China Urges Rich Countries to Open Markets to Poor OnesOpening up the developed countries' markets to the developing countries is a prerequisite for the healthy and sustainable development of global trade liberalization, a Chinese central bank official said in Washington Saturday."If rich countries do not open their markets to the poor countries, it will be groundless to discuss the contribution of international trade to the development and poverty reduction," said Xiao Gang, deputy governor of the People's Bank of China, at the 63rd meeting of the Ministers of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs. The gap between the developed and developing countries has increased, Xiao said, adding that this trend must be reversed, otherwise it will "bring serious consequences for the development of world peace and stability." He pointed out that in the process of reforming the international financial system, the interests and needs of the developing countries deserve sufficient respect and reflection. As a cooperative organization, he said, the work of the International Monetary Fund (IMF) should be based on trust with member governments and respect for members' sovereignty. "Requiring members to follow standards and codes is an important means of strengthening IMF surveillance. However, the formulation of relevant international standards and codes should not be conducted without the broad participation of the developing countries," he said. Referring to the direction of the IMF's future development, Xiao said China supports making appropriate adjustments in line with changing conditions. "We believe that the IMF should stick to its original mandate -- to safeguard the stability of member countries' macro-economies and the international currency system, to play a role as lender of last resort, and to meet members' demands in their balance of payments adjustments," he said. Xiao expressed the hope that the IMF and the World Bank will focus their research on the challenges and opportunities brought about by the "new economy" for developing countries in the area of international trade. The G-24 meets twice a year at the deputies and the ministerial level and makes proposals to the Interim Committee of the Board of Governors of the IMF and the Development Committee of the Board of Governors of the World Bank. The group, which has become the primary institutional mechanism for coordinating positions of developing countries on monetary affairs since its establishment in 1972, consists of an important cross section of countries across Africa, Asia and Latin America. It comprises Algeria, Argentina, Brazil, Colombia, Cote d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, the Philippines, the Republic of Congo, Sri Lanka, Syria, Trinidad-Tobago, Venezuela and Yugoslavia. China is one of the observers of the G-24. |
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