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China Urges Advanced Countries to Help Developing Nations
A Chinese central bank official on Sunday urged advanced countries to coordinate their macroeconomic policies and keep the major currencies' exchange rates stable to create an environment conductive to stability and growth for developing countries.
Li Ruogu, assistant governor of the People's Bank of China and alternate governor of the Fund for China, made the remarks in Washington at the Third Meeting of the International Monetary and Financial Committee, the policy-making body of the International Monetary Fund (IMF).
"It is more important for advanced countries to promote capital and technological transfers to developing countries, especially in terms of official development assistance (ODA), so that the U.N. target of 0.7 percent of gross national product (GNP) for ODA can be achieved," Li said.
More importantly, he said, advanced countries should open up their markets to developing countries and eliminate all kinds of trade barriers, especially those imposed on products where developing countries have the comparative advantage.
China welcomes the international community's efforts to strengthen the international financial architecture and believes that the implementation of standards and codes introduced by the IMF and other international organizations should adequately reflect differences in members' developmental stages, he said.
Referring to elimination of financial crimes, Li said, China will continue to support every effort to combat money laundering and other criminal financial activities.
The IMF and the World Bank should, based on their respective mandates, continue to strengthen the international financial system, thereby eliminating environments conducive to money laundering and other financial crimes, he said.
"We fully support the IMF managing director's proposal to establish the International Capital Markets Department and hope that it will become operational soon," he said.
Meanwhile, Li said the Chinese central bank will continue to implement sound and preemptive monetary policy to ensure adequate growth of aggregate money supply.
The central bank of China will also continue to maintain stability of the savings and lending rates of Chinese yuan as well as the relative stability of its exchange rates, improve financial services to small and medium-sized enterprises, take additional measures to promote the development of money and capital markets, and continue to strengthen bank lending supervision, Li added.
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