China Calls for Establishment of Equitable World Economic Order

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Last updated at: (Beijing Time) Sunday, April 21, 2002

China Calls for Establishment of Equitable World Economic Order

With the pace of globalization accelerating,it is essential to establish a new international economic and financial order that is fair and equitable, said Dai Xianglong, Governor of the People's Bank of China, at the spring meeting of the International Monetary and Financial Committee.

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A senior Chinese official said Saturday in Washington that with the pace of globalization accelerating, it is essential to establish a new international economic and financial order that is fair and equitable.

Developing countries have not been able to take full part in the formulation of major international economic and financial standards and codes, said Dai Xianglong, Governor of the People's Bank of China, at the spring meeting of the International Monetary and Financial Committee.

Dai Xianglong expressed his hope that the international community, when drawing up standards and codes, will pay due attention to the varying situations and specific needs of developing countries, and let their voices be adequately heard in the process.

At the same time, Dai reaffirmed China's position that the standards and codes should be implemented on a voluntary basis.

Dai Xiangling expressed his support for multi-polarization of the world economy, saying it will help promote harmonized and balanced development of the global economy and the establishment of a new international political and economic order that is fair and rational.

"In this regard, its is obviously beneficial to expand the use of SDRs as an international reserve currency," he said.

Dai urged the International Monetary Fund (IMF) to attach greater importance to the reform of the international monetary system, and to pay more attention to the unbalanced development of the world economy.

On the world economy, Dai said there have been signs of recovery following a short recession, but substantial uncertainties still exist.

He urged major developed countries to actively take steps to coordinate their economic policies in order to ensure a steady recovery.

"At present, efforts should be made particularly to maintain a proactive monetary policy stance, restore stability in some regions and keep up the momentum of economic recovery.

He called on developed countries to speed up the transfer of funds and technology to developing countries, make their markets fully accessible to developing countries, and implement the Monterrey Consensus to increase official financial assistance to developing countries.

Poverty and unbalanced development are the root cause of many problems, Dai said, urging the developed countries to continue to reduce debt of the least developed countries through the Heavily Indebted Poor Countries Initiative.

Talking about the Chinese economy, Dai said that in response to the significant global slowdown, the Chinese government has initiated the strategy of increasing domestic demand. At the same time, the successful inauguration of the West Development Campaign allows China to maintain a rapid economic growth, improve the quality of growth and economic efficiency, and allow the financial sector to operate in a stable manner.

Dai said that in 2002, the Chinese government will continue to strengthen domestic demand, implement a proactive fiscal policy and a sound monetary policy and other supportive macroeconomic polices to facilitate the rapid growth of the economic system.

He said China will honor the commitment it made when joining the World Trade Organization (WTO) and will accelerate its opening up to the outside world.

"We are striving to speed up financial sector reform and the reform of state-owned enterprises, meet the challenges arising from WTO accession, and maintain a sustained and sound development of the national economy," he said.

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