Participants at Tsinghua PBCS Global Finance Forum advocate strengthened global cooperation

Officials and experts attending the 2025 Tsinghua PBCSF Global Finance Forum in Shenzhen, south China's Guangdong Province, emphasized the irreversible nature of globalization and called for enhanced multilateral cooperation to address climate risks, regulate artificial intelligence (AI), and promote cross-border financial integration.

Hosted by Tsinghua University, the 2025 Tsinghua PBCSF Global Finance Forum held from Saturday to Sunday attracted around 100 high-profile policymakers, industry leaders, and academic experts from across the globe to discuss pressing economic and financial challenges.

Under the theme "A Shared Future: Building an Open and Inclusive Economic and Financial System", the two-day forum featured 13 thematic panel discussions and two closed-door sessions.

In an interview with China Media Group (CMG), Marek Belka, former Prime Minister of Poland, set the tone by emphasizing globalization's entrenched role in modern society.

"Globalization is here. Every one of us who uses cell phones and I believe all of us do this. We are connected to the world mentally, financially. And globalization in this respect is so deeply rooted in our minds, in our daily behavior that I don't believe that it will be reversed," said Belka.

Zhang Xiaoyan, Xinyuan chair professor of finance and associate dean of PBC School of Finance of Tsinghua University, emphasized the need for global cooperation on climate change and the regulation of rapidly advancing artificial intelligence technologies.

"All countries are interested and they can work together. Number one is climate risk, because we only have one planet, we only have one earth, sustainability is all humankind. And the other thing we want to work together is technology, especially artificial intelligence. Now artificial intelligence has been developing so quickly, and this technology is going to change our ways of life, but the regulations, the standardizations, and there are still many open questions," said Zhang.

The forum also showcased tangible progress in regional cooperation.

Enkhtaivan Ganbold, deputy governor of the Bank of Mongolia, highlighted strengthened financial ties between China and Mongolia.

"China and Mongolia have made significant progress in terms of developing inter-country financial sector cooperation. Major Mongolian banks have established correspondent banking relationship with Chinese banks, which actually lowered the transaction costs and also helped business between the two countries," said Ganbold.

Launched in 2014, the forum has emerged as one of the most influential financial academic forums. It aims to provide a high-level platform for dialogue, bringing together global government officials, economists, and financial leaders to explore new opportunities for collaboration.

Participants at Tsinghua PBCS Global Finance Forum advocate strengthened global cooperation

The death toll from a landfill collapse in the central Philippine city of Cebu has risen to eight by Monday morning as search and rescue operations continued for another 28 missing people.

The landfill collapse occurred on Thursday as dozens of sanitation workers were working at the site. The disaster has already caused injuries of 18 people.

Family members of the missing people said the rescue progress is slow, and the hope for the survival of their loved ones is fading.

"For me, maybe I’ve accepted the worst result already because the garbage is poisonous and yesterday, it was raining very hard the whole day. Maybe they’ve been poisoned. For us, alive or dead, I hope we can get their bodies out of the garbage rubble," said Maria Kareen Rubin, a family member of a victim.

Families have set up camps on high ground near the landfill, awaiting news of their relatives. Some people at the site said cries for help could still be heard hours after the landfill collapsed, but these voices gradually faded away.

Bienvenido Ranido, who lost his wife in the disaster, said he can't believe all that happened.

"After they gave my wife oxygen, my kids and I were expecting that she would be saved that night because she was still alive. But the night came and till the next morning, they didn't manage to save her," he said.

Death toll in central Philippine landfill collapse rises to eight