integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.
dialogues based on harmony in diversity and inclusiveness. We need to undertake the cultural responsibility of inter
national communicators, and let exchanges of culture and among civilizations, as well as mutual learning, co
nstantly serve as bridges for people’s friendship, the impetus of international cooperation and bond of world peace.
Second, we should become builders of world peace and development. The wheel of humanities’ de
velopment is unstoppable. Peace, reconciliation and harmony are historical trends. Equality, mut
ual trust and win-win cooperation are historical necessities. Yet, as international conventions are attacked an
d multilateral mechanisms are challenged, the anti-globalization tendency rises, and unilateralism and tra
de protectionism are becoming increasingly fierce. We must adamantly safeguard the contemporary interna
ancing needs, sustainable development and debt sustainability, according to Finance Minister Liu Kun.
“We will build a high-standard and high-quality financing system to s
upport long-term and sustainable BRI investment while preventing debt risks,” Liu said.
He suggested promoting financing cooperation for projects in
third-party countries, equity investment and attracting more private funding.
Enhancing debt and risk management is a key consideration for deepening BRI financi
ng cooperation, said Yi Gang, governor of the People’s Bank of China, the central bank.
“The debt issue in developing countries should be treated objective
ly. If debt growth is accompanied by infrastructure improvement, enhancement of people’s liveliho
ods and productivity and poverty reduction, it will be beneficial for the sustainability of long-term debt,” Yi said.
reforms to foster an investor-friendly legal system, represented by strengthened information disclosure, prot
ection of investors’ rights and interests, and crackdown on legal breaches, Liu said.
China must promote the healthy development of the capital m
arket through key institutional innovations, the Political Bureau of the Communist Part
y of China Central Committee, the Party’s core leadership, said a statement released after a meeting on Friday.
Dong said the revised law is likely to be adopted by the end of the first half of the ye
ar, adding it is imperative and possible to expedite rolling out the revised version.
“Previously, controversies over the registration-based IPO system reform ha
ve prolonged the revision process, but now this factor has been largely lifted,” he said.
“As foreign investors are set to play a bigger role in China’s capital
market development, the revised law should also consider clarifying the rights and oblig
ations of overseas investors, to help them form a stable policy expectation,” said Xue Yi, an associate p