China Calls for Balanced Growth

China Calls for Balanced Growth

Assistant Foreign M inister Liu Zhenm in called on members of the Group of 20 (G20) to work together to shore up market confidence and consolidate the momentum of world econom ic recovery at a November 5 press conference.

Chinese President Hu Jintao w ill attend the fi fth G20 Summ it in Seoul, the Republic of Korea, as well as the 18th Asia-Pacific Econom ic Cooperation Econom ic Leaders’ M eeting in Yokohama, Japan, from November 11 to 14.

China is w illing to cooperate w ith the international community w ithin the G20 framework to achieve robust, sustainable and balanced economic grow th, Liu said.It w ill work to help reform international financial institutions and solve problems related to development, financial supervision and world trade.

He said China hoped to achieve the follow ing goals at the G20 Summ it:

● Enhancing coordination on macroeconom ic policies based on the principle of mutual benefit and w in-w in results,while sending a signal that G20 nations w ill work together to counter economic challenges;

● Promoting the reform of international financial institutions, tightening supervision of the international financial market and increasing the representation of new ly emerging markets and developing countries in international financial institutions;

● Helping narrow the development gap between the North and the South and providing political support for the realization of the M illennium Development Goals;

● Curbing trade protectionism and securing a comprehensive and balanced outcome of the Doha Round of WTO negotiations.

G20 members should pay equal attention to the concepts of “robustness,”“sustainability” and “balance” w hen discussing econom ic grow th, said Vice M inister of Commerce Yi Xiaozhun.

G20 countries should strive to balance international trade, while resisting trade protectionism, keeping exchange rates stable, removing export lim its against developing countries, and strengthening capital and technological support to these countries, he said.