Xi Jinping warned at the G20 against the use of food and energy as a weapon in a veiled criticism of Russia

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The Chinese president appeared to criticize his ally Vladimir Putin's invasion of Ukraine. He also asked the big world economies to contain the impact of the increases in their interest rates, adopted to combat inflation

Xi Jinping warned at the G20 against using food and energy as a weapon in a veiled criticism of Russia< /p>Chinese President Xi Jinping during the summit in Bali (BAY ISMOYO via REUTERS)

Chinese President Xi Jinping warned Tuesday at the G20 summit > against the use of food and energy as weapons, in an apparent veiled criticism of the Russian invasion of Ukraine.

“We must firmly oppose the politicization, instrumentalization and use as a weapon of food and energy problems”, Xi declared at the summit on the Indonesian island of Bali, where he reaffirmed his opposition to Western sanctions policy.

In his speech, the Chinese leader also called on the world's major economies contain the impact of interest rate increases, adopted to combat inflation.

“We must contain global inflation and resolve systematic risks in the economy and finance,” Xi said at the quote.

He added that “developed economies must reduce the negative effect of their monetary policy adjustments and stabilize their debts at a sustainable level.”

The Federal Reservel The US has raised rates to the highest level since before the 2008 financial crisis, seeking to adjust the money supply to contain inflation.

The move has pushed the dollar up to levels not seen in two decades, hurting developing economies that rely on exports or are also fighting inflation.

Xi spoke at the summit a day after meeting his US counterpart Joe Biden, a surprisingly friendly meeting in which the two leaders indicated they would seek to ease tensions of recent months.

You may be interested: Joe Biden said China has no imminent plans to invade Taiwan, but complained about “increasingly aggressive” actions

Call on international financial institutions

Xi Jinping also called on international financial institutions and commercial creditors to “take part” and make efforts to reduce and suspend the debts of developing countries.

Xi assured that these bodies “are the main creditors of developing countries”, and specifically urged the International Monetary Fund(IMF) to “accelerate” Special Drawing Rights (SDR) lending to low-income countries.

Xi Jinping warned at the G20 against using food and energy as a weapon in a veiled criticism of Russia

Xi speaks with United Arab Emirates President Mohamed bin Zayed Al-Nahyan (BAY ISMOYO via REUTERS)

“China launched the Debt Service Suspension Initiative (DSSI) English) of the G20 in all aspects and, within it, it has suspended the largest number of all members,” said the Chinese leader.

In addition to that program, created by the World Bank and the IMF With support from the G20 and established in May 2020, “China has also worked with some G20 members under the Common Framework for Debt Treatment, thus helping developing countries through a difficult time,” he said.

Inherited from the G20 in 2021 in Rome, it is estimated that debt restructuring is one of the issues under debate in Bali, and formulas such as the DSSI, created in the midst of a pandemic, to help the most vulnerable countries.

The Latin American partners of the G20 (Argentina, Mexico and Brazil), in particular, are interested in creating the conditions for long-term debt restructuring.

A “fragile” world economy< /h2>

During his speech, Xi stressed that the global economy is in a “fragile” situation due to “the tense geopolitical situation, inadequate global governance and the overlapping of multiple crises in areas such as food and energy.”

He called for “avoiding divisions and confrontational policies between blocs” and instead “working hand in hand to open new horizons for cooperation”.

The president noted that China has proposed the G20 Action on Digital Innovation and Cooperation, and that it is “looking forward to working with all parties to promote an open, equitable and non-discriminatory environment for the development of the digital economy, with a view to reducing the digital divide between the North and the South”.

In this sense, he expressed his support for the African Union to join the G20, and assured that the group must “always keep in mind the difficulties of developing countries and address their concerns.”

“Given the setbacks suffered by economic globalization and the recessionary risks faced by the world economy, we are all having a difficult time, with developing countries bearing the brunt,” he said.

Xi Jinping warned at the G20 against using food and energy as a weapon in a veiled criticism of Russia

( Dita Alangkara via REUTERS)

The Chinese leader also called for “actively promoting” the reform of theWorld Trade Organization (WTO) in order to promote “the structuring of an open world economy”.

“Global trade, the digital economy, the green transition and the fight against corruption are relevant factors that drive global development. Progress must be made in the liberalization and facilitation of trade and investment,” he added.

Xi also recalled his proposal for the Global Security Initiative (ISG)< /b>, to “enforce the spirit of the UN Charter, act in accordance with the principle of the indivisibility of security and persist in the concept of common, comprehensive, cooperative and sustainable security”.

China, he said, “advocates neutralizing conflicts through negotiations, settling disputes through consultations, and supporting all efforts leading to the peaceful resolution of crises.”

Regarding climate change, Xi assured that a transition towards green and low-carbon development is needed, but that for this “it is imperative to abide by the principle of common but differentiated responsibilities and provide support to developing countries in terms of funds, technologies and capacity building ”, he said.

Xi also had words on what he considered the “most pressing challenge for global development”, food and energy security, whose crisis he blamed on supply chains and “disrupted” international cooperation.

“We must strengthen cooperation in market supervision and regulation, establish commodity partnerships, develop an open, stable and sustainable commodity market , as well as working together to unblock supply chains and stabilize prices in the market,” he said.

(With information from EFE and AFP)< /p>

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