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China's high-quality development and opening-up will benefit the global economic

Chinese Foreign Minister Wang Yi, second from right, says high-quality development and will bring major benefits to the global economy. Mark Schiefelbein/Pool via Reuters

Chinese Foreign Minister Wang Yi, second from right, says high-quality development and will bring major benefits to the global economy. Mark Schiefelbein/Pool via Reuters

Published Jan 19, 2022

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China's high-quality development and further opening-up will bring major benefits to the global economic recovery, says Chinese State Councillor and Foreign Minister Wang Yi.

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Wang made the comments to reporters following Chinese President Xi Jinping's speech at the 2022 World Economic Forum virtual session on Monday.

Noting that the world has entered a new era of turbulence and shifts, demonstrated by the unstable momentum of the global economic recovery and a marked increase in uncertainty, Wang said all parties share common aspirations for promoting post-pandemic recovery, and at the same time are faced with multiple new challenges.

Referring to Xi's statement that, "Strong confidence and cooperation represent the only right way to defeat the pandemic," Wang pointed out that China has always played a leading role in international cooperation on Covid-19 response and promoting the fair distribution of vaccines.

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In the face of intertwined crises and the constant emergence of new vulnerabilities, poverty belts and sources of turbulence, Wang said a more fair, just and rational global governance system will serve as a powerful guarantee for a stable global recovery.

Wang said that an economic rebound in one or several countries does not represent a real global recovery, and all economies in a globalized world are interdependent and their interests are integrated.

In his speech, Xi urged major economies to "increase policy transparency and information sharing," and called on major developed countries to "manage policy spillovers and avoid severe impacts on developing countries." Wang said that, with these words, the Chinese leader has pointed out the right direction for global governance reforms.

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Noting that developing countries have been severely impacted by the Covid-19 pandemic and the gap between the North and South is being widened, Wang said Xi's speech shows China's sense of responsibility as a major country and demonstrates to the world that China has always been a staunch contributor to the global endeavour of development.

On peaceful development and win-win cooperation, Wang said Xi's speech has voiced the common aspiration of most countries in opposing the "new Cold War" and the dividing of the world. This once again demonstrates that China stands on the right side of history and on the side of international fairness and justice, Wang added

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