Former EC president calls for heightened cooperation in global cybersecurity

The former president of the European Commission has warned of a worrying increase in cybercrime amid rising geopolitical tensions, emphasizing the importance of global cybersecurity cooperation.

Jose Manuel Barroso made the remarks in an interview with China Global Television Network (CGTN) at the just-concluded two-day Global Cybersecurity Forum, held Thursday in Riyadh, Saudi Arabia, where global experts and industry professionals have gathered to advance collective action in cyberspace and the realms beyond.

Barroso steered the EU through turbulent times during his decade of leadership, from the global financial crisis to the emergence of new geopolitical challenges. At the forum, he provided his seasoned insight on cybersecurity in the increasingly complex international landscape.

"The reality is that cybercrime is increasing. Not only is cybercrime increasing because of the development of the new tools, including technological tools, but also, to be honest, the geopolitical situation nowadays is more fragmented, more polarized than it was, let's say one, two or more years ago," he said.

The former EU leader encouraged countries around the world to take a realistic view of the challenges at hand while still embracing constructive partnerships.

"Competition is unavoidable, cooperation is indispensable. If we want to be intellectually honest, we have to accept that competition between countries, let's be honest, between the United States and China, it's going to increase. I don't believe it's going down. At the same time, it's better to talk than to fight. When it comes to some areas, we have to recognize them as global public goods and not just national interests -- global public goods, for instance, fighting climate change. Cybersecurity, I'm afraid that it's so much linked with national security matters that it's going to be more difficult to cooperate. But we should nevertheless make an effort to keep a dialogue even when we disagree," he said.

Former EC president calls for heightened cooperation in global cybersecurity

China's outstanding aggregate financing to the real economy stood at 468.17 trillion yuan (about 69.96 trillion U.S. dollars) at the end of August, maintaining a reasonable growth rate of 7.1 percent year on year, central bank data showed on Wednesday.

M2, a broad measure of money supply that covers cash in circulation and all deposits, had increased by 7.2 percent year on year to 359.63 trillion yuan by the end of last month, according to the People's Bank of China (PBOC).

The growth rates of both aggregates align with the projected targets for economic growth and general price levels, indicating reasonable growth in the total volume of finance and supporting the economy's sustained development toward new, better, and more positive outcomes, according to the PBOC.

In the first three quarters, combined financing from bonds and stocks accounted for 49.5 percent of the total increase in aggregate financing to the real economy, surpassing the share of loans by nearly 7 percentage points, reflecting accelerated bond and equity financing and increasingly diversified financing channels.

During the same period, RMB loans increased by 11.52 trillion yuan, with funds increasingly flowing into technological innovation, green development, and micro, small, and medium enterprises.

China’s aggregate financial volume sees reasonable growth in September: central bank