Action urged on financing gap

Premier outlines to Paris summit proposal to help developing nations

Premier Li Qiang on Friday called for the international community to take concerted action to jointly address the difficulties faced by developing countries — particularly fragile nations — in the face of the global development financing gap.

Li made the remark in Paris while addressing the closing ceremony of the Summit for a New Global Financing Pact, which was initiated by French President Emmanuel Macron. Invited by the French government, Li is on a three-day official visit to the country that began on Wednesday.

The premier put forward China's proposed solutions to addressing the widening global development financing gap. He said that efforts should be made to promote reform of global financial governance and create a stable financing environment for developing countries.

"China is willing to work with all parties to build a fair and efficient global financial governance pattern and strengthen international macroeconomic policy coordination," he said.

International financial institutions such as the International Monetary Fund and the World Bank should implement the consensus of the G20 leaders, complete the new round of quota and voting rights reforms, and improve the voice of emerging market countries and developing nations, he added.

Li called for building a global development partnership and providing more resources for developing countries.

Developed countries should effectively fulfill their commitments to provide assistance and funding to developing countries, while developing countries need to enhance their own development capabilities, he said.

"China will continue to provide various forms of support to other developing countries through practical measures to the best of its ability," Li said.

The premier also urged promoting economic globalization and free trade to inject new growth momentum for developing countries.

"China is willing to work with the international community to promote liberalization and facilitation of trade and investment, firmly oppose trade protectionism and all kinds of 'decoupling' and disruption of industrial and supply chains," Li said.

In a world full of turbulence and uncertainties, China and the European Union should seek common ground while reserving their differences and promote more creative cooperation to respond to the uncertainty of the international situation with the stability of China-EU relations. Both sides should also jointly promote sustainable human development.

As an important engine of the global economy, China has injected sustained power into the world's economic development, Li said. Regardless of how the world changes, China is steadfast in promoting high-quality development and expanding high-level opening-up so that all countries can share in China's development opportunities, he added.

On Thursday, Li met with Macron and called for the two countries to strengthen communication on international affairs to jointly cope with global challenges, while enhancing bilateral exchanges and cooperation.

Li said his visit to France aims to implement the important consensus reached by the two heads of state and have in-depth discussions on strengthening China-France cooperation.

While deepening cooperation in traditional areas such as nuclear energy, space and aviation, they should also tap the potential of cooperation in new fields, including environmental protection, the digital economy, artificial intelligence and advanced manufacturing to achieve mutual benefits and win-win results, Li said.

The Chinese side encourages its enterprises to invest in France, and French companies are welcome to share in China's development opportunities, he added.

Macron recalled his visit to China in April, saying France attaches great importance to relations with China and is ready to enhance coordination and deepen cooperation in various fields.

In a world full of challenges, France and China should adhere to multilateralism, promote international solidarity, improve global governance and strive to find solutions to global issues, Macron added.

On the same day, Li also met with President of the European Council Charles Michel and Pakistani Prime Minister Shehbaz Sharif on the sidelines of the two-day summit in Paris.

During his meeting with Michel, Li urged the EU to view its cooperation with China in an objective and rational way and work with China to safeguard the sound environment of China-EU pragmatic cooperation.

While meeting with Sharif, Li called for advancing major projects under the China-Pakistan Economic Corridor to promote the high-quality development of the Belt and Road Initiative.