Chinese State Councilor and Foreign Minister Wang Yi said on Saturday that the Group of 20 (G20) should take the lead in championing multilateralism.

Addressing the G20 Foreign Ministers' Meeting, Wang said the global economic momentum is slowing with increased downside risks, and the world is full of uncertainties with growing unilateralism and protectionism.

"We can not sit by idly and should take actions," he said, noting that multilateralism is key to solving various global issues.

As a major forum for international economic cooperation, the G20 should take the lead in championing multilateralism and offering feasible solutions for the healthy development of world economy, Wang said.

Multilateralism, based on international law and basic principles of international relations, is aimed at maintaining world peace and common development, safeguarding equality and justice, and promoting mutual benefit and win-win, he said.

Wang also added that sustainable development is key to solving major issues facing the world, and ending poverty is the top goal of the United Nations 2030 Agenda for Sustainable Development.

China is willing to share development experiences with other countries to help push forward the global poverty eradication, Wang said.

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Wang said the G20 should provide political guidance for the reform of the International Monetary Fund (IMF), noting that the current international financial system fails to reflect the representation and voice of emerging markets and developing countries in the world economy. 

He said the 15th round of the IMF's general review of quotas ended fruitlessly due to the negative attitude of several members. 

"We will push for the launch of the 16th general review of quotas as soon as possible and make substantial progress. The G20 should continue to provide political guidance for reform and ensure that the momentum and direction remain unchanged," he stressed. 

Wang called for efforts to promote trade and investment liberalization and facilitation and safeguard the rule-based multilateral trade system. Commenting on the reform of the World Trade Organization (WTO), he stressed that developing countries should continue to enjoy the "special and differentiated treatment." 

China supports the G20 to give political impetus to the implementation of the 2015 Paris Agreement, he added. 

The Chinese economy is making steady progress despite a severe external environment, Wang said, stressing that the country is firmly committed to its opening-up policy. 

(With input from Xinhua)