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Special> Coping With the Global Financial Crisis> Latest
UPDATED: June 25, 2009
Chinese FM Calls for Int'l Co-op to Address Global Financial Crisis
Chinese Foreign Minister Yang Jiechi called on the international community to enhance cooperation on development in a bid to tackle the global financial and economic crisis

Chinese Foreign Minister Yang Jiechi Wednesday called on the international community to enhance cooperation on development in a bid to tackle the global financial and economic crisis.

In an address to the UN conference on economic and financial crisis began Wednesday in the UN headquarters in New York, Yang said as the international financial crisis is still unfolding, resources for international development cooperation are dwindling.

"Though developing countries did not cause this crisis, they have turned out to be the hardest hit," Yang told the high-level meeting.

Should the development situation continue to worsen, the whole world will feel the pinch in this era of economic globalization, Yang said, adding it will hold down global demand and slow the pace of global economic recovery.

Yang said the international community should therefore look at the development issue from a broader perspective and in a wider context, and take resolving the development issue and easing the development crisis as a key part of the effort to tackle the financial crisis.

"To this end, we should deepen global development partnership, strengthen development institutions, increase input in development and ensure unimpeded progress towards the attainment of the Millennium Development Goals," he said.

Yang said China suggests that efforts be made in the following five areas:

First, coordinate macroeconomic policies. When introducing fiscal, monetary, trade and employment policies in response to the crisis, all parties, developed economies in particular, should take into consideration their possible external impact and make every effort to avoid any negative spillover effect on developing countries.

Second, promote growth of international trade. The international community should firmly oppose trade protectionism, open markets to developing countries, particularly the least developed countries, and lower or exempt their tariffs.

"We should step up efforts to increase aid-for-trade and help developing countries enhance capacity building," said Yang.

Countries should also build on the progress already made in the Doha round negotiations and make vigorous efforts to achieve the goals set for this development round at an early date in accordance with the existing mandate, he said.

Third, intensify international development cooperation. Developed countries should implement the Monterrey Consensus, fulfill the commitment of using 0.7 percent of their gross national income (GNI) as official development assistance and act further to reduce and cancel the debt of developing countries.

International financial institutions should establish financial rescue mechanisms that can provide prompt and effective assistance to developing countries, and use its new resources mainly to assist developing countries, the foreign minister said.

Fourth, broaden and deepen South-South cooperation. Developing countries should increase trade and investment cooperation, open markets to each other, and work together to foster new areas of growth. It is important for developing countries to share development experience, learn from each other and draw on each other's strengths

"We should develop innovative ways of cooperation, expand cooperation channels and upgrade the level of cooperation among developing countries," Yang said.

Fifth, build an international financial system that is fair, just, inclusive and orderly, continue to improve the governance structure of the International Monetary Fund (IMF) and the World Bank, genuinely increase the representation and voice of developing countries.

The IMF should be fair, just and balanced in supervising the macroeconomic policies of its members. It is important to keep the exchange rates of major reserve currencies relatively stable and promote a diversified and rational international monetary system, he said.

China actively promotes and participates in international development cooperation. To pursue common development is a major pillar of China's foreign policy, Yang said.

"Since the outbreak of the international financial crisis, China has been calling on the international community to promote development as an important way to tackle the crisis and has vigorously pushed forward and participated in relevant international cooperation," Yang said.

China is ready to work with the rest of the international community in a spirit of partnership for win-win development to tackle the financial crisis, achieve early recovery of the world economy, contribute to the attainment of the MDGs on schedule and build a harmonious world of enduring peace and common prosperity, the foreign minister said.

The UN Conference on the World Financial and Economic Crisis and its Impact on Development was mandated at the United Nations Follow-up International Conference on Financing for Development in Doha at the end of last year.

It is the first time for the UN to hold a high-level meeting on the economic and financial crisis in its history. Nearly 150 countries out of 192 UN member states are attending the three-day meeting.

(Xinhua News Agency June 24, 2009)

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