Chinese premier meets leaders of int'l institutions on world economy

Chinese Premier Li Keqiang held a roundtable meeting with leaders of six major international economic and financial institutions in Beijing on Thursday.

Chinese Premier Li Keqiang and leaders of six major international economic and financial institutions meet the media after their fourth roundtable meeting in Beijing, capital of China, Nov. 21, 2019. [Photo/Xinhua]

The six leaders were World Bank Group President David Malpass, International Monetary Fund Managing Director Kristalina Georgieva, World Trade Organization Deputy Director-General Alan Wolff, International Labor Organization Director-General Guy Ryder, Organization for Economic Cooperation and Development Secretary-General Angel Gurria and Financial Stability Board Chairman Randal Quarles.

Li expressed the hope to build consensus, boost confidence and deepen cooperation through the meeting, so as to promote the sustained, healthy and stable development of the world economy.

According to a joint press release issued after the meeting, all parties stressed the need to pursue appropriate fiscal, monetary and financial policies, continue to advance structural reform, shore up financial resilience, and maintain and strengthen the rules-based multilateral trading system.

They also expressed the willingness to support China's high-quality development through reforms and opening-up, and jointly work toward strong, sustainable, balanced and inclusive growth of the global economy.

Li called on all parties to jointly safeguard economic globalization and work together to cope with the downward pressure on the world economy.

"We must firmly uphold multilateralism and free trade, work together to address global challenges, and promote trade and investment liberalization and facilitation," he said, urging all parties to strengthen macroeconomic policy coordination.

Li said China is in favor of making necessary reforms to the WTO to make the free trade system more conducive to the needs of the times. Rather than scrapping it and starting anew, the reform should be conducted with the consensus of all parties, and be aimed at safeguarding the basic principles and core values of the WTO and ensuring that the reform benefits all sides.

Li also expressed the readiness to optimize China's business environment and promote a higher level of openness.

It is the fourth roundtable meeting for Li and leaders of the six institutions. This year's meeting features the theme of "promoting openness, stability and high-quality development of the world economy."