China's Xi advocates new intl economic, financial rules

BEIJING - President Xi Jinping called for establishing new mechanisms and rules for international economic and financial cooperation and regional cooperation, according to a press release on Tuesday.

Xi stressed reforming "unjust and improper arrangements in the global governance system" on Monday at a study session attended by members of the Political Bureau of the Communist Party of China Central Committee. The theme of the session was global governance.

Xi said international economic and financial organizations, including the International Monetary Fund (IMF) and the World Bank, should move forward to "reflect changes in the international landscape."

In particular, they should boost representation and the voices of emerging economies and developing countries in their systems.

He also advocated democratic and law-based rules to guide global governance so that the global governance system represents the will and interests of a majority of countries in a more balanced manner.