China to host leaders of international economic bodies as global uncertainties mount
Chinese leaders plan to hold a high-profile meeting with the heads of major international economic organisations next month to brief them on the country’s economic development and better navigate global uncertainties, according to multiple sources.
Ten major international organisations, including the World Bank, the International Monetary Fund, World Trade Organization, International Labour Organization, Organisation for Economic Cooperation and Development (OECD) and the Financial Stability Board, will be invited to Beijing.
It would represent an update of the annual 1+6 round-table mechanism, which dates back to 2016. The new members include the UN Conference on Trade and Development, the Asian Infrastructure Investment Bank, the Bank for International Settlements and the New Development Bank.
“Such a high-profile meeting is an obvious sign of China’s fast growing economic strength,” one source said. “It also provides a platform to jointly discuss how to address global uncertainties.”
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China is the world’s second-largest economy after the United States, accounting for around 17 per cent of the world’s output, and is the world’s top exporter, with a global share of around 15 per cent.
Having contributed about 30 per cent of global economic growth each year since 2009, the country is seen as a key driver of global economic recovery, a firm upholder of globalisation and an opponent of trade protectionism, especially with Donald Trump’s impending return to the White House triggering concerns around the world about the future of global trade and investment.