SCIO briefing on 'high-quality achievements during the 14th Five-Year Plan period': Fiscal reform and development

China Securities Journal:

Facing an international landscape marked by intertwined complexities and challenges, deepening international engagement and cooperation in the fiscal and financial fields is an important means for advancing China's high-quality development and high-standard opening up. What achievements has the MOF made in international fiscal and financial cooperation during the 14th Five-Year Plan period? Thank you.

Lan Fo'an:

I'd like to invite Mr. Liao to take this question.

Liao Min:

Thank you for your question. Looking back over the past few years, the MOF has actively engaged in international fiscal and financial cooperation and has fully supported head-of-state diplomacy. Through substantive accomplishments in the fiscal and financial fields, it has effectively opened up new international avenues for China's high-quality development and is playing an increasingly significant role in advancing global sustainable and inclusive growth. I'll outline three areas of progress for you.

First, we have continued to promote reform in global economic governance. We have firmly upheld the international system with the United Nations at its core, promoted governance reforms in multilateral institutions such as the World Bank, and enhanced the voice and representation of developing countries. Working in collaboration with the international community, we have actively contributed to the formulation of G20 rules on sovereign debt management for developing countries. We have actively participated in consultations on the two-pillar approach to international tax rules. We have also supported the improvement of rules on environmental information disclosure, green bond standards and related areas.

Second, we have focused on coordinating international macroeconomic policies. In response to global economic growth and development challenges, we have actively worked to enhance the coordination of international macroeconomic policies through multilateral anchoring mechanisms and bilateral bridge-building initiatives. On the multilateral anchoring front, we have fully leveraged the role of multilateral fiscal and financial dialogue platforms to build greater consensus. We have made substantive headway in advancing the establishment of the Shanghai Cooperation Organization Development Bank. In 2025, as joint chair of the ASEAN+3 financial cooperation mechanism, we led discussions on key fiscal policy issues for the first time. We have made full use of the G20 Finance Ministers and Central Bank Governors Meeting mechanism to safeguard global economic and financial stability. Next year, China will host the Asia-Pacific Economic Cooperation (APEC) forum, and we will work with all members to advance the organization's role in fiscal and financial matters. On the bilateral bridge-building front, we have expanded China's circle of friends and explored new spaces for international cooperation. We have actively engaged in China-U.S. economic and trade consultations and dialogues to manage differences and help stabilize bilateral economic and trade relations. We have leveraged the role of MOF offices for China-U.K., China-Germany, China-France vice prime minister dialogue mechanisms to consolidate and deepen China-Europe economic, fiscal and financial cooperation. Through bilateral fiscal and financial dialogue mechanisms with Russia, Saudi Arabia, Brazil, and others, we have strengthened communication and coordination with developing countries on major international fiscal and financial issues.

Third, we have worked to effectively promote shared development worldwide. We have continuously improved the Belt and Road investment and financing system, optimized infrastructure construction standards, supported the advancement of a number of landmark projects, and incubated many "small and beautiful" livelihood projects. We have also promoted the stable operation of new multilateral development institutions such as the AIIB and the NDB. Take the AIIB as an example: since its establishment in 2015, it has approved and implemented 322 projects, benefiting 38 members both within and outside the region. These projects have resulted in the construction and upgrading of over 51,000 kilometers of transportation infrastructure, improving travel convenience for 41 million people.

Looking ahead, we will remain committed to genuine multilateralism and uphold a global governance approach that emphasizes extensive consultation, joint contributions and shared benefits. We will continue to follow the three principles of mutual respect, peaceful coexistence and win-win cooperation, promoting the development of an open global economy and writing new chapters of mutual benefit and win-win results, and achieving common prosperity. Thank you.