The Dec. 9 meeting of the annual “1+10” dialogue, hosted by Chinese Premier Li Qiang, brought together leaders of ten high-profile international economic institutions, including the World Bank, the IMF, the BRICS New Development Bank, the Asian Infrastructure Investment Bank (AIIB), the OECD, and others, to address what are considered “troublesome trends” in the global economy, Xinhua reported.
Tariffs and other trade restrictions have had a particularly adverse effect, Li said, and have caused the “mutual destruction” of the global economy. This, he underscored, must be addressed by a comprehensive reform of global economic governance. The global economy is affected by “twists and turns,” Li said, while still “moving forward amid headwinds.”
In separate meetings with the head of the World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, and the Secretary General of UNCTAD Rebeca Grynspan, Li Qiang indicated that China intends to open its “mega market” to the world, share development opportunities with other countries, and enhance dialogue and communication to address any economic and trade frictions that may arise.
Recent years have seen these frictions increase, Li explained, along with intensified “geopolitical turmoil” that has weakened investment trends. The fragmentation of industrial and supply chains has also dragged down industrial growth. In this context Li expressed optimism that China will be able to continue contributing to stability in the world economy, and that the 15th Five-Year Plan will allow China’s economy to continue improving, by expanding domestic demand, enhancing reliability of the domestic economic cycle and pursue integrated development “to advance the construction of a modern industrial system, and strengthen industrial cooperation with more countries.”
China, he emphasized, will continue to maintain strong cooperation with key international financial organizations—the IMF, World Bank, etc. Banga, Georgieva, and Grynspan all pointed to China’s remarkable development in recent years and its role in promoting global economic growth. They all expressed appreciation for China’s role in supporting “development of the Global South.”
