by Niu Huayong, Wu Yue

BEIJING, Dec. 20 (Xinhua) -- Across 112 countries and 6.3 billion people, 1.1 billion people live in acute multidimensional poverty, with over half of them being children, according to the 2024 Global Multidimensional Poverty Index report.

Common forms of deprivation include a lack of adequate housing, sanitation, electricity, cooking fuel, nutrition and school attendance, according to the study by the United Nations Development Programme and Oxford Poverty and Human Development Initiative.

In recent years, the COVID-19 pandemic combined with regional conflicts has worsened the global poverty problem. Consequently, the realization of the Sustainable Development Goals faces serious challenges. The G20 Rio Summit in November was themed "Building a Just World and a Sustainable Planet," placing fighting hunger and poverty at the top of the agenda. It reflects the pursuit and desire of the Global South for development, prosperity and modernization.

Through strenuous, unified efforts of the Chinese government and people, China has lifted 800 million people out of poverty, and achieved the poverty reduction target of the UN's 2030 Agenda for Sustainable Development ahead of schedule. China is advancing its own modernization and high-standard opening up, with its development playing a key role in the global pursuit of common development.

China is committed to working with other developing countries to achieve modernization. Since the Belt and Road Initiative was put forward, multiple signature projects such as railways and ports and a number of "small yet smart" people-centered programs have significantly improved infrastructure and people's livelihood in partner countries. Connectivity, win-win cooperation and a community with a shared future for humanity are among the concepts and hallmarks of global practical cooperation.

This fruitful cooperation is in stark contrast to the unilateral, beggar-thy-neighbor, decoupling practices pursued by some Western countries, which has impeded the normal progress of global trade and investment. Yet the innovation impulse of emerging economies is increasingly strong.

Emerging economies and other countries of the Global South have explored growth paths in the evolving global economic pattern in the past few years. The importance of cooperation and stability in the global supply chain is well understood.

In recent years, the Chinese economy has shown great resilience despite a complex external environment, with its annual growth rates taking the lead among major economies. China has become a main trading partner of more than 150 countries and regions. Its trade with ASEAN, African, Latin American and Arab countries has seen significant increases over the past decade. By 2023, China had remained the largest country in goods trade for seven consecutive years, with its outbound investment ranking among the top three for 12 consecutive years.

China advocates the building of a world economy characterized by cooperation, stability, openness, innovation and eco-friendliness. It also calls for jointly promoting a universally beneficial and inclusive economic globalization to the benefit of various countries and communities.

China's adherence to opening up and deepened cooperation under the framework of the Belt and Road Initiative and other initiatives represents a concrete effort toward building a community with a shared future for humanity.

China is committed to safeguarding global free trade and achieving common development with other countries. It works to promote the stability of the global industrial and supply chains and unity among all countries and regions. Common prosperity is the future of global economic development and the right direction for global economic governance. Enditem

(Editor's note: Niu Huayong is dean of the International Business School at Beijing Foreign Studies University. Wu Yue is assistant professor in economics at the school.)