Q1: Could you brief us on the “1+10” Dialogue?

A1: The “1+10” Dialogue was held on the morning of Dec 9 in Beijing. The invited participants were: President of the New Development Bank Dilma Rousseff, President of the World Bank Ajay Banga, Managing Director of the International Monetary Fund Kristalina Georgieva, Director General of the World Trade Organization Ngozi Okonjo-Iweala, Secretary General of the UN Conference on Trade and Development Rebeca Grynspan, Director General of the International Labor Organization Gilbert F. Houngbo, General Manager of the Bank for International Settlements Pablo Hernandez de Cos, Chair of the Financial Stability Board Andrew Bailey, President of the Asian Infrastructure Investment Bank Jin Liqun, and Deputy Secretary General of the Organization for Economic Co-operation and Development Frantisek Ruzicka.

Under the theme of “Working Together on Global Governance for Shared Development”, the participants engaged in in-depth exchanges on three topics: “Rebuilding Resilience for the World Economy and Creating New Drivers for Global Growth”, “Practicing True Multilateralism and Working for a More Just and Equitable Global Economic Governance System” and “China’s 15th Five-Year Plan and the Certainty Provided to the World Economy.” The dialogue produced a number of important consensuses.

At a time when major changes unseen in a century continue to unfold at an accelerated pace—marked by intensified major-power competition, rising unilateralism and protectionism, severe shocks to the global economic and trade order, and a widening deficit in global governance—the dialogue provided a timely diagnosis of global economic trends, global governance, and global development, injecting stability and certainty into multilateral cooperation. Three key phrases were underlined in the dialogue: “openness and cooperation”, “reform and improvement” and “common development.”

First, participants reaffirmed their firm confidence in jointly safeguarding global economic stability through openness and cooperation. They emphasized that openness and cooperation are the defining features of the international economic system and a key driving force for maintaining the stability and smooth functioning of global industrial and supply chains, promoting technological innovation and industrial upgrading, and an important way to maintain the stability of the world economy as well as to advance global prosperity. Economic globalization, with openness and cooperation at its core, aligns with the trend of the times and the direction of social progress. Although it has faced headwinds and counter-currents, its momentum remains unstoppable and unchanged.

Second, the dialogue demonstrated strong determination to reform and improve the global economic governance system. Participants noted that international economic organizations have long played an important role in ensuring effective global governance and supporting global development. In the context of the collective rise of the Global South and changes in the international political-economic landscape, international economic organizations should advance reforms to enhance the representation and voice of developing countries and effectively improve the global economic governance system. They should also work together to build broadly-agreed new governance rules, in order to better address global challenges such as climate change and the digital divide, and fill existing governance gaps.

Third, participants expressed their enduring commitment to solidarity and cooperation for common development. Participants emphasized that international economic organizations are key forces in advancing global development and must serve as action-oriented contributors. All parties should strengthen coordination of global initiatives, increase resource support for developing countries, broaden financing channels for development, enhance capacity-building efforts, promote infrastructure connectivity, and accelerate the implementation of the UN 2030 Agenda for Sustainable Development. Together, they should expand the economic “pie” and ensure that it is shared equitably, enabling more economies and more peoples to share the fruits of development.

Participants paid close attention to the Recommendations of the Communist Party of China (CPC) Central Committee for Formulating the 15th Five-Year Plan for National Economic and Social Development, adopted at the Fourth Plenary Session of the 20th CPC Central Committee. They expressed appreciation and support for China’s reform measures such as the cultivation of new quality productive forces, boosting consumption, institutional opening-up, and green and low-carbon transformation, which are to achieve the major economic and social development goals for the period of 15th Five-Year Plan (2026-2030). They expressed the hope that China continue to serve as a major contributor and stabilizing force for global economic growth. All parties expressed readiness to deepen dialogue and cooperation with China, offer constructive advice for China’s high-standard opening-up and high-quality development, and jointly share China’s development opportunities.

Q2: One of the topics of the dialogue was “Rebuilding Resilience for the World Economy and Creating New Drivers for Global Growth”. How did the participating organizations assess the global economic landscape? What policy suggestions did they propose for sustaining global economic resilience and vitality?

A2: The participating heads of international economic organizations noted that the global economy is currently characterized by a complex landscape of slowing recovery and rising risks. Escalating trade tensions, geopolitical conflicts, inflationary pressures, and debt risks are intertwined with each other, eroding the certainty of global growth and weakening confidence in international cooperation. At the same time, the global economy continues to demonstrate significant resilience, particularly as emerging economies, including China, firmly uphold the multilateral trading system, strengthen policy communication and coordination, expand opening-up, and promote innovation, thereby contributing positively to stabilizing growth and enhancing cooperation.

Participants agreed that, in the face of mounting challenges, the international community must transcend differences, demonstrate solidarity and wisdom, and take concerted action to inject certainty and momentum into the global economy.

First, strengthen international macroeconomic policy coordination. Major economies should pay close attention to the spillover effects of their macroeconomic policies and jointly address the risks such as inflation, debt, and exchange rate volatility. They should work to mitigate and reduce uncertainty in trade policies and effectively respond to rising trade barriers and fragmentation.

