China's finance minister, central bank governor stress multilateralism, global coordination at G20 meeting

China

China's finance minister, central bank governor stress multilateralism, global coordination at G20 meeting

2025-04-26 15:41 Last Updated At：23:47

Chinese Finance Minister Lan Fo'an and Central Bank Governor Pan Gongsheng emphasized China's support for multilateralism and coordinated global action to address various challenges while delivering their speeches at a G20 meeting which was held in Washington D.C. from Wednesday to Thursday.

Hosted by G20 Chair South Africa, the second G20 Finance Ministers and Central Bank Governors Meeting of the year focused on the global macroeconomic situation, financial stability, the international financial architecture and the promotion of growth and development in Africa.

Lan pointed out in his speech that world economic growth was insufficient as tariff and trade wars exacerbated economic and financial instability and sapped growth momentum.

He stressed that China firmly upholds the multilateral trading system with the WTO at its center, supports dialogue and consultation "on equal footing" to settle trade and tariff disputes, and will firmly safeguard its legitimate rights and interests.

Lan noted that all parties should work to further improve the international economic and financial system through strengthened multilateral cooperation.

He called for efforts to actively promote the reform of multilateral development banks, advance the equity review of the International Bank for Reconstruction and Development, improve the implementation of the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, and encourage international financial institutions and the private sector to provide more support for vulnerable countries facing debt and liquidity challenges.

Pan warned in his speech that economic fragmentation and trade tensions are disrupting global industrial and supply chains, undermining the momentum of global economic growth.

He emphasized that trade wars and tariff wars have no winners, and urged major economies to strengthen international macroeconomic and financial policy coordination, take substantive actions to promote cooperation, and safeguard global economic and financial stability.

Pan also highlighted China's solid economic start in 2025 marked by a steady recovery and stable financial market. He added that the central bank will implement an appropriately accommodative monetary policy to support the high-quality development of the Chinese economy.

UNGA President warns global multilateral system "under attack"

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.