Catherine MCGUINNESS: Global Cooperation is Crucial in the Context of COVID-19

At the Plenary Session III, Catherine MCGUINNESS, Chair of the Policy and Resources Committee of the City of London Corporation, said COVID-19 has a big global impact and poses many challenges for the world. In this context, cooperation and collaboration become especially important.

The financial sector has a very important role to play in this regard and international cooperation will be crucial. There will be a high level of debt due to the COVID-19outbreak. The UK is very concerned about the recovery of SMEs and the debt accumulated in the period of mitigating COVID-19. The UK has launcheda number of policy measures and programs to help businesses go through difficulties, and will continue to monitor the progress. Climate change is also a very important issue to keep in mind as the economy recovers. The world needs to cooperate across the board, set regulatory standards and join hands to go through such a crisis in the best way possible. Brexit will not affect or underminethe cooperation between London and China.