Zhuhai, September 3 (Xinhua) — The "2024 Phoenix Bay Area Finance Forum" was held in the Hengqin Guangdong-Macao In-Depth Cooperation Zone. In a video address at the opening ceremony on September 3, UN Under-Secretary-General Li Junhua noted that after years of economic turbulence, the global economy has finally returned to a relatively stable track; however, current economic resilience should not obscure potential downside risks, and efforts must be redoubled on the basis of revitalizing multilateralism and inclusive international cooperation.

On September 3, UN Under-Secretary-General Li Junhua delivered a video address at the opening ceremony of the "2024 Phoenix Bay Area Finance Forum."

Li Junhua noted that China, as the largest developing country, has played a key role in global economic recovery over the past few years, effectively stabilizing global supply chains and creating demand for the products and services of other countries.

"High interest rates and insufficient fiscal space are weakening countries' capacity to invest in productive sectors and human capital. At the same time, debt crises are looming, and many countries are already spending more on debt servicing than on national health and education," Li Junhua said.

To address these challenges, Li Junhua believes it is necessary to strengthen macroeconomic policy coordination, create synergies and reduce spillover effects. Fragmentation of the global economy and inward-looking policies may produce negative spillover effects, particularly affecting the most vulnerable groups. Major economies should strengthen dialogue, work together to reform and revitalize the multilateral trading system, and improve global economic governance.

Li Junhua further noted that the global debt crisis must be addressed in a sustainable manner, and timely debt restructuring action remains crucial. This requires coordinated multilateral cooperation and comprehensive reform of the global financial system to fully address debt challenges.

In the face of climate change, Li Junhua believes that measures must be taken to scale up climate finance and ensure the smooth cross-border flow of green technologies and products. All countries need to comply with the carbon emission targets set by the Paris Agreement and jointly achieve a fair transition to a green economy.