Speech by Chinese President Xi Jinping at the second session of the 19th G20 Summit

Chinese President Xi Jinping delivered an important speech at the second session of the 19th G20 Summit on Monday, titled “Working Together for a Fair and Fair Global Governance System.”

Here is the English version of the full text of the speech:

Working together for a fair and equitable global governance system

Speech by HE Xi Jinping

President of the People's Republic of China

On reforming global governance institutions

During the second session of the 19th G20 Summit

Rio de Janeiro, November 18, 2024

Your Excellency President Luiz Inacio Lula da Silva,

Colleagues,

It has been 16 years since the G20 Summit was launched. Over the years, we have worked in solidarity to combat the global financial crisis, promoted cooperation in global economics, finance and trade, and steered the global economy onto the path to recovery. We have worked together to tackle global challenges head-on, from climate change to the COVID-19 pandemic, led technological transformation, and continued to renew the responsibilities and missions of the G20. We have worked together to improve global governance, strengthen macroeconomic policy coordination, pursue the reform of international financial institutions, and uphold international cooperation in the spirit of equal consultation and mutual benefit.

Starting from a new starting point, the G20 must build on its past achievements and continue to act as a force to improve global governance and move history forward. We must keep in mind that humanity lives in a community with a shared future, view each other's development as an opportunity rather than a challenge, and view each other as partners rather than rivals. We must respect the fundamental norms of international relations, based on the purposes and principles of the Charter of the United Nations, and uphold the international order based on international law. In light of the G20 mandate, we could build greater international consensus in the economic, financial, trade, digital and eco-environmental areas, among others, to improve global governance and promote an equal and orderly multipolar world and economic universally beneficial and inclusive. globalization.

First, we must improve global economic governance and build a global economy characterized by cooperation. We developed the G20 comprehensive growth strategies and established a framework for strong, sustainable, balanced and inclusive growth. We must remain committed to strengthening global economic partnerships, strengthening macroeconomic policy coordination in fiscal, financial, monetary and structural reform policies, cultivating new quality productive forces and increasing total factor productivity, in the aim to open up more opportunities for the global economy. It is important to make good use of the meetings of G20 finance ministers and central bank governors, let them serve as ballast for macroeconomic policy coordination, and foster an open, inclusive and non-discriminatory environment for international economic cooperation. . As major creditors, international financial institutions and commercial creditors must participate in the reduction and suspension of the debt of developing countries. It is also important to create a clean business environment by maintaining zero tolerance against corruption, intensifying international cooperation in repatriation of fugitives and asset recovery, and denying safe haven to corrupt officials and their assets.

Second, we must improve global financial governance and build a global economy characterized by stability. To increase the voice and representation of developing countries, the World Bank should conduct a participation review and the International Monetary Fund should conduct a realignment of quotas in line with the agreed timetable and road map. Joint efforts are needed to maintain the stability of the international financial market and prevent negative spillovers from domestic monetary policy adjustments. Developed countries should assume their responsibilities in this regard. It is important to improve financial risk monitoring, early warning and treatment systems, strengthen cooperation in areas such as digital currency and taxation, and strengthen the global financial safety net. The G20 Sustainable Finance Roadmap should be implemented more quickly to better meet the green financing needs of developing countries.

Third, we must improve global trade governance and build a global economy characterized by openness. We must place development at the center of the international economic and trade agenda and steadily advance trade and investment liberalization and facilitation. We must continue the reform of the World Trade Organization (WTO), oppose unilateralism and protectionism, restore the normal operation of the dispute settlement mechanism as soon as possible, include the agreement on investment facilitation for development within the legal framework of the WTO and quickly reach consensus. on the agreement on electronic commerce. We should work actively to maintain the relevance of WTO rules, both by addressing long-outstanding issues and by exploring the formulation of new, forward-looking rules, to strengthen authority, effectiveness and the relevance of the multilateral trading system. It is important to avoid politicizing economic issues, avoid fragmenting the global market and avoid taking protectionist measures in the name of green and low-carbon development. Two years ago, China and Indonesia, along with other countries, launched the International Cooperation Initiative for Resilient and Stable Industrial and Supply Chains, calling for industrial and supply chain partnerships. more equitable, inclusive and constructive procurement. We stand ready to cooperate more closely with all parties on this initiative.

Fourth, we must improve global digital governance and build a global economy characterized by innovation. We must strengthen the function of the G20 Digital Economy Ministers Meeting and enable it to play a leading role in the digital transition, the deep integration of the digital economy and the real economy and the rule-making in emerging areas. We should strengthen international governance and cooperation on artificial intelligence (AI), to ensure that AI is for the good and for all, and not a game of rich countries and the wealthy. China hosted the Global AI Conference and the 2024 High-Level Meeting on Global AI Governance, and issued the Shanghai Declaration on Global AI Governance. Along with other parties, China promoted the adoption of a UN General Assembly resolution on strengthening international cooperation on AI capacity building. China will host another global AI conference in 2025 and welcomes the participation of other G20 members.

Fifth, we must improve global ecological governance and build a global economy characterized by respect for the environment. We must honor the principle of common but differentiated responsibilities and fully and effectively implement the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework for the sake of the harmonious coexistence of humans and nature. Developed countries should provide developing countries with the necessary support in finance, technology and capacity building. The recently concluded United Nations Conference on Biodiversity produced important consensus. We must jointly support the current and upcoming United Nations conferences on climate change and desertification to achieve positive results. The energy transition and energy security are a major issue. We must follow the approach of “establishing the new before abolishing the old” and replacing traditional energy with clean energy in a stable and orderly manner, while accelerating the green and low-carbon transition of the world. global economy. China stands ready to continue to deepen international cooperation with all parties in green infrastructure, green energy, green mining and green transportation, and will provide support to developing countries to the best of its ability .

Global security governance is an integral part of global governance. The G20 should help the UN and its Security Council play a more important role and support all efforts conducive to the peaceful resolution of crises. To defuse the Ukrainian crisis and seek a political settlement, we must follow the principles of non-expansion of battlefields, non-escalation of hostilities and non-fanning of flames. China and Brazil, along with other countries in the South, launched the “Friends for Peace” group on the Ukraine crisis, aiming to gather more voices for peace. The fighting in Gaza has inflicted deep suffering on the population. It is urgent for all parties to stop fighting, end the war and provide support to alleviate the humanitarian crisis in the region and for post-war reconstruction. The fundamental solution to breaking the cycle of Palestinian-Israeli conflict 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 us renew our commitment to the founding mission of the G20 and make a new start from Rio de Janeiro. Let us advance the partnership, practice true multilateralism, and pave the way for a better future of common development and prosperity.

THANKS.