The economies of the Global South "want to be understood and respected" by the developed world, said former Deputy Prime Minister of Poland Grzegorz Kolodko at the Global South Think Tanks Forum on Wednesday in Beijing.
Organized by the International Department of the Communist Party of China (CPC) Central Committee and China Media Group, the forum, with both online and offline formats, brought together leaders and experts from developing nations to discuss crucial global issues such as peace, development, and security.
The forum highlighted the voices and perspectives of the Global South and aimed to foster dialogue for a more secure and prosperous future.
According to Kolodko, the diverse nations of the Global South are brought together by a shared desire to develop on their own terms.
"I have been for 35 years a professor of economics. I don't know what's the difference between so-called developing and emerging markets. This is the language of the World Bank and the International Monetary Fund and they advise you to use these terms. In my writing, I'm talking about emancipating economies and emancipating societies. We want to be understood. We want to be respected, and we want to play the economic and political game on the same, not identical, but firm, competitive footing. We simply want to emancipate, to develop. This is the so-called Global South, which is very diversified within. It is not a monolith. There are plenty of contradictions within the Global South, but the aim, sustainable, durable, and peaceful development, is the glue of this Global South. But remember, 'emancipating economy', this is the keyword," he said.
The forum attracted participation from political figures, government representatives, analysts, scholars, and journalists from 76 countries and regions worldwide.
At the forum, 40 think tanks from Global South countries jointly released an initiative reaching a broad consensus on enhancing development cooperation, promoting fairness and justice, and collaborating to build a global community for peace, security, prosperity, and progress for all.
Goal of "emancipating economies" binds Global South together: Polish ex-deputy PM
China's recent roll out of a series of policies aimed at revitalizing the housing and capital markets has effectively bolstered public confidence, contributing positively to the steady operation of the economy and finance, said governor of China's central bank at a financial forum on Friday.
Pan Gongsheng, governor of the People's Bank of China (PBOC), made these remarks at the annual conference of the Financial Street Forum 2024 in Beijing, where he provided updates on a series of incremental monetary policies designed to support steady economic growth. "All four financial policies for the housing market have now been announced, including the adjustment to mortgage rates for existing loans, which represents a crucial policy benefiting the public. This change is expected to assist around 50 million households, reducing their annual interest payments by approximately 150 billion yuan (about 21 billion U.S. dollars)," Pan stated.
He referred to the four policies jointly released by the PBOC and the National Financial Regulatory Administration (NFRA) on Friday, which include improvements to the pricing mechanism for mortgage rates on commercial residential properties, lowering the minimum down payment ratio for commercial housing mortgages to no less than 15 percent for both first and second homes, optimizing refinancing policies for affordable housing, and extending certain financial policies related to the housing market.
Pan also highlighted two financial tools developed by the central bank to ensure the steady growth of the capital market.
"The PBOC has established a task force with the China Securities Regulatory Commission and the NFRA to work on the implementation of the two financial tools to support the stable growth of the capital market. The Securities, Funds, and Insurance Companies Swap Facility (SFISF) has begun accepting applications from financial institutions. The policy for the special re-lending facility aimed at facilitating stock buybacks and increasing shareholdings has been officially released and implemented today," said Pan.
The Securities, Funds and Insurance companies Swap Facility (SFISF), allows eligible securities, funds and insurance companies to use their assets including bonds, stock ETFs and holdings in constituents of the CSI 300 Index as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills. This initiative is expected to significantly enhance their access to funds and facilitate increased stock holdings. SFISF：
Additionally, the central bank introduced a special re-lending facility aimed at guiding banks to provide loans to listed companies and their major shareholders for stock buybacks and increasing shareholdings. The initial scale for this re-lending facility is set at 300 billion yuan (about 42 billion U.S. dollars), with an interest rate of 1.75 percent, applicable to various company types regardless of ownership.
"Since the launch of these policies, both domestic and international responses have been overwhelmingly positive. These measures have helped restore public confidence and have played a positive role in promoting the steady operation of the economy and finance," Pan noted.
The Financial Street Forum, established in 2012 on the 20th anniversary of the establishment of the Beijing Financial Street, aims to foster communication and collaboration within the financial sector and enhance the international standing of Beijing's financial community.
This year's edition, themed "Trust and Confidence: Work Together to Promote Financial Openness and Cooperate for Economic Stability and Development," is set to run from Friday to Sunday, featuring a main forum, parallel sessions, and global fintech discussions.
PBOC governor highlights policies to boost housing, capital markets
