Multilateralism, solidarity are best ways to tackle global challenges

The BRICS and G20 summits, as well as the APEC Economic Leaders' Meeting, have sent out clear messages that multilateralism, solidarity and coordination are the best and only options to tackle the current global challenges facing various countries, a Chinese diplomat said on Monday. 

The three meetings were held as the COVID-19 pandemic and the resulting economic, social and livelihood challenges continue to shape the world in an unprecedented way, said Wang Xiaolong, director-general of the Department of International Economic Affairs of the Foreign Ministry.

It is therefore extremely encouraging that leaders of major economies could come together and jointly navigate these challenging times, Wang told reporters at a press briefing.

The summits stand for a booster for multilateral cooperation and for collective efforts against the pandemic and towards economic recovery and sustainable growth, Wang said, adding that the three virtual meetings attended by President Xi Jinping sent out key messages that China is strongly and firmly committed to supporting multilateralism.

China also will continue making COVID-19 vaccines a global public good, ensuring their affordability and accessibility, particularly for developing countries, Wang said.

Wang also reaffirmed the country's commitment to implement the Debt Service Suspension Initiative of the G20 and readiness to consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

The Group of 20 adopted the initiative in April. As of Nov 13, the Debt Service Suspension Initiative has helped 46 countries defer $5.7 billion in 2020 debt service payments.

By far, China is the leading G20 contributor in terms of implementing the initiative, and the country will continue to join others to fully implement the extension of the initiative, said Wang, who also is the Foreign Ministry's special envoy for G20 affairs.

According to Wang, China suspended over $2 billion of debt service payments from 23 indebted countries.

At Friday's APEC Economic Leaders' Meeting, Xi said that China will "favorably consider" joining the comprehensive trans-Pacific agreement, the successor to the Trans-Pacific Partnership trade deal that the US left under the Trump administration in 2017. 

The message has been well received by other leaders, Wang said, adding that China is open to all initiatives that will promote trade and investment liberalization and facilitation in the Asia-Pacific region.