Chinese Premier Li Qiang meets with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 22, 2023. (Xinhua/Huang Jingwen)

Chinese Premier Li Qiang called on the international community to sincerely cooperate and work together to solve the problems of developing countries, especially those that are vulnerable, to address the global development financing gap.

Speaking at the closing ceremony of the Summit for a New Global Financing Pact in Paris on Friday, Li put forward a three-point proposal.

First, countries and stakeholders should firmly advance the reform of global financial governance and create a stable financing environment for developing countries, Li said.

China stands ready to work with all parties to build a just and efficient global financial governance structure and strengthen international macroeconomic policy coordination. The IMF, the World Bank and other international financial institutions should implement the consensus reached by G20 leaders, complete a new round of quota and voting rights reform, and increase the voice of emerging markets and developing countries, Li said.

Second, global stakeholders should build a global development partnership and provide more development resources to developing countries, according to the Chinese Premier.

Developed countries should earnestly honor their commitments to providing assistance and funds to developing countries while developing countries should enhance their capacity for independent development. China will continue to provide various forms of support to other developing countries with practical measures to the best of its ability, said Li.

Third, countries should firmly advance economic globalization and free trade to inject fresh growth impetus into developing countries, the Chinese Premier said.

Besides, China is ready to work with the international community to promote liberalization and facilitation of trade and investment, and unequivocally oppose trade protectionism and decoupling and the severing of supply and industrial chains in any form, Li said.

In a world full of disputes and uncertainties, China and Europe should seek common ground while reserving differences, expand convergence while narrowing divergence, promote more creative cooperation, cope with the uncertainty of the international situation with the stability of China-Europe relations and jointly promote the sustainable development of mankind, Li said.

G7 countries owe the huge sum of $13 trillion in unpaid aid and funding for climate action to the Global South, and their rich bankers are demanding that Global South countries to pay $232 million a day in debt repayments through 2028, according to a recent report by Oxfam International.

According to World Bank statistics, multilateral financial institutions and commercial creditors account for more than 80 percent of the sovereign debt of developing countries.

As a major engine of the global economy, China has injected continuous impetus into its growth. No matter how the world changes, China will unswervingly promote high-quality development, expand high-level opening-up, align with high-standard international economic and trade rules and let other countries share the opportunities of China's development, Li said.

Leaders at the summit, which was chaired by French President Emmanuel Macron and attended by more than 60 heads of state, government and major international organizations, noted that all parties should work together to reduce inequality and poverty across the world, respond to climate change, protect biodiversity, settle the debt problems facing developing countries, and promote global sustainable development, according to the Xinhua News Agency.