On the afternoon of November 5, 2024, the session on "Sustainable Development of Global South and China-Africa Cooperation" of the 7th Hongqiao International Economic Forum (HQF), co-hosted by the Ministry of Commerce of China (MOFCOM) and UN Trade and Development (UNCTAD), and organized by Chinese Academy of International Trade and Economic Cooperation (CAITEC), was held at National Exhibition and Convention Center (Shanghai). Mr. Li Fei, Vice Minister of MOFCOM, and Mr. Pedro Manuel Moreno, Deputy Secretary-General of UNCTAD addressed the session. Mr. Chipoka Mulenga, Minister of Commerce, Trade and Industry of Zambia, and Mr. Sebahizi Prudence, Minister of Trade and Industry of Rwanda, etc. took part in the discussions at the event.

Vice Minister Li Fei pointed out that the collective rise of the Global South has made the global governance system more inclusive, equitable, and fairer. As the largest developing member of the UNCTAD, China will intensify its efforts to boost South-South trade and investment cooperation, and accelerate the process of regional economic integration; strengthen cooperation in emerging fields to tap new opportunities in digital and green development; enhance China-Africa cooperation by implementing the ten partnership actions; and continue deepening practical cooperation in various fields with Global South countries through UNCTAD.

Deputy Secretary-General Pedro Manuel Moreno stated that amid the backdrop of a normalized low-growth global economy, it is crucial for developing countries to reflect on the development strategies of the Global South, strengthen multilateral cooperation, seize opportunities in the service economy and South-South trade, and achieve sustainable development.

Speakers from political and academic circles of China and abroad discussed under two topics "The Evolution of Economic Development Models for the Global South to Reach Sustainable Development" and "Experiences and Emerging Trends in China-Africa Cooperation for Promoting Sustainable Development in Africa." Experts believe that for a long time, China-Africa cooperation has been significantly effective, becoming a model for South-South cooperation. In the future, in emerging fields such as the digital economy and green transformation, China will continue to play an important guiding role.

At the session, UNCTAD released the 2024 Trade and Development Report. The report indicates that globalization is undergoing changes, and the development gap between the global South and North is threatening to widen. The structural issues faced by the world in the future stem not only from manufacturing but also from the challenges posed by emerging service industries. Global trade is slowing down, with a shift towards trade in services, yet developing countries account for less than 30% of the world's service exports. The future economic development of countries worldwide will require a diversified approach to macroeconomic policies.