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'Bigger say for emerging markets'

(China Daily)

08:49, November 14, 2011

HONOLULU - President Hu Jintao has called for emerging markets and developing countries to have a greater say in global economic governance.

Addressing top executives at the Asia-Pacific Economic Cooperation (APEC) forum CEO summit in Honolulu on Saturday, he said changes are taking place in global economic governance, but they are not keeping up with changes in global economics.

Emerging markets and developing countries are carrying greater weight and are playing a bigger role in global economic governance, Hu said.

"New mechanisms for global economic governance should reflect changes on the world stage," Hu said.

"They should observe the principle of mutual respect and collective decision-making and increase the representation and voice of emerging markets and developing countries."

Hu arrived in Hawaii on Thursday to attend the 19th leaders' meeting of the APEC group. He was also expected to address the leaders' meeting on Sunday.

The way the global economy is run has been increasingly questioned in recent months as the eurozone has grappled with its debt problems and the world has struggled to recover from the economic crisis. Many countries have called for structural reform, and the issue has been high on the agenda of organizations such as the United Nations, the Group of 20 and APEC.

Nassir Abdulaziz Al-Nasser, President of the UN General Assembly, said on Friday that one of the assembly's priorities during the current session is to strengthen the UN system for global governance through creative and adaptive structural changes.


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