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 | Wednesday, April 19, 2000, updated at 12:16(GMT+8) | ||||||||||||
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China Urges Increased Capital, Technology Transfer for Developing CountriesChina on Tuesday stressed that the developed countries, as the main beneficiaries of economic globalization, should truly adopt measures to increase capital, technological transfers and open up markets to developing countries.Addressing the Third High-Level Meeting of the U.N. Economic and Social Council(ECOSOC) And the Bretton Woods Institutions, Xiao Gang, Deputy Governor of the People's Bank of China, said economic globalization in the 1990s was a process in which favorable opportunities and difficult challenges coexisted, and globalization must adhere to the principles of equality, mutual benefit and shared prosperity as their purpose. Yet the developed countries currently have a "double standard" when it comes to opening up markets, Xiao said. "On the one hand, they request that the markets in which developed countries have an advantage be opened. on the other hand, they practice protectionism in the case of their own markets that lack a comparative advantage," Xiao said. "This approach not only harms the interests of developing countries, but is also detrimental to global development, peace and stability," he said. During the past ten or so years, the trend towards economic globalization has intensified, but the developing countries' share of world GDP and world trade volume has in fact undergone a continual decline, Xiao said. The impact of the financial crisis has caused the economies of many countries to undergo serious reversals, and at the same time that international society has promoted the free flow of capital, it has neglected monitoring and regulating short-term capital flow, he noted. The industrialized nations are very concerned with the free flow of commodities and capital, but they have not paid serious attention to the free flow and dissemination of labor and technology, Xiao said. If the situation described above does not change, the process of economic globalization will be the process whereby developing countries are marginalized. The first meeting of Bretton Woods with ECOSOC, in 1998, tool place against the backdrop of worldwide financial crisis. Last year's meeting addressed the functioning of international financial market and prospects for the availability of sufficient resources for global development needs.
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