China Proposes Global Framework of Financing for Development

Home>>World

Last updated at: (Beijing Time) Saturday, March 23, 2002

China Proposes Global Framework of Financing for Development

Chinese Finance Minister Xiang Huaicheng proposed Thursday the creation of a global framework of financing for development to meet the needs for development in the 21st Century.
Efforts must be made to reform the irrational international financial, monetary and trade systems, to encourage rational and orderly flow of all resources worldwide, said Xiang.

DISCUSSION

CHINESE

SEND TO FRIEND

Reform to be Made in Several Aspects

"Efforts must be made to reform the irrational international financial, monetary and trade systems, to encourage rational and orderly flow of all resources worldwide, including full market access by developing countries, easier cross-border labor movement and transfer of capital and technology to developing countries," Xiang told the U.N. Conference on Financing for Development held in Monterrey, Mexico.

Heads of state or government from more than 50 countries, business leaders and senior representatives from about 100 countries meet here at the five-day conference to discuss ways of bringing more financial aid to developing countries so as to halve, by 2015, the number of people living on less than a U.S. dollar per day. Some 1.2 billion people worldwide fall into the category.

Developed Countries Urged to Assume Special Responsibility

Xiang, special envoy of Chinese President Jiang Zemin, urged developed countries to assume special responsibilities in maintaining global economic stability.

They should take into account the consequences on global economy when determining economic and trade policies and make efforts to ensure stable exchange rates between major reserve currencies, he said.

China opposes the macroeconomic and trade policies adopted recently by some countries, he added. He did not elaborate.

A United States decision to raise tariffs on steel imports took effect on Wednesday. The move has provoked anger and concern from both developed and developing countries.

Income Distribution and Financial Aid to be Improved

At the U.N.-sponsored conference which concludes Friday, the Chinese finance minister called for improving global income distribution and increasing financial aid to developing countries to support their capacity building for development through their own efforts.

Whether this century will turn out to be a century of peace and development depends on whether we are able to make it a century of development for all, Xiang said.

He meanwhile asked developing countries to restructure their economies and promote reform and opening-up in their development efforts.

China Urges Financing for Developing Countries

The Chinese government attaches great importance to the on-going the United Nations International Conference on Financing for Development in Monterrey, Mexico, and hopes the international community would further cooperate in this field, Foreign Ministry Spokeswoman Zhang Qiyue. (In Details)

Questions?Comments? Click here

China to Build Clean Gov't by Financial Reform: Minister

China Urges Financing for Developing Countries

U.N. Reports 780 Million People Suffering From Hunger