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Li Keqiang Holds the Fourth "1+6" Roundtable with Heads of Major International Economic and Financial Organizations
--Jointly Safeguard Economic Globalization and Cope with the Downward Pressure on the World Economy
2019/11/21

On the morning of November 21, 2019, Premier Li Keqiang held the fourth "1+6" Roundtable with President of the World Bank Group David Malpass, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Deputy Director-General of the World Trade Organization (WTO) Alan Wolff, Director-General of the International Labor Organization Guy Ryder, Secretary-General of the Organization for Economic Cooperation and Development Angel Gurria, and Chairman of the Financial Stability Board Randal Quarles at the Diaoyutai State Guesthouse. Centering around the theme of "promoting openness, stability and high-quality development of the world economy", all parties exchanged in-depth views on topics including the prospects of the world economy, response measures and promoting global governance reform.

Li Keqiang expressed, global economic situation is undergoing profound and complex changes, with rising protectionism and markedly slowing growth in the global economy. Global industrial chains and international division of labor are under attack. Unstable and uncertain factors are increasing significantly. The World Bank Group and the IMF have repeatedly revised downward their global growth forecasts for 2019 and 2020.

Li Keqiang noted, in this age of economic globalization, like various countries in the world, China is so deeply integrated into the global economy and trading system. Under such circumstances, no country can stay immune. Instead, various countries should work together to deal with the challenges. We must resolutely safeguard multilateralism and free trade, make concerted efforts to deal with global challenges and promote trade and investment liberalization and facilitation. We need to enhance macro-policy coordination, meet each other half way, form an effective response solution and make policy more coordinated. We need to give play to the role of innovation in driving development, seize the opportunity brought by the new round of scientific and industrial revolution, strengthen new growth drivers and share the fruits of innovation. All parties need to promote inclusive growth, strive for just and fair development, support more developing countries in integrating into the global division of labor, narrow the North-South development gap and safeguard world peace.

Li Keqiang noted, the rules-based multilateral trading system, with the WTO at its core, is the cornerstone of economic globalization and free trade. China agrees to the necessary reforms in the WTO, so that the free trade system better meets the needs of the development of the times. Targeted measures must be adopted in reforms. The purpose of the reform is not to overturn the current system or start something new. We should adhere to negotiation and consultation, and uphold the WTO's core values and fundamental principles to make sure all parties benefit from the reforms. The WTO and the IMF and other institutions should also carry out reforms to better gather the forces of all parties. China will always be a positive force in promoting the reforms in international economic governance.

Heads of the international economic and financial institutions spoke positively of China's positive contributions to world economic growth. They expressed, China, as a major economy in the world and a significant participant in the global development, has played a critical role in preventing and coping with financial crisis. Against the backdrop of a sluggish world economy, all parties should jointly safeguard multilateralism and free trade, strengthen policy coordination, make joint efforts, deepen cooperation in industrial transformation, climate change, green development and digital economy, cope with global challenges together, promote inclusive growth of the world economy, and propel green and sustainable development, so as to seek benefits for the people of the whole world.

State Councilor and Secretary-General of the State Council Xiao Jie and Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference and Director of the National Development and Reform Commission He Lifeng were present.

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