Second, further improve domestic policy frameworks. Countries should place greater emphasis on fiscal sustainability, enhance the credibility of monetary policies, and bolster the resilience of their financial sectors. They should also accelerate the implementation of structural reforms to unlock the growth potential of the private sector.

Third, actively advance digital and green transitions. The digital economy and green development are key to generating new drivers of growth and reshaping the global economic landscape. Countries should strengthen international cooperation in fields such as artificial intelligence and low-carbon technologies so that new development achievements can benefit all of humanity.

China has long served as a “stabilizer” of and major contributor to global growth, and is now solidly enhancing high-quality development. The participants expressed the hope that China continue to create important opportunities for all countries and provide steady and reliable momentum for the world economy.

Q3. At a time of compounded global uncertainties, with rising unilateralism and protectionism, and a widening deficit in global governance, building a more just and equitable global economic governance system has become an important topic of this dialogue. What were the views and suggestions of the heads of participating organizations?

A3: Over the past year, global turbulence has intensified, the global economic recovery has struggled to gain momentum, the multilateral trading system has come under severe strain, and efforts to reform global governance have faced numerous obstacles. The 10 international economic organizations participating in the dialogue are key pillars of the global governance architecture, playing vital roles in upholding multilateralism, supporting global development, and strengthening global governance. At this critical moment, their heads underscored the importance of firmly upholding multilateralism. They called on the world to work together to pursue more resilient global development, jointly respond to growing global challenges, and advance toward a more just, equitable, effective and orderly global governance.

First, they called for resolutely safeguarding and practicing true multilateralism. Participants pointed out that, as the UN marks its 80th anniversary, it is essential to uphold the UN-centered international system and the international order underpinned by international law, reinforce the foundations of multilateralism, promote trade and investment liberalization and facilitation, and ensure stable and efficient global industrial and supply chains.

Second, they emphasized advancing more universally-beneficial and inclusive global development. Participants reiterated that development is the fundamental key to addressing global challenges. They called for increasing resource support for developing countries, adopting multiple measures to address their debt problems, and accelerating the implementation of the UN 2030 Agenda for Sustainable Development. They commended China for its pragmatic measures, including granting least developed countries zero-tariff treatment for 100 percent of tariff lines and refraining from seeking new special and differential treatment in current and future WTO negotiations.

Third, they recommended improving governance rules to better address global challenges. Participants stressed that international economic organizations should further advance governance reforms to ensure that developing countries can participate equally in major global decision-making processes and better address the common challenges facing human society. In the face of opportunities and challenges brought by artificial intelligence, climate change, and population aging, they expressed readiness to contribute their expertise to strengthening governance frameworks in these emerging fields and addressing gaps in global governance.

At this pivotal moment in human development, focusing on responding to global changes and solving urgent problems, President Xi Jinping has put forward the Global Governance Initiative, offering Chinese wisdom and solutions for addressing global governance challenges. China has always been a staunch practitioner and upholder of multilateralism and open cooperation. We stand ready to work with the international community, including international economic organizations, to advance inclusive and universally-beneficial economic globalization, enhance the representation and voice of developing countries, strengthen the authority and effectiveness of multilateral mechanisms, and promote meaningful reforms of the global economic governance system.

Q4. The Fourth Plenary Session of the 20th Central Committee of the CPC adopted the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for National Economic and Social Development, laying out a new blueprint for China’s high-quality development. How did the heads of international economic organizations at the dialogue view China’s efforts to advance Chinese modernization through the 15th Five-Year Plan?

A4: Overall, the heads of international economic organizations attached great importance to China’s 15th Five-Year Plan. They believed that the plan will not only consolidate the foundations for China’s long-term development, but also inject greater certainty into global economic stability and growth.

First, it will foster new drivers for development and provide more win-win opportunities. Participants noted that, amid the digital and intelligent transformation worldwide, China’s focus on scientific and technological innovation and industrial upgrading will accelerate the transition from old to new growth drivers and help shape the future landscape of the global economy. They expressed expectation on China’s innovation in fostering greater international cooperation and creating more market opportunities for businesses worldwide.

Second, it will unleash domestic demand potential and strengthen internal momentum. Participants spoke highly of China’s strategic goal of expanding domestic demand under the 15th Five-Year Plan, expressing expectations that China—by boosting consumption, expanding effective investment, and advancing the development of a unified national market—will continue to build a stable and strong domestic market that provides sustained support to the world economy.

Third, it will deepen high-level opening-up and further integrate China into the global economic landscape. Participants welcomed China’s commitment to independent opening-up and alignment with high-standard international economic and trade rules. They looked forward to China further shortening the negative list for foreign investment, improving the negative-list approach for cross-border trade in services, and fostering a market-oriented, rules-based, and internationalized business environment.

China has successfully implemented 14 five-year plans, consistently pursuing its long-term development blueprint with sustained effort and focus, while contributing strong momentum to global economic growth. In the face of current complex and challenging international environment, the Fourth Plenary Session of the 20th CPC Central Committee has laid out a comprehensive plan for China’s economic and social development during the 15th Five-Year Plan period. This demonstrates China’s development blueprint for the next five years and sends a clear signal of China’s commitment to sharing opportunities and pursuing common development with the world. It will inject more certainty and positive energy into a world undergoing turbulence and transformation and contribute significantly to building a community with a shared future for humanity.