Chinese Official Stresses Economic Obligation of Developed Countries

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Last updated at: (Beijing Time) Sunday, April 13, 2003

Chinese Official Stresses Economic Obligation of Developed Countries

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The major developed countries should assume more responsibility and pursue supportive macroeconomic policies in view of the weak world economy, said a senior official of the People's Bank of China here Saturday.

The United States should pay more attention to its existing macroeconomic weaknesses and enhance policy coordination with other countries to prevent the negative impact of sharp exchange rate volatility on the vulnerable world economy, said Li Ruogu, assistant governor of the People's Bank of China.

"I believe that it is necessary to fully assess the enormous risk of the overdependence of the world economy on the US economy during the time when the US economy itself is facing great adjustment pressures," Li said.

Li, who was attending the 2003 Spring Ministerial Meeting of the International Monetary and Financial Committee, said the eurozone should accelerate structural reform in areas such as the labor market and pursue a looser monetary policy when necessary.

Japan should focus on solving the problem of non-performing loans and endeavor to carry out financial reform to create conditions conducive to economic recovery, he said.

Li added the developing countries need to further expand domestic demand, improve financing conditions, pursue a robust macroeconomic policy, and speed up structural reform to promote economic growth.

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