Xinhua Silk Road: 2025 Global South Financiers Forum Held In Beijing, Urging Strong Financial Cooperation

The Global South, with combined GDP accounting for over 40 percent of the globe, has contributed as much as 80 percent to global economic growth over the past two decades.

As the world undergoes profound changes unseen in a century, the international landscape has become increasingly complex and challenging. Strengthening financial cooperation has become common aspirations of the Global South, with an emphasis on advancing prosperity for all through collective efforts.

Inayat Hussain, Executive Director of the State Bank of Pakistan, noted that countries in the Global South can better understand the resource constraints and capacity challenges faced by their Global South peers. The South-South cooperation results in more effective coordination and an effective approach to economic and financial development in a manner which is mutually beneficial for all the stakeholders.

Yamile Berra Cires, Vice President of the Central Bank of Cuba, stressed Cuba's recognition of the need to reform the international financial structure and strengthen financial cooperation among Global South countries based on non-discriminatory treatment and inclusive strategies.

Over the years, China's financial sector has leveraged diversified services to build interconnected financial bridges, providing strong support for the Global South in advancing high-quality development.

As a specialized medium-to-long-term investment fund supporting Belt and Road financing, Silk Road Fund has invested in 106 projects in more than 70 countries and regions across Asia, Africa, and Latin America over the past decade, with total commitments exceeding 25 billion U.S. dollars, said Wang Dan, executive vice president of Silk Road Fund.

China has actively promoted green development and shared green technologies with the Global South through concrete actions, such as establishing the South-South cooperation fund addressing climate change, and incorporating green development into the eight major steps for the high-quality development of the Belt and Road cooperation.

Industry experts believe that deepening financial openness, cooperation, and interconnectivity among Global South countries will foster market integration, optimize resource allocation, and drive economic growth, creating a win-win scenario for all participating countries.

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SOURCE Xinhua Silk Road

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