#China #Beijing #Global South #financial cooperation #Silk Road Fund

2025 Global South Financiers Forum: Strengthening Global Financial Ties

The 2025 Global South Financiers Forum took place from March 19 to 21 in Beijing, under the theme "Illuminating the Global South." This significant event was organized by the Xinhua News Agency and brought together government officials, financial institution leaders, and experts from over 30 countries and regions. The forum aimed to promote stronger cooperation among nations in the Global South, recognizing the unique challenges and opportunities faced by developing countries.

During the forum, participants reached a consensus on the pressing need to enhance financial collaboration, which they believe is essential for fostering economic growth and ensuring prosperity for all. Inayat Hussain, the Chief Executive Officer of the State Bank of Pakistan, pointed out that countries within the Global South are uniquely positioned to understand each other's challenges, including resource constraints and capacity limitations. He emphasized that South-South cooperation leads to more effective coordination and strategies that benefit all parties involved.

Yamile Berra Cires, Vice President of the Central Bank of Cuba, also highlighted the importance of reforming international financial structures and strengthening cooperation among Global South nations. Her remarks underscored the need for inclusive strategies that do not discriminate against any group, reflecting a commitment to equity in financial dealings among developing nations.

The forum also showcased the significant achievements of China in supporting the Global South's financial landscape. Wang Dan, the Executive Vice President of the Silk Road Fund, reported on the fund's involvement in financing 106 projects across more than 70 countries and regions in Asia, Africa, and Latin America over the last decade. With a total commitment exceeding $25 billion, the Silk Road Fund exemplifies China's continued support for developing nations, particularly in line with the Belt and Road Initiative.

China's efforts in promoting green development were also a focal point at the event, highlighting the country's initiative to share green technologies with other countries in the Global South. Actions such as establishing a South-South cooperation fund to combat climate change were recognized as essential steps toward enhancing sustainability in financial practices.

Participants at the forum collectively agreed that enhancing financial openness, cooperation, and interconnectivity among Global South countries is critical for market integration, optimizing resource allocation, and driving economic growth. This cooperative approach not only benefits individual countries but also fosters a more balanced and inclusive global economy.

The implications of the 2025 Global South Financiers Forum resonate beyond economic discussions, calling for a united front among developing nations to tackle shared challenges. As the world faces unprecedented changes, the call for strengthened financial cooperation stands as a testament to the collective aspirations of the Global South — to work together for mutual prosperity and sustainable development. The discussions and agreements reached at the forum lay a robust foundation for further cooperation and growth in the coming years.