Annual high-level economic policy conference opens in Saudi Arabia's AlUla

The second edition of AlUla Conference for Emerging Market Economies opened here on Sunday, centering on the opportunities and challenges facing emerging market economies amid profound global economic changes.

Under the theme "Policies Amid a Reset of the International Trade and Financial Systems," the two-day conference is co-hosted by Saudi Finance Ministry and the International Monetary Fund (IMF), with the participation of finance ministers, central bank governors and economic experts around the world, as well as heads of international financial institutions.

During the annual event, participants are set to hold in-depth discussions aimed at contributing to policymaking for emerging market economies, supporting their growth and prosperity, and enhancing global economic stability.

In his opening remarks, Saudi Finance Minister Mohammed Aljadaan said the global economy is undergoing profound transition, noting that emerging markets and developing economies have become an increasingly important driver of global growth, accounting for about 60 percent of global GDP in purchasing-power terms and for over 70 percent of global growth.

"Yet they face a more complex and fragmented environment: elevated debt vulnerabilities, slower trade growth, and increasing exposure to geopolitical shocks," he said, noting that this reflects deeper structural shifts that require credible, coordinated and country-owned policy responses.

IMF Managing Director Kristalina Georgieva, in her remarks, highlighted two policy priorities in the current context, namely, unleashing private-sector-led growth potential, as well as enhancing regional and cross-regional integration and preserving trade as an engine of growth.

In his keynote address, Chinese Finance Minister Lan Fo'an noted that emerging markets and developing countries are facing insufficient growth momentum, widening development gaps, and rising governance deficits.

The China-proposed Global Development Initiative and the Global Governance Initiative provide a Chinese approach to charting a path forward in the changing global economic landscape, Lan said.

He called on emerging markets and developing countries to drive development with scientific and technological innovation, pool strengths through international cooperation, and tackle challenges by improving governance, joining hands to move forward toward a more prosperous, just, and inclusive world amid accelerating global transformations.