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Developed Countries Should Create Conditions for Economic Development: Chinese Official
Developed countries or regions should take measures to create conditions for economic development, said a senior official from a Chinese organization promoting trade with foreign countries Tuesday in Tokyo.
Yu Xiaosong, PBEC China Member Committee chairman, made these remarks while addressing the 34th Pacific Basin Economic Council (PBEC) meeting held here from Sunday to Tuesday.
Yu said that there are some most influential developed countries in the Asian and Pacific Region, the developing countries rely on them in terms of technology, capital and market on the one hand. On the other hand, the economic taking-off of these developing countries provides the developed ones with broader markets, and prompts the economic transformation of the latter from labor-intensive mood to technology and capital- intensive mood.
He said that the developed countries have more saying and initiative in the global economic cooperation of the current world.
They should not neglect the need for development of those weak countries, when establishing the international cooperation mechanism. The underdeveloped countries posses the majority of world's population. Their economic stagnation will have negative impact to the economic globalization process, and thus is against the interests of those developed countries in the final stage.
He said that he hoped that the WTO Ministerial Meeting in Catarrh will press for a new round of negotiation on world trade and that the result will cast positive and propelling effect to the globalization process. By far, China is still not a WTO member, but China participated the whole session of the Uruguay Round as an observer, wishing to contribute its efforts to the global economy.
For the developing countries, he said, they should stipulate economic policies in accordance with their own conditions.
Priority should be given to the improvement of people's living standard, environment, and human resources, he said.
He said that the vulnerability of the developing countries has been fully demonstrated in the Asian financial crisis. The most obvious is their incapability in controlling the rules of economic globalization, and financial market management in particular in controlling the rules of economic globalization.
He said, economic globalization is a mega-trend irreversible.
With different social and cultural backgrounds, the developing countries could never carry out homogeneous type of reform. The only feasible reform is the one that can visibly bring about progress in people's living standard and environment in the economic globalization context.
He suggested that developing economies should undertake active reform, but in a step by step mood.
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