China Urges Active Asia-Pacific Role in Promoting Global Economy

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Last updated at: (Beijing Time) Friday, September 06, 2002

China Urges Active Asia-Pacific Role in Promoting Global Economy

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Chinese Finance Minister Xiang Huaicheng on Thursday urged the Asia-Pacific region to play an active role in promoting the stable and sustainable development of the regional and global economy by strengthening cooperation, adopting macroeconomics policies and widening the market.

The global economy, which has just shown signs of recovery, once again faces uncertainty and risks as the developed countries experience instability in the financial market, said Xiang while addressing the ninth meeting of finance ministers of the 21-member Asia-Pacific Economic Cooperation (APEC) forum in Los Cabos, a beach resort at the tip of Mexico's Baja California peninsula,

He said under these circumstances, APEC, which accounts for 60 percent of the world's GDP, should play an active role in promoting the development of the global economy.

The Chinese minister said structural adjustment is the strategic option for every economy taking an active part in globalization and promoting the competitiveness in the long-term. It was also the common need for both developed economies and developing ones.

On the growing trend for trade protectionism, Xiang called on APEC members to strengthen cooperation and make joint efforts to boycott protectionism so as to keep the market open.

He also urged APEC members to push ahead with the round of Doha negotiations of the World Trade Organization in order to consolidate recovery of the global economy and create a sound external environment for economic reforms and development of the Asia-Pacific region.

On the economic situation in Latin America, the Chinese minister said overcoming the ongoing crisis was the key task for the region in achieving economic growth and restoring the confidence of investors in the region.

He said China backs the international community in providing the necessary aids for Latin American countries to beat the crisis.

The two-day meeting aims to draw up a plan for combating the financing of terror groups.

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