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

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.

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

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

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

China is set to promote high-quality development of digital economy by making targeted efforts in key areas, said Liu Liehong, director of the National Data Administration, at a press conference in Beijing on Tuesday.

Liu said that during the 14th Five-Year Plan period (2021-2025), the share of the value added of core industries in the digital economy in GDP rose from 7.8 percent in 2020 to over 10.5 percent in 2025, with an average compound annual growth rate of 12.8 percent, far exceeding the GDP growth rate over the same period.

"We will foster digital industrial clusters in a phased manner, leverage the data chain to drive deep integration of innovation chains, industrial chains, capital chains and talent chains, and advance the development of three types of digital industrial clusters -- those that drive innovation, that have become regional pillars, and that have regional characteristics. In cultivating and boosting the development of innovative enterprises in digital economy, we'll work with the National Development and Reform Commission and other relevant departments this year to choose a batch of enterprises that have strong innovation strength and great growth potential to cultivate them as the reserve force, offering them one-stop policy support in terms of computing power, data, scenarios and funding," said Liu.

Liu said that China will also promote city-wide digital transformation, accelerate digital empowerment to improve the quality and efficiency of manufacturing industry, and quicken up the fostering of high-value application scenarios in sectors of logistics, finance, healthcare, and elderly care.

China to promote high-quality development of digital economy