred and prejudice abound, he said adding that history has proved time and again that confrontation does not solve problems; it only invites catastrophic consequences.

“Protectionism and unilateralism can protect no one; they ultimately hurt the interests of others as well as one’s own. Even worse are the practices of hegemony and bullying, which run counter to the tide of history,” he pointed out.

The right way forward for humanity is peaceful development and win-win cooperation, President Jinping said urging the international community to follow the trend of history, work for a stable international order, advocate common values of humanity, and build a community with a shared future for mankind.

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