Li: Cooperation a priority for G20

Premier Li Qiang (top center) delivers a speech in Beijing on Wednesday during the Virtual G20 Leaders' Summit. ZHAI JIANLAN/XINHUA

Premier says China will work with all parties to advance global recovery

Premier Li Qiang underlined the necessity for Group of 20 members to prioritize cooperation over development and expedite efforts in promoting strong, sustainable, balanced and inclusive growth of the global economy, while addressing the Virtual G20 Leaders' Summit on Wednesday.

With the road to global economic recovery remaining challenging, China is willing to work with all parties to uphold the original aspiration of cooperation, respond to the call of the times, and forge ahead to create a better future for humanity, Li said.

He reiterated Beijing's opposition to the politicization of development issues and overstretching the concept of security to these issues, saying that more pragmatic measures must be adopted to implement the consensus reached at the New Delhi summit in September.

Li called for closer coordination to revitalize multilateralism, strengthen macroeconomic policy cooperation and further accommodate the concerns of developing countries in the reform of international organizations such as the World Trade Organization and the International Monetary Fund.

He emphasized that history has repeatedly proved that an open world economy thrives, while a closed one declines.

China will continue to work together with all parties in an open and inclusive manner to make greater contributions to global economic recovery, global development and prosperity, the premier added.

The summit, chaired by Indian Prime Minister Narendra Modi, was held to take forward the key outcomes and action points from the New Delhi summit as well as review developments since then, according to the G20 website. India holds the G20 presidency until Nov 30.

United Nations Secretary-General Antonio Guterres told the summit that the G20 can lead the way in financial justice, structural justice and climate justice.

"We must keep working to reform today's outdated, dysfunctional and unfair global financial architecture," Guterres said.

He also urged the G20"to deliver an ambitious, credible and just outcome to keep 1.5 C within reach and protect people on the front lines".

Russian President Vladimir Putin said Russia advocates "restoring the spirit of open and mutually beneficial international economic cooperation based on the UN Charter and the principles of collegial and mutually respectful joint work", according to a news release by the Kremlin.

"It is important to achieve an effective optimization of the global economic governance system, in particular, to restart the WTO in its entirety, including its arbitration function," Putin said.

He also highlighted the need to enhance the role of developing economies in international financial institutions, including the IMF and the World Bank, and "to use those bodies' resources to promote the development of countries and regions that really need it".

The Chinese premier also met with visiting Uruguayan President Luis Alberto Lacalle Pou in Beijing on Thursday.