Pharmaceutical companies and research centres around the world are working on potential Covid-19 vaccines, with large global trials of several of the candidates involving tens of thousands of participants underway. China has five home-grown candidates undergoing Phase III trials.

“China is willing to strengthen cooperation with other countries in the research and development, production and distribution of vaccines,” Xi told the G-20 Riyadh Summit via video link on Saturday. “We will fulfil our commitments, offer help and support to other developing countries, and work hard to make vaccines a public good that citizens of all countries can use and can afford.”

He also called for stronger international policy coordination to establish travel “fast tracks” that would facilitate orderly global movement.

With that in mind, President Xi said China would propose the creation of a mechanism by which travellers’ coronavirus test results were recognised internationally through digital health codes.

'Global firewall'

President Xi Jinping proposed constructing a "global firewall" against Covid-19, reducing tariffs and barriers as well as tapping into the booming digital economy to battle the pandemic and reboot the flagging world economy.

He said the group has once again played an "important and irreplaceable" role in the global war against the pandemic which has "impacted the world in a more profound way than the 2008 global financial crisis did".

"To contain the virus, stabilise the economy and protect livelihood remains a long and arduous journey for all countries," Xi said, adding, "While containing the virus, we must also stabilise and restore economic growth."

His remarks came as humanity is grappling with growing uncertainties caused by the pandemic pullback, a global recession, as well as backlash to economic globalisation.

The G-20 groups the world's major economies whose combined GDP accounts for over 85% of the world's total.

They are widely expected to take more initiatives through closer cooperation to address the pandemic, and its lasting and far-reaching impact on the world economy.

President Xi speaks during a CEO Dialogue forum via video link, ahead of the Asia-Pacific Economic Cooperation (APEC) leaders' summit, hosted by APEC Malaysia, November 19, 2020. PHOTO: REUTERS

Free trade

The two-day summit, along with three other key multilateral diplomatic events that the Chinese leader attended within less than two weeks, has seen Xi champion multilateralism and free global trade.

He proposed that the G-20 should ensure the smooth functioning of the global economy and restore the secure and smooth operation of global industrial and supply chains, reduce tariffs and barriers.

The president said China has put off debt repayment totalling over $1.3 billion, pledging that the country will strengthen measures on debt suspension and relief for countries with particular difficulties.

"We should firmly safeguard the rules-based multilateral trading system that is transparent, non-discriminatory, open and inclusive," Xi said, calling on the G-20 to oppose unilateralism and protectionism, and safeguard developing countries' right to and space of development.

He reiterated China's new development paradigm is by no means to close its doors but to build a new system of open economy of higher standards.

"Xi's words show that China's position of continuously and firmly promoting globalisation and joining the division of labour in the global industrial and supply chains, as well as its position of working with other countries to develop and share the Chinese market through enhancing its market openness," said Ren Libo, head of the Beijing-based Chinese think tank Grandview Institution.

"China actively embraces the world economic order and shoulders its responsibilities and obligations as an important member of the global community through proactive participation and joint construction," Ren told Xinhua.

Digital economy

In his speech, President Xi also attached great importance to the digital economy which has seen fresh momentum since the outbreak of the pandemic.

He proposed that the G-20 should advance its efforts in harnessing the role of the digital economy as the pandemic has fuelled the boom of new technologies, new business forms and new platforms.

"The G-20 should enhance data security cooperation, strengthen the digital infrastructure, and level the playing field for high-tech companies from all countries," Xi said.

He also stressed that the group should address the challenges posed by the digital economy to employment, taxation and vulnerable groups, and seek to bridge the digital divide.

"China is ready to work with all parties to explore and formulate digital governance rules on the basis of the China-proposed Global Initiative on Data Security."

Global governance

Calling the pandemic "a grave challenge which has exposed the deficiencies of global governance," Xi urged a strengthened UN-centred international system and improvement of the governance architecture for economic globalisation, as well as support to the reform of the World Trade Organisation.

According to the president, strengthening the global public health system as well as preventing and controlling the Covid-19 pandemic and other infectious diseases are "the most pressing task of the moment".

Xi stressed efforts to strengthen the role of the WHO and advance the prevention of and response to pandemics to build a community of health for all.

Safeguarding planet Earth

The Chinese president also called for joint efforts from G-20 to tackle climate and other environmental challenges, and protect the blue planet.

He urged G-20 to strengthen response to climate change, follow the guidance of the United Nations Framework Convention on Climate Change, and push for the full and effective implementation of the Paris Agreement.

He reaffirmed China's commitment to striving to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

Applauding Saudi Arabia's initiative on Circular Carbon Economy, President Xi said China supports the shift to low-carbon energy in the post-Covid era to achieve the goal of Sustainable Energy for all. "China has put in place the world's biggest clean energy system, and has led the world in the output and sales of new energy vehicles for five years running."

China will pursue clean, low-carbon, safe and efficient use of energy and accelerate the growth of new energy and green industries to promote greener economic and social development in all respects, he added.

The president called on G-20 to protect the ecosystem with a respect for nature, saying China supports deepening G-20 cooperation in reducing land degradation, conserving coral reefs, and cleaning up plastic from the ocean.

Xi welcomed participation to the 15th meeting of the Conference of the Parties to the Convention on Biological Diversity to be held in the Chinese city of Kunming in May 2021. "China hopes the meeting will set goals and take actions to ensure the protection of global biodiversity in the years ahead."