First UN summit on sustainable, inclusive, resilient global economy convenes

The first Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy was held at the United Nations Headquarters in New York on Wednesday, focusing on financing the Sustainable Development Goals and reforming the international financial system.

Representatives of member states and international organizations called for reforming the global financing framework, practicing multilateralism, and strengthening the voice of developing countries.

In his opening speech, UN Secretary-General Antonio Guterres said that in order to address the challenges facing the world today, the international financial architecture needs to be reformed.

Annalena Baerbock, president of the 80th United Nations General Assembly, stated at the summit that with a funding gap of over $4 trillion for the sustainable development goals, the UN has made very clear recommendations for international financial reform, including granting developing countries greater representation in international financial institutions.

Lok Bahadur Thapa, president of the UN's Economic and Social Council, believes that this summit aims to strengthen the systematic connection between the UN and international financial institutions. Global trade disputes are eroding people's trust in the multilateral trading system, he added.

Kristalina Georgieva, managing director of the International Monetary Fund, believes that the global economic system is undergoing restructurings. She said by the year 2030, global public debt as a proportion of GDP is expected to approach 100 percent, and many countries will lose their fiscal space. Therefore, structural reforms are needed to unleash more investment power from the private sector.

Matamela Cyril Ramaphosa, president of South Africa, called on the African Union, the G20, international financial institutions, and other global financial bodies to actively coordinate. He stated that global rules must be jointly formulated by all member states rather than just a few, and that the commitment of "ensuring no one is left behind and no country is left behind" must be fulfilled.