Global South financial cooperation conducive to more equitable global governance

As the Global South plays an increasingly influential role in world development, the call for a fairer and more equitable global economic governance has intensified.

At the 2025 Global South Financiers Forum, hosted by Xinhua News Agency in Beijing this week, participants have called for greater efforts to improve the competence of Global South countries in financial regulation and market operations, bridge the financial development gap between the North and South, and advocate for a new international financial order that is more just, equal-footed and inclusive.

Global South countries account for more than 40 percent of the global economy and contribute to 80 percent of world economic growth. However, there remains a significant disparity between their contributions and their influence within international systems. Many issues need to be addressed, including a large financing gap, misallocation of development resources and a widening technological gap.

Quite a few Global South countries have found their financial architecture and infrastructures highly vulnerable amid rising geopolitical tensions, climate change, and rapid digital transformation.

To make the international order more just and equitable, countries must work together to improve the international financial governance. It's the right time for the Global South nations to promote a diversified, flexible financial ecosystem and a more inclusive cooperation framework, which will help them play a larger role in global governance.

Many participants at the forum also expressed an eagerness to explore innovative solutions in areas such as green financing, climate change, digitization, and cross-border settlement. They believed that through enhanced South-South cooperation, more effective coordination and efficient pathways for economic and financial development could be established, ensuring that the benefits are shared equitably among all involved parties.

As the largest developing country, China remains steadfast in working with other Global South countries to address the common challenges and strive for shared growth. China's financial institutions have provided diversified financial services to the Global South nations via means of credit, cooperation funds, and bond financing, and beefed up financial support to infrastructure projects.

It is undeniable that the Global South countries have become an important driving force for the world economy. Their collective efforts foster unity and inject new impetus into building a more equitable and orderly multipolar world, as well as an economic globalization that benefits all.

China has actively promoted the shared development of other Global South countries through various initiatives. Looking ahead, China will continue to deepen cooperation with the Global South countries to move the world economy toward a more inclusive, sustainable and prosperous future.