Expert: Emerging countries change world economic pattern

15:30, April 13, 2011      

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Emerging countries have become an important engine driving world economic growth and have jointly changed the world economic pattern, said Jin Canrong, deputy dean of the School of International Studies at Renmin University, in an interview with People's Daily Online.

He said that based on their cheap products, rich resources, abundant labor supply, huge potential markets and other advantages, emerging countries have become an important engine for the world economy. They have changed the world economic pattern and promoted the transfer of global economic power.

To be specific, they have changed the distribution of economic power, promoted the formation of a more balanced world economic order, gained a greater say in international economic affairs and promoted the transformation of economic development patterns.

First, he said, global economic power and wealth are being transferred from developed countries to emerging countries at a fast pace. The Western-led world economic system is undergoing dramatic changes due to the rise of emerging countries.

The global financial crisis has narrowed the gap between emerging countries and Western developed countries. The rise of emerging countries is a long-term steady trend rather than a temporary phenomenon in crisis situations. Overall, power in the global economy is shifting from West to East and from North to South.

Second, the global economic decision-making power has become more equal and balanced. The status of emerging countries has been significantly improved in the global economic decision-making system along with the enhancement of economic strength. In regards to the distribution of global economic decision-making power, the number of participant countries from the North and South is becoming more equal and the effectiveness is also more balanced.

Third, the developing countries have gained more say in global economic issues. Emerging countries had begun to argue on issues led by developed countries and safeguard the collective interests of developing countries through solidarity actions or temporary combinations.

They have begun to actively advocate some new economic issues, such as reforming the international financial system, opposing trade protectionism and increasing economic aid to poor areas. This has important and positive significance for changing the imbalance between the North and the South and promoting the share of global economic growth results.

Fourth, the autonomy of economic development patterns of various countries is highlighted. The Anglo-Saxon model that believes in the market omnipotence theory has been widely questioned in the wake of the international financial crisis. Therefore, the voice of various countries that seek the autonomous economic development has significantly increased. In regards to the future trend, government intervention will become the policy option of various countries to develop the economy, and the relationship between the country and the market will be recalibrated.

By People's Daily Online
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