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Wang Yi: The G20 Has Responsibility to Provide Developing Countries with More Opportunities and Support

On May 21, 2018 local time, State Councilor and Foreign Minister Wang Yi attended the second session of the G20 Foreign Ministers' Meeting in Buenos Aires, and addressed the topic regarding promoting fair and sustainable development.

Wang Yi said that the world today faces many problems, which are primarily related to the development issues in the final analysis. At present, the global development situation remains severe. The imbalanced landscape of North-South development has not been fundamentally improved, and it remains a long and arduous task to address issues including environment, energy, climate change and food security. Recently, the adjustment of monetary policy in major economies has exerted negative spillover effect on developing countries, adding new difficulties to resolve the development issues.

Wang Yi stated that the G20, as the main forum for international economic cooperation, has the responsibility to create more opportunities for developing countries by promoting global economic growth and to provide more support for developing countries by strengthening international development cooperation. China appreciates Argentina for taking "Building Consensus for Fair and Sustainable Development" as the theme of the summit this year, and for focusing on development issues such as infrastructure, future employment, and food security, which reflects the G20's spirit of commitment to seeking growth for the world economy and driving force for the cause of global development.

We should continue to put development issues at the prominent position of global macro policy coordination. In promoting international cooperation in areas like economy, finance, trade, energy and employment, development perspectives should be always incorporated to take care of the concerns of developing countries and to ensure that the benefits can be enjoyed by developing countries, thus avoiding bringing negative impact to developing countries.

We should well implement the United Nations (UN) development agendas. The overall and coordinative role the UN plays in international development cooperation should be enhanced; assistance promised by developed countries should be fulfilled; and the policy space for developing countries to seek for development should be secured. The G20 has made unremitting efforts in this regard. And the key is to translate consensus into actions, and to turn actions into results.

We should seize new opportunities for realizing development. It is necessary to help developing countries strengthen their digital infrastructure, narrow digital divide, and prevent the North-South gap from expanding again in the new round of technological change. We should also make full use of the new potential brought by new technologies in information dissemination, inclusive finance and other fields, so as to provide new impetus for developing countries to eliminate poverty and realize development.

We should assist developing countries in breaking the development bottleneck. In emerging markets and developing countries, the annual gap in infrastructure investment is up to 1-1.5 trillion US dollars. By promoting the "Belt and Road" initiative, China is supporting the infrastructure connectivity in countries concerned. We expect the G20 to deepen cooperation in this regard and jointly increase support for developing countries.

We should continue to support the development of Africa. The summits in Hangzhou and Hamburg decided to support the industrialization of Africa and the least developed countries and to advance the investment in Africa. Under the "Africa-proposed, Africa-agreed and Africa-led" principle and combining the Agenda 2063 of African Union, we should continue to actively support the cause of Africa's development.

Wang Yi expressed that this year marks the 40th anniversary of China's reform and opening up. Over the past 40 years, China has lifted 700 million people out of poverty, significantly contributing to global development cause. The achievements China has realized should be attributed to opening the door for construction, integrating into the world economy bravely and aligning with the multilateral trade system with the World Trade Organization as its core. The achievements should also be attributed to sticking to reform, developing and improving the socialist market economy with Chinese characteristics continuously. In addition, the achievements were achieved by the Chinese people who have worked hard to create a better life bit by bit.

Finally, Wang Yi said that in the future, China will adhere to reform, expand opening up, implement the people-oriented development concept, and strive to make more contributions to the cause of common development of mankind while realizing our own development.

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