By Lalit K Jha China: Ready to Work with Global Community to Champion Vision for Global Governance

Washington, Apr 21 (PTI) Asserting that it has always been and will continue to be a force for world peace, development and the international order, China today told the World Bank that it is ready to work with the rest of the international community to champion a vision for global governance.

"As a developing country, we will run our own business well, and on that basis, we are ready to work with the rest of the international community to champion a vision for global governance that features extensive consultation, joint contribution and shared benefits, and to firmly uphold multilateralism, support multilateral trade system and strive for shared development and progress,” China's Vice Finance Minister Guangyao Zhu told the Development Committee meeting of the World Bank here.

The year 2018 marks the 40th anniversary of the reform and opening-up of China and Beijing has introduced a series of major new initiatives to seek further opening-up and deepen the reform, he said in his speech during the ongoing annual Spring Meeting of the IMF and the World Bank.

Addressing the 97th meeting of the Development Committee, Guangyao said the world economy is picking up and major economies are growing in sync for the first time since the global financial crisis.

"International trade and investment have bottomed out. A new cyclical upswing can be expected for the global economy," he said.

"Meanwhile, deep-seated problems in the world economy have yet to be fixed. Multiple risks and considerable uncertainties come in the form of anti-globalisation sentiments, unilateralism, protectionism in trade and investment, high debts, asset bubbles, slowing down of potential economic growth and total factor productivity growth, and escalation of international and regional tensions,” the top Chinese official said.

Guangyao said the technological revolution is producing increased impacts on the pattern of global development and also proved more than ever to be a double-edged sword.

The international development cooperation has been seeing new positive developments but is still faced with a complex and tough situation.

“To meet these challenges, to keep the growth momentum, and to turn the cyclical recovery into sustainable growth, we need concerted global efforts,” he said.

Calling for increasing financial strengths for the achievement of the international goal of poverty reduction and development, he urged the international community to push forward the voice reform and promote the development of a more fair and rational global governance system.

Seeking to optimise operation policies and business models of the World Bank to strengthen its competitiveness in international development cooperation, the top Chinese official emphasised on the disaster risk management and gender equality and promote global inclusive growth.

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