At a time when rising unilateralism and protectionism are combining to disrupt global economic governance, ever-closer ties among the Global South financial community are expected to inject fresh impetus into the forging of a new international financial order.

This is the latest consensus reached by representatives of the Global South financial community at the 2025 Global South Financiers Forum in Beijing, which was hosted by Xinhua News Agency from March 19 to 21.

Attendees of the forum included representatives from government departments, financial institutions, international organizations and scholars from more than 30 countries and regions.

They called for the financial community of the Global South to make joint efforts to bridge the North-South financial gap and foster a new financial order that is more just, equitable and inclusive.

Rising against headwinds

As a bloc of developing countries, emerging economies and the least-developed nations, the Global South, as a whole, faces common development tasks and missions as it is home to about 85 percent of the world's population, according to Jiao Jie, dean of Tsinghua University's PBC School of Finance.

Over the past few decades, Global South countries have posted remarkable economic growth, injecting stability and vitality into the world economy, said Jiao, who estimated that the share of the Global South in the world's real GDP had surged from 26 percent in 2006 to 42 percent in 2024 -- driven notably by emerging economies, including China and India.

However, the forum's attendees warned, the external environment has become more complex for the Global South, as the world economy is grappling with slowing growth, geopolitical tensions and resurgent protectionism.

In 2023 alone, nearly 3,000 new trade-distorting measures had stifled cross-border flows of technology, capital and labor, Jiao told Xinhua, underlining that the latest round of protectionism, represented by additional tariff hikes, is posing even more challenges.

Yamile Berra Cires, first vice president of the Central Bank of Cuba, said that a technological and economic blockade from certain developed countries, coupled with geopolitical tensions, climate change and accelerated digital transformation in the financial sector, have exposed greater vulnerabilities in Global South economies, such as that of Cuba.

Despite accounting for more than 40 percent of the global economy and contributing 80 percent to world economic growth, Global South nations still face a disparity between their economic contribution and their influence in the current international financial system, according to Gu Shu, chairman of Agricultural Bank of China, one of the country's major lenders.

Vision for new financial order

In releasing the Beijing Consensus document, representatives of the Global South financiers are calling for Global South countries to join hands to address common challenges, including sizable financing gaps, mis-allocation of resources and widening technological divides.

"As we navigate a rapidly changing global economic landscape, nations in the Global South find themselves at a pivotal moment, gifted with unprecedented opportunities and facing notable challenges," said Andre du Plessis, CEO of Standard Advisory (China) Ltd, who hailed the consensus as a milestone move.

For Africa, as a major member of the Global South, a multilateral and inclusive approach is essential for economic development, Du Plessis said, while calling for greater collaboration in terms of inclusive financial cooperation.

"When the Global South acts, its future development prospects appear even more promising," he added.

Notably, many countries in the Global South are struggling with unsustainable debt levels -- which are significantly limiting their ability to invest in key areas such as health, education, social equity and other national priorities, said Shyam Prasad Bhandari, joint secretary of Nepal's finance ministry.

Bhandari suggested that Global South countries enhance coordination concerning green finance, as it's a strategy that shapes resilience, drives innovation and ensures future prosperity.

"The investment needs of the Global South are even larger if we consider challenges such as global warming, which would require countries to invest in new infrastructure, renewable energy and agricultural technology to improve their readiness," said David Sumual, chief economist of Indonesia's Bank Central Asia, who called for enhanced South-South cooperation.

"While the road ahead is undoubtedly challenging, it is also full of opportunities," said Jonathan Titus-Williams, deputy minister of planning and economic development of Sierra Leone.

Through diverse and creative financing options, Global South countries can create a more equitable, sustainable and resilient financial governance order, Titus-Williams added.