Chinese President Xi Jinping on Monday called for a fair and equitable global governance system when addressing Session II of the 19th G20 Summit on Reform of the Institutions of Global Governance.

Noting that it has been 16 years since the G20 Summit was launched, Xi said that proceeding from a new starting point, the G20 needs to build on its past achievements and continue to act as a force to improve global governance and move history forward.

It is important to keep in mind that mankind lives in a community with a shared future, Xi said, adding that G20 members should see each other's development as opportunities rather than challenges, and view each other as partners rather than rivals, Xi said.

It is also important to observe the basic norms of international relations underpinned by the purposes and principles of the UN Charter and defend the international order based on international law, he said.

Greater international consensus could be built to promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, he added.

The Chinese president made a five-point proposal to improve global governance.

First, the G20 needs to improve global economic governance and build a world economy characterized by cooperation. The G20 should stay committed to strengthening global economic partnerships, reinforcing macro policy coordination, cultivating new quality productive forces, creating a ballast for macro policy coordination, and fostering an open, inclusive, and nondiscriminatory environment for international economic cooperation. It is also important to create a clean business environment by upholding a zero-tolerance stance against corruption and stepping up international cooperation on fugitive repatriation and asset recovery.

Second, the G20 needs to improve global financial governance and build a world economy characterized by stability. The voice and representation of developing countries should be increased, and joint efforts are needed to keep the international financial market stable and prevent negative spillover of domestic monetary policy adjustments. Developed countries should fulfill their responsibilities in this regard.

It is important to enhance the systems for financial risk monitoring, early warning and handling, and strengthen the global financial safety net to better meet the green financing needs of developing countries.

Third, the G20 needs to improve global trade governance and build a world economy characterized by openness. The G20 should further promote the reform of the World Trade Organization, oppose protectionism, avoid politicizing economic issues, fragmenting the global market and taking protectionist moves in the name of green and low-carbon development.

The bloc should work together to build industrial and supply chain partnerships that are more equal, inclusive and constructive.

Fourth, the G20 needs to improve global digital governance and build a world economy characterized by innovation. It is important to lead the digital transition, the deep integration of the digital economy and the real economy, and rules-making in emerging areas.

International governance and cooperation on artificial intelligence (AI) should be strengthened, to make sure that AI is for good and for all. China will hold another world AI conference in 2025 and welcomes the participation of fellow G20 members.

Fifth, the G20 needs to improve global ecological governance and build a world economy characterized by eco-friendliness. It is important to honor the principle of common but differentiated responsibilities, and fully and effectively implement the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.

Developed countries should provide developing countries with the necessary funding, technology and capacity-building support. There needs to be joint support for the ongoing and upcoming UN conferences on climate change and desertification to achieve positive outcomes.

It is important to follow the approach of "establishing the new before abolishing the old," and replace traditional energy with clean energy in a stable and well-ordered way, as the green and low-carbon transition of the world economy is expedited.

China stands ready to continue to deepen international cooperation with all sides on green infrastructure, green energy, green mining and green transport, and will provide support to developing countries to the best of its ability.

Global security governance is part and parcel of global governance, Xi said, adding that the G20 should support the UN and its Security Council in playing a greater role, and support all efforts conducive to the peaceful settlement of crises.

It is important to seek a political settlement to the Ukraine crisis and work to stop fighting and end the conflict in Gaza at an early date, and provide support for easing the humanitarian crisis in the region and for postwar reconstruction, he said.

It is important to implement the two-state solution and restore Palestine's legitimate national rights, he added.

The G20 needs to stay committed to its founding mission and make a fresh start from Rio de Janeiro, carry forward partnership, practice true multilateralism, and usher in a better future of common development and prosperity, Xi said.

Brazilian President Luiz Inacio Lula da Silva chaired the meeting.

The G20 Rio de Janeiro Leaders' Declaration was adopted at the summit.

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