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In Paris, a new Global Financing Compact Summit kicked off on the 22nd, becoming the focus of the international stage. The Chinese side sent a high-level delegation to add a lot of color to this grand event. However, it is worth noting that this summit has attracted a lot of attention, not only because of the discussion about financing contracts, but also because of some profound background and motivation.
Unlike previous G7 summits, this new Global Financing Compact Summit is particularly eye-catching. The Chinese government sent a high-level delegation, while only German Chancellor Scholz planned to attend in France, and the heads of state of the other five G7 countries were collectively absent. This comparison raises many doubts, why is the lineup so strong for a summit?
In fact, the purpose of the Chinese delegation's participation in the summit is not only to participate in the discussion on financing compacts, but also to include the other three objectives. First of all, China hopes to use this summit to dispel Europe's misunderstanding of China. Recently, the EU has once again proposed an economic security strategy, which seeks to undermine Sino-European cooperation by advocating "de-risking" with China. Although Europe's major economies have not followed the strategy, some within Europe are beginning to raise their voices to regulate Chinese exports and investment. China has made it clear that non-cooperation and development are the real risks and insecurity. Therefore, China chose to focus on Germany and France to promote China-EU cooperation and resolve misunderstandings.
In order to achieve this goal, the Chinese delegation put forward three initiatives, including creating a good business environment, stabilizing the global supply chain and strengthening Sino-French innovation cooperation. These initiatives aim to promote and expand Sino-French economic cooperation so that France can derive tangible benefits from it, so that it can abandon the so-called "de-risk" strategy and move closer to China.
Finally, one of China's goals is to promote international multilateralism. Although Europe is one of the most developed regions in the global economy, in reality, most countries are still controlled by the United States. France is a special case in this regard, as it has always insisted on an independent international position. The new Global Finance Compact summit brought together hundreds of delegates, including high-level representatives from China, President Lula Lula of Brazil, President Abdel Fattah el-Sisi of Egypt, President Ramaphosa of South Africa, and the planned German Chancellor Scholz. Interestingly, however, none of the heads of state of the remaining five of France's G7 partners were present.
This is because France moved the "cake" of these countries. For too long, the G7 has focused only on the interests of member states and allies at the expense of the needs of developing countries. This includes issues such as poverty, debt and climate change. Poverty is well understood, with developed countries capturing the vast majority of wealth but failing to shoulder the responsibility of reducing global poverty. As for the debt problem, the developed countries dominated the international financial system but had not fulfilled their commitments to the developing countries. With regard to climate change, developed countries have also not fulfilled their commitments and have yet to provide the promised climate finance.
As a result, the summit proposed a series of measures to reform the existing financial system, as well as financing to support a global equitable transition. These measures are aimed at allowing developed countries to share more responsibility, which is why the heads of state of the five G7 countries did not attend.
Overall, the new Global Finance Compact Summit not only focuses on the discussion of the financing compact, but also includes the goals of dispelling European misunderstandings about China, promoting Sino-French economic cooperation and promoting international multilateralism. This summit is expected to bring a positive boost to China-France relations and international cooperation, and enable countries to work more closely together on the road of jointly addressing global challenges.
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