China Calls for Sound External Development Environment for Developing Countries

Home>>World

Last updated at: (Beijing Time) Monday, April 22, 2002

China Calls for Sound External Development Environment for Developing Countries

"With the acceleration of economic globalization, a sound external environment has become indispensable to the economic development of developing countries," Xiang Huaicheng, Chinese Financial Minister, said Sunday to the 65th meeting of the Development Committee of the World Bank and the International Monetary Fund (IMF) in Washington, the United States.

DISCUSSION

CHINESE

SEND TO FRIEND

Chinese Finance Minister Xiang Huaicheng Sunday called for the creation of a sound external environment for the development of the developing countries.

"With the acceleration of economic globalization, a sound external environment has become indispensable to the economic development of developing countries," Xiang said at the 65th meeting of the Development Committee of the World Bank and the International Monetary Fund (IMF) in Washington.

Describing it as "a great challenge for the development of the world economy," the Chinese minister urged developed countries to increase the financial and technological transfer to and fully open their markets for developing countries.

He said countries with internationally influential hard currencies should also take concrete steps to stabilize the exchange rates of their currencies.

It is a daunting task for the international community to realize the development goals set by the U.N. Millennium Summit, he said, adding that the biggest challenge the two international financial institutions are facing is how to make the best of their comparative advantages to formulate their assistance strategies that suit the recipient countries' national situation, by focusing on economic development.

The international economic order is far from being satisfying, many developing countries are still in a disadvantaged position in the process of globalization, and some of them are even facing severe difficulties, he said.

The minister expressed his hope that the spring meeting, which was held after the adoption of the Monterrey Consensus, would take solid steps to carry out the consensus and further push to realize the international development goals.

On the Action Plan for Education For All (EFA), Xiang said China is concerned that many developing countries are believed to be at risk of not being able to achieve the EPA goal of universal primary education by 2015.

The lack of financial resources is the main constraint to achieving the goal, he said, urging that developed countries and the international community as a whole increase their assistance, particularly on the concessionary terms, to close the gap of financial requirements for EFA.

Xiang said that China will continue to develop basic education as a strategic priority, mobilize the efforts of the whole society and strengthen the cooperation with bilateral and multilateral donors, with a view to achieving the objective of 9-year compulsory education nationwide by 2010.

Talking about the HIPC (Heavily Indebted Poor Countries) Initiative, Xiang said China hopes that developed countries, while expediting the process of HIPC Initiative, would increase official development assistance to these countries on more concessionary terms to help them achieve debt sustainability.

Xiang also voiced his support for combating money laundering and the financing of terrorism, but at the same time he hoped that the international community could fully incorporate the views of developing countries and facilitate their participation in the process of formulating rules and criteria in this field.

Questions?Comments? Click here

China Calls for Establishment of Equitable World Economic Order

China Urges Reform of International Economic Order

Chinese Companies Required to Hold Sending More Workers to Israel ( 5 Messages)

Chinese Scientists Among First to Crack Genetic Code of Rice ( 10 Messages)

Chen Shui-bian Preaches Again "Taiwan Independence" ( 17 Messages)

China's Economy to Grow Above Six Percent ( 20 Messages)

Ins and Outs of a Young American's Roguery on Bus in China ( 115 Messages)

Venezuelan Parliament Refuses to Recognize Interim President ( 15 Messages)