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Securitization is the process of transforming illiquid assets, including outstanding loans and receivables, into securities, which frees up idle assets in the banking system.

BEIJING, Dec. 12 (Xinhua) -- Chinese President Xi Jinping on Saturday urged the international community to pursue a new approach to climate governance that highlights green recovery and pledged China's further commitments for 2030 to tackling the global climate challenge at the virtual Climate Ambition Summit.

China is willing to maintain close communication with the EU side on the important agenda for the next stage, work harder to push forward and reach the China-EU investment treaty, strengthen coordination and cooperation on climate change and biodiversity conservation so as to provide an institutional framework and sound expectations for bilateral cooperation in key areas, he said.

Second, we need to improve the governance architecture for economic globalization. We should firmly safeguard the rules-based multilateral trading system that is transparent, nondiscriminatory, open and inclusive, and support the reform of the WTO to enhance its effectiveness and authority. We should promote free trade, oppose unilateralism and protectionism, uphold fair competition, and protect the development rights, interests and space of developing countries. We should continue the reform of the international financial system, conclude the IMF’s 16th General Quota Review on schedule, expand the role of the Special Drawing Rights, buttress the global financial safety net, and raise the representation and voice of developing countries. We should also address the challenges to economic globalization head-on, and make it more open, inclusive, balanced and beneficial to all.

The South-to-North Water Diversion Project, the world's largest, has diverted 39.4 billion cubic meters of water to arid areas in the north through its middle and eastern routes over a period of six years, officials from the Ministry of Water Resources said.