China Urges Reform of International Economic Order

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Last updated at: (Beijing Time) Saturday, April 20, 2002

China Urges Reform of International Economic Order

China on Friday called for reform of the inequitable international economic order and urged the developed countries to provide broad market access to the developing countries.

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China on Friday called for reform of the inequitable international economic order and urged the developed countries to provide broad market access to the developing countries.

"Development of the world economy is severely unbalanced, the gap between the rich and the poor is continuing to widen, and the number of people in poverty continues to increase," said Li Ruogu, Assistant Governor of People's Bank of China, said at the Group of 24 (G-24) meeting here.

Li said China strongly urged the developed countries to expedite capital and technology transfers to the developing countries, provide broad market access to the developing countries, and truly implement the Monterrey Consensus.

"The developed countries should realize that their aid to the developing countries is not a charity or a favor, but a necessary means of correcting the uneven distribution of the benefits of globalization," he said.

Li Ruogu said that efforts should be made to foster the development of a "multi-polarized" world economy, which will help promote a harmonized and balanced development of the world economy, and create a fair and equitable new international economic order.

On the world economic situation, Li Ruogu said that the world economy, having experienced a short and mild recession, has shown signs of recovery despite a number of uncertainties.

He cautioned that people should not be overoptimistic about world economic development as the U.S. economy is till facing uncertainties, substantial progress has not been achieved in structural reforms in the euro area, and the Japanese economy remains in a difficult situation.

"What is of even greater concern is that the recent unstable situation in some regions have already had an impact on energy prices," he said.

The Chinese official also urged the International Monetary Fund (IMF) and the World Bank to enhance their poverty reduction efforts and refrain from attaching excessive conditions and interfering in the recipient countries' domestic affairs when providing loans or debt relief.

Li Ruogu said though China is still a low-income developing country with tens of millions of people in poverty, it has made its best efforts to provide financial assistance both through bilateral arrangements and through international organizations to help developing countries eliminate poverty sooner rather than later.

Li made it clear that China strongly opposes money laundering and any form of terrorism, but he stressed that terrorist identification should be accurate and that dual standards should not be employed.

"The United Nations should play a leading role in anti-money laundering efforts and in combating the financing of terrorism, and national authorities should be responsible for their implementation," he said.

Li Ruogu said as neither the IMF nor the World Bank has a mandate in the area of law enforcement, they should neither use anti-money laundering and combating financing of terrorism as a condition when providing assistance, nor should they get involved in member country's legislation, jurisdiction or law enforcement.

G-24 was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

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