Hong Kong Ta Kung Wen Wei Media Group:

The white paper shows that the Global South now contributes 80% to global economic growth. However, it has long been marginalized in global governance, particularly in terms of its insufficient voting power in major international financial institutions. How should China work to address the North-South imbalance in the current global governance architecture? Thank you.

Mo Gaoyi:

Mr. Miao will take this question.

Miao Deyu:

This is indeed an important issue. All parties should attach greater importance to the imbalance between the Global South and the Global North. China believes that the collective rise of the Global South is unstoppable, that the era of the monopolization of international affairs by a small number of countries is gone for good, and that long-standing historical injustices must be redressed. In international affairs, the voices of the Global South must be heard, its representation strengthened, and its rights and interests safeguarded. These are integral parts of building a more just and equitable global governance system.

To that end, we should support the Global South in building strength through unity and make full use of major cooperation platforms such as BRICS, the SCO, and the Group of 77 and China. We should also strengthen emerging financial institutions such as the New Development Bank and the Asian Infrastructure Investment Bank, injecting strong momentum from the Global South into the cause of world peace and development.

We should prioritize increasing the weight of Global South countries in international affairs. On U.N. Security Council reform, we must hold firm to the right direction of greater representation and voice for developing countries. We should accelerate the World Bank shareholding review and achieve a meaningful realignment of IMF quota shares as soon as possible. We should work for more U.N. agencies and international organization headquarters to be based in developing countries, and support more outstanding professionals from developing countries in taking up leadership positions in international organizations.

Moreover, we should promote dialogue between the Global South and the Global North and strengthen macroeconomic policy coordination. We should also urge developed countries to earnestly fulfill their historical responsibilities and obligations in bridging the development gap and addressing global issues such as climate change, while fostering an open and inclusive international environment.

As a natural member of the Global South, China has always kept the well-being of the Global South in mind and remained firmly rooted in it. Acting on the principles of sincerity, real results, amity and good faith, China has consistently supported the development of Global South countries and safeguarded the interests of developing countries in international affairs. China will continue to strengthen solidarity and cooperation with developing countries, walk hand in hand with them on the path to modernization and work together to advance reform of the global governance system. Thank you.