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Li Keqiang Meets the Press with the Leaders of Major International Economic Institutions
2021-12-07 16:26

On the evening of December 6, 2021, Premier Li Keqiang met the press via video link at Diaoyutai State Guesthouse with the leaders of the six major international economic institutions after the sixth "1+6" Roundtable. The leaders were President David Malpass of the World Bank Group, Managing Director Kristalina Georgieva of the International Monetary Fund (IMF), Director General Ngozi Okonjo-Iweala of the World Trade Organization, Director-General Guy Ryder of the International Labor Organization, Secretary-General Mathias Cormann of the Organization for Economic Cooperation and Development, and Chair Klaas Knot of the Financial Stability Board.

Li Keqiang said, it is a candid and productive dialogue that enhances understanding, builds consensus and boosts confidence. We agreed that the world economic recovery has shown divergence and fighting COVID-19 remains the current pressing task. We should promote fair and equitable vaccine distribution and enhance the accessibility and affordability of vaccines in developing countries, to create conditions for sustained and steady recovery of the world economy. We should firmly adhere to the basic norms governing international relations based on the purposes and principles of the UN Charter, safeguard the multilateral trading system with the World Trade Organization at its core, uphold free trade, maintain stable and unimpeded global industrial and supply chains, and ensure global food and energy security, so as to provide support for the steady operation of the world economy. Major economies should step up communication and coordination on macro policies. China supports the International Development Association (IDA) replenishment negotiations and the IMF's debt service suspension under the G20 framework, and has participated in relevant discussions and negotiations at the WTO with an active and open attitude. China is ready to deepen cooperation with the major international organizations on climate response, green development, public health, financial stability, job promotion and other aspects.

Li Keqiang introduced China's economic situation and pointed out that since the beginning of this year, China's economy has maintained the trend of recovery and major macro indicators remain within a reasonable range. In the face of new downward pressure, China will maintain the stability of its macro policies, make them more targeted, refrain from resorting to massive stimulus measures, and effectively implement a proactive fiscal policy and a prudent monetary policy. This year, China's macro leverage ratio has dropped significantly. We have ample room to use a variety of currency tools, including cutting the reserve requirement ratio, to maintain reasonable and sufficient liquidity, and continue to lower financing costs for market players, particularly for small, medium and micro enterprises, to further invigorate market entities. We will deepen reform to delegate power, improve regulation and upgrade services, and foster a market-oriented, world-class business environment governed by a sound legal framework, to attract more foreign investment into China.

Xiao Jie and He Lifeng participated in the event.

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