Latest news with #2025GlobalSouthFinanciersForum
Express Tribune
23-03-2025
- Business
- Express Tribune
Deepening Global South cooperation
Listen to article Economic nationalists and champions in the Global South have adopted a consensus document in a bid to foster financial cooperation among their countries for a better future and to ensure international financial stability as not a single nation can address pressing issues alone. Representatives of a moot called for bridging the North-South gap in international financial governance, while stepping up communication and cooperation as well as making all-out efforts to address challenges such as the rundown and improper infrastructure, weak industrial foundations, unequal access to technology, increasing negative impact of climate change and others. The three-day 2025 Global South Financiers Forum was held from March 19 to 21 in Beijing and attended by a vast array of scholars, representatives of government departments, national, international and financial organisations and media houses from over 30 countries and regions. The summit focused on sci-tech innovation, green and digital finance development and the like. Undoubtedly, the financial sectors play a vital role in growing the national economy of any country in the world. This kind of sentiment was highlighted in discussions throughout the moot. This year's forum has achieved remarkable consensus to increase its role in world's development through fairer and more equitable global economic governance. Their unanimity to address large financing gaps, misallocation of development resources and a widening technological gap among countries of the Global South has holistic and comprehensive policy dimensions. Moreover, the consent on rectifying their vulnerable financial architecture and infrastructure amid rising geopolitical tensions, climate change and rapid digital transformation is a giant step towards financial security by securing their vested interests. Their understanding to help make the international order more just and equitable and work jointly to improve international financial governance through promoting a diversified, flexible financial ecosystem and a more inclusive cooperation framework will help them play a larger role in global governance, which is the need of the hour. What's more, US President Donald Trump's thundering tariffs therapy, inconsistent economic policies, obsessive geopolitical ambitions and reemergence of military complex theory against China and its allies in the Global South have rattled the world economy as well as markets. This approach urgently requires a stable and sustainable economy, a rule-based international trading system and a just and fair global governance system. Thus, close financial cooperation, banking integration, community development, institutionalisation of e-commerce and financial digitalisation must mitigate the socio-economic repercussions of the ongoing US follies trying to take hostage the world economy and markets. "It is suggested that these countries should create a Global South bank, unified payment system, combined treasury market and financial houses for achieving their desired goals and nullifying external shocks," eminent regional expert and Centre for South Asia and International Studies Islamabad Executive Director Dr Mehmoodul Hassan Khan said. He said that modern economic prophecies suggested that the 21st century belonged to the East, China and the Global South. More than 85% of emerging economies belong to this part of the world. The Global South, under the leadership of China, has become a symbol of innovation, artificial intelligence (AI), digitalisation, global supply chains, hybrid agriculture and above all trans-regional connectivity, which have immensely supported regional as well as world economy in establishing a new financial order. Furthermore, the formation of BRICS (Brazil, Russia, India, China and South Africa) bloc and its strategic expansion in Africa, Asia, Central Asia and the Middle East further strengthen the Shanghai Cooperation Organisation, Belt and Road Initiative, China-Pakistan Economic Corridor along with Xi's global initiatives of development, security and civilisation. They have the ability to form a new financial order to equally cater to the needs of the Global South and North in future. Many reports of the World Bank and International Monetary Fund (IMF) have confirmed economic stability and sustainability during 2025 in countries of the Global South. These states have become the engine of global economy, manufacturing hubs and champions of global supply chains with their combined gross domestic product (GDP) accounting for over 40% of the globe and contributing 80% of the global economic growth over the past two decades. Thus, it plays an increasingly influential role in world's development. Being the largest developing country, China is closely working with other Global South countries to address common challenges and strive hard for shared growth. Its financial institutions have provided diversified services to the Global South through credit supply, cooperation funds and bond financing as well as ramped up financial support for infrastructure projects. "Obviously, the America First policy, wild fantasies of Trumponomics through the imposition of new 20% tariffs and duties on China, economic protectionism, unilateral imposition of trade, investment, technological and business sanctions, denial of effective role of the World Trade Organisation, US withdrawal from the World Health Organisation and Paris Climate Change Forum and rumours of quitting the World Bank and the IMF are giving a tough time to the Global South," Khan said. On top of that, the ongoing trade war with China, constant and continued enforcement of decoupling, de-linking and widespread sponsored propaganda about collapse of China's economy are potential threats to all countries of the Global South, which may be averted through China's contributory role, having close financial cooperation, forming of a development bank and deep structuring of financial, money and bond markets. According to Xinhua, many attendees of the forum acknowledged the crucial role of the financial sector in driving the growth of economies in the Global South, noting also that the Global South as a whole suffers from the lack of representation within the international, Global North-dominated financial architecture. Countries in the Global South have achieved remarkable economic growth, which has not only injected stability and vitality into the world economy but also helped stabilise the global financial landscape, said Jiao Jie, Dean of Tsinghua University's PBC School of Finance. The Global South – a bloc of developing countries, emerging economies and the world's least-developed nations – still faces disparity between economic contributions and influence in the current international financial system. Insufficient infrastructure, for example, has become a significant obstacle to progress for many countries, according to Klaus-Dieter Kaempfer, Chief Executive of Absa China, who estimates that middle and low-income countries will need to invest approximately $2.7 trillion annually to meet infrastructure demand by 2040. The writer is a staff correspondent
