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Stressing that global development is suffering from severe disruption, Chinese President Xi Jinping has said that major developed countries should adopt responsible economic policies, manage policy spillovers, and avoid severe impacts on developing countries.
"The world today is undergoing major changes unseen in a century. These changes, not limited to a particular moment, event, country or region, represent the profound and sweeping changes of our times," said Xi during his virtual address at the Davos Agenda of the World Economic Forum (WEF) on Monday. "As changes of the times combine with the once-in-a-century pandemic, the world finds itself in a new period of turbulence and transformation. How to beat the pandemic and how to build the post-COVID world? These are major issues of common concern to people around the world. They are also major, urgent questions we must give answers to," he added. The Chinese President emphasised that major economies should see the world as one community, think in a more systematic way, increase policy transparency and information sharing, and coordinate the objectives, intensity and pace of fiscal and monetary policies, so as to prevent the world economy from plummeting again. The process of global development is suffering from severe disruption, entailing more outstanding problems like a widening North-South gap, divergent recovery trajectories, development fault-lines and a technological divide, said Chinese President Xi Jinping on Monday. Stressing that the process of global development is suffering from severe disruption, said Xi, adding that it entails more outstanding problems like a widening North-South gap, divergent recovery trajectories, development fault-lines and a technological divide. "The Human Development Index has declined for the first time in 30 years. The world's poor population has increased by more than 100 million. Nearly 800 million people live in hunger," he added. Xi also emphasised that difficulties are mounting in food security, education, employment, medicine, health and other areas important to people's livelihoods. "Some developing countries have fallen back into poverty and instability due to the pandemic. Many in developed countries are also living through a hard time," the Chinese President added. He also noted that major developed countries should adopt responsible economic policies, manage policy spillovers, and avoid severe impacts on developing countries. "International economic and financial institutions should play their constructive role to pool global consensus, enhance policy synergy and prevent systemic risks," he added. The WEF's virtual event Davos Agenda is being held from January 17-21. Several heads of state will address the event. The event will also witness the participation of top industry leaders, international organisations and civil society, who will deliberate on critical challenges being faced by the world today and discuss how to address them. (ANI)
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