Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

China’s Xi calls for greater role for G20 in economic governance

Published : , on

(Reuters) – China’s President Xi Jinping on Monday called on the world to strengthen macroeconomic policy coordination and bolster the role of the G20 in global economic governance as he pointed to a “rather shaky” recovery from the coronavirus pandemic.

Speaking at a virtual meeting of the World Economic Forum – a gathering usually held in a Swiss ski resort – Xi said the global economic outlook remained uncertain and public health emergencies “may very well recur” in future.

Xi, making his first appearance at the forum since his vigorous defence of free trade and globalisation in an address in Davos in 2017, struck a similar tone this time around, advocating multilateralism as the way out of current challenges in a roughly 25-minute speech. [https://tinyurl.com/y3akbv4l]

“We should build an open world economy … discard discriminatory and exclusionary standards, rules and systems, and take down barriers to trade, investment and technological exchanges,” he said.

The G20 – an international forum grouping 19 of the biggest developed and emerging economies, plus the European Union – should be strengthened as the “main forum for global economic governance” and the world should “engage in closer macro-economic policy coordination”, Xi added.

China itself would more actively participate in global economic governance, he said.

China’s GDP grew by 2.3% in 2020, according to official data released last week. That was its lowest annual growth rate in more than four decades but still made China the only major economy to avoid a contraction last year as many nations struggled to contain the pandemic.

International governance should be based on rules and consensus, instead of on orders given by one or the few, Xi added, without naming any countries.

“The world is undergoing changes unseen in a century, and now is the time for major development and major transformation,” he said.

Xi’s speech came just five days after Joe Biden was sworn in as U.S. president.

Under Biden’s predecessor, Donald Trump, tensions simmered between the United States and China, the world’s top two economies, on issues ranging from trade and technology to Hong Kong, Xinjiang and the coronavirus.

(Reporting by Meg Shen and Tom Daly; Editing by Toby Chopra and Alex Richardson)

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post