Associated Press
22-03-2025
- Business
- Associated Press
Xinhua Silk Road: Parallel Forum on Inclusive Finance and Approaches to New Energy Industrialization Development held in Beijing
BEIJING, March 22, 2025 /CNW/ -- The Parallel Forum on Inclusive Finance and Approaches to New Energy Industrialization Development was held in Beijing on March 20. As a side event of the 2025 Global South Financiers Forum, the forum, hosted by the Brand Work Office of Xinhua News Agency, China Economic Information Service, and Shanxi Branch of Xinhua News Agency, fostered diverse dialogues and exchanges under the theme of 'Inclusive Finance and Approaches to New Energy Industrialization Development', sharing experience and building consensus. Klaus-Dieter Kaempfer, Chief Executive of Absa China, highlighted Absa's efforts in driving economic growth across 12 African markets over 130 years. Absa established a non-banking subsidiary in Beijing a year ago to support Chinese enterprises and investors in exploring African markets. China has become the world's largest producer of electric vehicles, while Indonesia is also intensifying efforts in the regard, noted Mohammad Faisal, Executive Director of the Center of Reform on Economics (CORE Indonesia). CORE Indonesia has been conducting research in this field as an economic think tank, but considering the significant challenges faced by developing countries in promoting green energy and green industrialization, this forum serves as a valuable platform for mutual learning and experience sharing. Lyuliang is leveraging its industrial strengths to foster new quality productive forces in the energy sector amidst green and sustainable development, according to Xiong Yizhi, mayor of Lyuliang City. By introducing favorable policies and innovative financial products, Lyuliang has accelerated its new energy industry development, with new energy installation capacity now accounting for over 30 percent of its total. Zheng Peng, Chairman and President of Pengfei Group, delivered a keynote speech on the company's effort in green development. As one of China's top 500 enterprises, it follows China's dual carbon goals and Shanxi's hydrogen energy development plan. During the event, China Economic Information Service unveiled the China (Xiaoyi, Lyuliang) Hydrogen Energy High-quality Development Index Report during the event. The index, which monitors high-quality hydrogen energy development at both national and local levels, showed steady growth from 2021 to 2023. Besides, a roundtable session of the forum brought together renowned financiers and government representatives to explore the role and mechanism of inclusive finance in advancing new energy industrialization.
Yahoo
21-03-2025
- Business
- Yahoo
Xinhua Silk Road: Pengfei Group shares new green dev. paradigm for Global South energy enterprises at parallel forum of 2025 Global South Financiers Forum
BEIJING, March 21, 2025 /CNW/ -- Zheng Peng, board chairman and president of Pengfei Group, shared Pengfei Group's "dual carbon" practices of integrating hydrogen energy into the overall strategy of energy transformation and upgrading on Thursday at a side event of the 2025 Global South Financiers Forum held in Beijing in March 19-21, providing a new paradigm of green development for Global South energy enterprises. As a top 500 enterprise in China based in Xiaoyi City, north China's Shanxi Province, Pengfei Group follows China's dual carbon goals to peak carbon emissions by 2030 and reach carbon neutrality by 2060, and strives to build itself into a global leading smart enterprise in clean energy. Focusing on hydrogen energy production, storage, transportation, processing, and utilization, the company has constructed a hydrogen energy industrial park with a leading scale, a complete industrial chain, and advanced process routes and equipment, realizing a hydrogen energy demonstration scenario with full-industry-chain layouts and full-scenario application, introduced Zheng at the Parallel Forum. The company has put multiple hydrogen energy-related projects into operation, including those involving hydrogen production through coke oven gas and water electrolysis, four hydrogen refueling integrated energy islands with one of them boasting a daily hydrogen refueling capacity of 8 tonnes, and 830 hydrogen-powered vehicles with a total mileage of 35 million kilometers. In February this year, the company jointed hands with China Mobile Shanxi branch to establish an AI industrial intelligence laboratory, the first one of its kind in the telecom industry, setting a model for full-chain security management of hydrogen energy industry. At present, the company has had eight patents and five industry group standards in the field of hydrogen energy, Zheng noted. He also shared the innovative model of "government guidance funds plus green finance" in terms of the common financing difficulties faced by Global South countries in new energy, noting the hydrogen energy industry guidance fund, incentives and subsidies by local governments, and the priority support given by financial institutions to the hydrogen energy industry and new energy vehicles in loans and financing have provided a solid guarantee for the growth of the company's hydrogen energy business. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road View original content to download multimedia: Sign in to access your portfolio
