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Chinese FM on Effects of Globalization
Chinese foreign minister Tang Jiaxuan said Asia's development process over the past half century, especially in the recent 30 years clearly tells us that "the success and failures or ups and downs of Asia are always closely related to the process of economic globalization."
Speaking at the ASEAN+10 meeting here Friday, Tang said economic globalization has obviously brought Asia opportunities and benefits.
Asian countries, especially those in east Asia, have seized such opportunities as market openness, commodity exchanges, capital interflow and technology transfer, he noted.
As a result, he said, they have achieved a rapid economic growth, gradually improved the lives of their people and built Asia into one of the most dynamic and promising regions in the world.
Undeniably, he pointed out, economic globalization has also presented Asia with risks and challenges. The extensive and close links of the world economies have increased the vulnerability of Asian economies to fluctuation. The disorderly flow of short-term capital is impairing and even ravaging economic stability and the unequal international economic order has exacerbated the development gap between the South and North.
And moreover, he warned his audience, the erroneous theories such as "human rights overriding sovereignty", "humanitarian intervention knowing no boundary" have "eroded the foundation of the norms governing international relations and threatened the sovereignty and security of developing countries."
All in all, he noted, economic globalization is a double-edged sword. "For most developing countries, it means challenges and pressures more than opportunities and benefits."
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