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Countries should avoid policies harming others when dealing with crisis: Chinese official

(Xinhua)

14:32, October 07, 2011

SINGAPORE, Oct. 6 (Xinhua) -- Countries of the world should seek solutions that leads to common development and prosperity and avoid policies that harm others when they try to pull themselves out of the economic uncertainties, Chinese Vice Minister of Commerce Gao Hucheng said here on Thursday.

"Each of the countries has to choose their policies now that there are uncertainties over the prospect of the global economic recovery. Some of the policy options may very well harm the development of other countries," Gao, who is also the international trade representative of China, said at the World Chinese Entrepreneurs Convention.

Gao said the outlook of the European debt crisis remained uncertain, and it could be influenced by the political will of the heavily indebted European countries, their choice between economic stimulus and fiscal contraction, and even the prospect of the world economic recovery.

"So should we each choose our own different ways to deal with our own difficulties, or should we work together to strive for common development and seek solutions that lead to common development and prosperity? I think it should be the latter," he said.

Gao said the current crisis is still the extension of the global financial crisis that erupted in 2008.

"Everybody thought it was just an American crisis at the start of that crisis, and even some Americans thought it was just a problem for a certain industry. Then it was only after the collapse of the Lehman Brothers that all the countries realized that it was a crisis facing us all. The economic globalization has led to all of us so closely integrated that nobody can be immune to the crisis," Gao said.

The vice minister said China sent groups of buyers organized by the government to Europe and pushed forward the trade and investment cooperation with Europe after the crisis.

China's economic and trade cooperation with the Association of Southeast Asian Nations (ASEAN) is a good example of mutually beneficial economic cooperation, he said.

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