(Transcribed from recordings, with some edits)
Many of your remarks have pointed out the glaring injustices within the current international monetary system. Such unfairness not only hinders the normal development of many countries, but also exacerbates economic volatility and instability to a certain extent.
As Professor Lu Di said earlier, either excessive or insufficient inflows of U.S. dollars into China inflict shocks on the Chinese economy. The representative from Venezuela also shared how U.S. sanctions severely disrupt the country’s resource exports and economic operation. The sanctions also make Nigeria suffer greatly. This is the same case for Russia, with its economy bearing immense damage from dollar sanctions and restrictions on the payment system. It is evident that unfair treatment within the existing international payment system constitutes a substantial constraint on the development of Global South countries.
That’s why it is urgent for Global South countries to explore new breakthroughs, seeking fairer and more reasonable alternative mechanisms within the international payment and settlement system to reduce their risks and uncertainties of being preyed upon. Western countries and media often stress a “rules-based international order”, yet we are aware that the rules are mostly crafted by them – the foundation itself is unfair. Demanding that all nations obey rules built upon unjust foundations amounts to institutionalizing and perpetuating a form of neo-colonialism.
Therefore, we must break free from the Western-imposed framework ideologically, challenging and rejecting international rules that lack equality and inclusivity. When Western countries insist on binding us with these rules, we should forcefully assert that we are not involved in their formulation and that they can be arbitrarily modified by the rule-makers. We firmly refuse such an unequal arrangement.
Global South countries should unite and collaborate to advance a fair, just and inclusive new international monetary and payment system, freeing future development from the shackles of unjust institutions. This is more than an economic issue; it concerns the justice and sustainability of global governance.