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China urges int'l cooperation to tackle global challenges
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08:15, July 10, 2009

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G8, G5: make difference this time? - special

Chinese State Councilor Dai Bingguo on Thursday called for concerted efforts to tackle various global challenges at the leaders' meeting of the Group of Eight (G8) and five leading emerging economies (G5).

Dai, who attended the summit on behalf of Chinese President Hu Jintao, delivered a speech entitled "Striving to push forward global economic recovery and enhance regulation of the world economy" to the meeting held in the quake-torn Italian city of L'Aquila, according to a press release issued by the Chinese delegation.

Hu cut short his stay in Italy and skipped the G8 meeting due to the situation in China's Xinjiang Uygur Autonomous Region. He returned to Beijing Wednesday.

In the speech, Dai expounded China's position on major international issues.

Dai called for more international efforts to push for recovery of the world economy, saying that against the backdrop of economic globalization, the macro-economic policies adopted by one country, especially by a major economy, would exert an impact on other economies.

"So when we promulgate a policy aimed at economic recovery, we should not only put into consideration our own interests, but also have to cast eyes on the interests of other countries," Dai said.

The international community should strengthen communication in this regard, he said.

The state councilor said the "primary task" now was to implement the results achieved at the G20 summits in Washington and London, so as to ensure the momentum and effectiveness of economic stimulus packages.

He also urged the international community to abide by the principle of opening markets, opposing protectionism in various forms and safeguarding the normal and orderly movement of goods, services and personnel across borders.

Dai also appealed for an accelerated process of the Doha Round talks of the World Trade Organization, said the press release.

Leaders of the G8 industrialized countries and five leading emerging economies -- India, China, Mexico, Brazil and South Africa -- met on Thursday to discuss economic issues, climate change, trade and other international issues.

On the current international financial crisis, the state councilor said the international community has already reached consensus on reforming the global financial system, but the key lies in the implementation of the consensus.

In the short term, the reform is aimed at stabilizing the international financial market and boosting the growth of real economy, but the reform should be far-sighted, he said.

In the long run, the reform should be aimed at enhancing regulation of the international financial system and safeguarding order of the global financial market, so as to avoid the recurrence of a similar crisis, he added.

The state councilor stressed that representation and voting rights of developing countries should be increased in the International Monetary Fund and the World Bank.

He said developing countries should participate as equal partners in the policy-making process in setting international financial standards and regulation.

Dai also urged the international community to improve global financial supervision, the press release said.

The state councilor appealed for maintaining the stability of major international reserve currencies, but he did not mention the U.S. dollar in his speech.

He urged the international community to improve the international monetary system in a bid to make it diversified and rationalized.

The state councilor also briefed the leaders on China's efforts to tackle the global financial crisis, saying the measures taken by the Chinese government have proven effective.

Noting that the international financial crisis has brought considerable difficulties and challenges to China's economy, Dai said the Chinese government has adopted a series of resolute measures to tackle some thorny issues and these measures have seen initial achievements.

The measures include a proactive fiscal policy and a moderately easy monetary policy, a stimulus package worth 4 trillion yuan (about 587 billion U.S. dollars) designed to expand domestic demand, and a tax-cut package of 500 billion yuan (around 73 billion U.S. dollars), Dai said.

China also has striven to readjust its economic structure, accelerate infrastructure construction, seek balanced development between urban and rural areas, and improve social security system and people's life, Dai said.

Thanks to these measures, China's gross domestic product (GDP) rose 6.1 percent year on year in the first quarter of this year, he added.

According to a press release by the Chinese delegation, in the first five months of this year, on a yearly basis, the fixed-asset investment in urban areas jumped by 32.9 percent in China, the retail sales grew by 15 percent, and the industrial output increased by 6.3 percent.

The state councilor said China would continue to cooperate with the international community to fight the international financial crisis, and would continue to make due contribution to the recovery of world economy.

In his speech, Dai also called for joint efforts from the international community to tackle global challenges such as climate change, food and energy security.

Dai said global challenges such as climate change, food and energy security are common problems facing the whole world, and therefore need joint efforts to cope with.

On climate change, Dai said the international community should continue to insist on the core status of the UN Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol, and abide by the principle of "common but differentiated responsibility" established by the two documents.

The international community should take actions in line with the "Bali Road Map" and take into account different conditions of various countries, so as to push for the success of the upcoming Copenhagen Conference on climate change scheduled for December this year.

On food security, Dai called for increased investment in agriculture, enhanced market monitoring and the establishment of assistance mechanisms.

On energy security, he proposed a series of measures including setting up a system of energy technology research and development, diversifying energy supply, developing new energy and renewable energy, and improving energy efficiency.

Source: Xinhua

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