The Lujiazui area of Shanghai is home to major global financial organizations. [Photo provided to China Daily]

BEIJING — China vows to actively participate in the reform of the global economic governance system, according to the full text of the Communist Party of China Central Committee”s development proposals made public on Tuesday.

The country will stick to equal-footed consultation and mutual benefits, and promote platforms such as the Group of 20 in playing the role of advancing international economic cooperation, said the document.

China will make more efforts to defend the multilateral trading system, contribute to the reforms of the World Trade Organization and help make global economic governance system fairer and more rational, it said.

The document calls for active participation in multilateral and bilateral mechanisms of regional investment and trade cooperation, advancing the rule-making of economic governance in emerging fields, as well as enhancing the country’s capability of participating in international financial governance.

Meanwhile, a strategy should be implemented to elevate the country’s free trade zones and a high-standard free trade zone network with global reach should be built, it said.

The document, the Party leadership’s proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, was adopted at the fifth plenary session of the 19th CPC Central Committee which closed on Oct 29.

Via China Daily

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