The heads of international economic organizations have put forth key policy recommendations for global development while expressing confidence in the transformation of China's economy, Vice Minister of Finance Liao Min said at a press briefing on Monday.
China hosted the "1+10" dialog in Beijing with the heads of 10 international economic organizations on Monday morning. The attendees included the President of the New Development Bank Dilma Rousseff, the President of the World Bank Ajay Banga, the Managing Director of the International Monetary Fund Kristalina Georgieva, the Director-General of the World Trade Organisation Ngozi Okonjo-Iweala, and the UN Secretary-General for Trade and Development Rebeca Grynspan.
During the press conference, Liao elaborated on the policy recommendations put forth by the heads of international economic organizations to promote global development.
"At this crucial juncture for global development, the heads of attending international economic organizations provided key policy recommendations: first, to strengthen international macro policy coordination; second, to firmly oppose protectionism and unwaveringly promote economic globalization; third, to jointly create a peaceful and stable development environment; fourth, to seize opportunities for change, encourage the digital economy, green development, scientific and technological innovation, and digital trade, and continue to stimulate new drivers of economic growth; and fifth, to promote the international community to provide more assistance to developing countries, insist on ensuring and improving employment and livelihoods in development, and promote global common prosperity," Liao elaborated.
The vice minister said the heads of international organizations had affirmed the positive progress China had made in supporting economic growth.
"We have increased counter-cyclical adjustments and taken pragmatic and strong measures to promote the continuous recovery and improvement of the economy. Participants affirmed the positive progress made by China in supporting economic growth and promoting structural adjustments. China is transitioning from an investment-driven growth model to a consumption and innovation-driven growth model, and the successful transformation of China's economy will benefit the global economy," said he.
Liao also said that the dialog attendees believe that the Chinese government can reinforce market confidence, and achieve stable and sustainable economic growth.
Int'l organizations put forth policy recommendations for global development: vice finance minister
Sam Hou Fai, who was elected the sixth-term chief executive designate of China's Macao Special Administrative Region (SAR) on Oct 13, has outlined his vision for Macao's future development, emphasizing that moderately diversified economic growth is a crucial priority for Macao.
Over the past 25 years since Macao's return to the motherland, the "one country, two systems" has been fully and accurately implemented in Macao and has achieved remarkable success, Sam said.
"President Xi has set out clear requirements for the future development of Macao, especially for the sixth-term SAR government, and me as chief executive. I am deeply honored by the trust that President Xi and the central government have placed in me. It is a glory in my life. The chief executive is a very important position, serving as the primary figure responsible for pursuing steady and sustained implementation of 'one country, two systems' in Macao. I will lead the various sectors of Macao and work closely with the key officials of our new SAR government, uniting our efforts to fully implement President Xi Jinping's important instructions for the future development of the SAR," he said.
"After 25 years of practice in Macao and 27 years in Hong Kong, it has been proven that the 'One Country, Two Systems' framework aligns with the systems and institutional arrangements of our country and the entire societies of Hong Kong and Macao. It is beneficial to advancing national reunification, security, and the country's modernization. Since Macao's return to the motherland, our society has made significant progress in various aspects including politics, economy, and culture. People in Macao have genuinely felt the rights and benefits that the return has brought to them, and this feeling is very strong. In the pursuit of building a strong nation and national rejuvenation, we must effectively leverage the advantages of 'One Country, Two Systems'. Our foremost priority should be to uphold and consolidate national sovereignty, security, and development interests, and to fully implement the principle of 'patriots administering Macao'. This principle is the highest commitment that we must steadfastly uphold within the framework of 'One Country, Two Systems'," he said.
Regarding the future development of Macao, Sam stressed the importance of moderately diversified economic development as it is critical for the long-term prosperity, stability, and the well-being of the people of Macao.
"President Xi has made multiple visits to Macao. I remember the moment when he looking out towards Hengqin from the Macao Tower. In 2009, the central government announced plans to develop Hengqin, with the goal of providing a spatial and institutional layout for the moderately diversified economic development of Macao. In 2019, President Xi further emphasized that the Macao SAR should integrate its actual circumstances to advance the moderately diversified economy of Macao. Moderately diversified economic development is not merely a subject for study but a clear question that must be answered," said Sam.
As the country advances towards high-level opening-up, Macao's role as a platform for trade and cooperation between China and Portuguese-speaking countries is becoming increasingly strengthened, said Sam.
"The Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, launched in 2003, is the only economic and trade development forum where language acts as a key bond. With a well-functioning permanent secretariat, it has now established connections with nine Portuguese-speaking countries. Looking forward, the priority lies in further advancing the forum in terms of both depth and breadth. Moreover, it is essential to effectively implement the various plans outlined in the Action Plan for Economic and Trade Cooperation (2024-2027), which includes a total of 20 measures that require collaboration with national efforts and local implementation in Macao," said Sam.
Sam's tenure will start from Dec 20.
Macao SAR's incoming chief executive stresses moderately diversified economic growth
