Jiang Wants Rules for Economic Globalization

President Jiang Zemin, in a keynote address to the eighth informal meeting of Asia-Pacific Economic Cooperation leaders on November 16 in Bandar Seri Begawan, called for the formulation of effective international rules for economic globalization.

Jiang said effective rules should be set up by the international community to ensure full participation of all countries, help narrow the gap of wealth between North and South, achieve common development and prosperity, benefit all the members of the international community, and to facilitate balanced, stable and sustainable economic growth around the world.

The Chinese president said economic globalization is an important factor bearing on Asia-Pacfic economic development.

"However, the negative effects of economic globalization should not be neglected," the Chinese President noted.

Developing countries face new challenges in the globalized economy. The North-South wealth gap is widening, trade protectionism is rising, and changes in economic structures have harmed the interests of many workers and ordinary people, he said.

Jiang then added, "There are a few countries that have tried to force their own values, economic regime and social system on other countries by taking advantage of economic globalization."

If these problems remain unresolved, economic globalization cannot properly develop and the common cause of peace and development for mankind will be threatened, Jiang said.

Jiang stressed that countries should be allowed to choose their own path to development and determine the model and pace of opening-up in light of their own national conditions.

"The international community should cooperate under the principle of equality and render stronger support and assistance to developing countries in particular," he added.

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