China issues declaration on global economy

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Last updated at: (Beijing Time) Thursday, November 06, 2003

China issues declaration on global economy

The declaration, drafted by a team of Nobel laureates and China's noted economists, aims at encouraging the establishment of a new international economic order and promoting world peace and development.

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The World Economic Development Declaration Conference (WEDDC) issued the Zhuhai Declaration Thursday on the first day of the conference.

Vice-Premier Wu Yi made a keynote speech at the opening ceremony of the Conference in south China's Zhuhai City.

The declaration, also called the World Economic Development Declaration, contains nine main parts dealing with interdependence, scientific and technological progress, efficient use of resources, sustainable development, distribution, competition, financing of economic development, economic development and education, human factors in the economic development.

The declaration aims to promote the establishment of a new world economic era featuring equality, mutual benefit, interdependence and common development, and achieve the Millennium Development Goals as determined by the UN Millennium Summit.

Participants of the conference agreed that peace and development are the common aspirations of people of all countries and are the main themes of today's world. Peace is the basis for development and development promotes peace. It is everyone's common duty to promote world economic development and safeguard the world peace with "equality, credibility, cooperation and development" as the basic criteria.

According to the declaration, under market economy conditions, countries and economies of the world trade in goods and services with and invest in each other. Science and technology play an important role in economic development. All kinds of the finite natural resources should be used according to the laws of science in an efficient way and global economic resources should be distributed in an optimum manner.

Sustainable development was also stressed in the declaration. Man should coexist with nature in harmony so that people, resources and ambiance interact with each other in a perfect circle, thus offering a favorable environment for a steady economic growth and ensuring the sustainable economic development of the world.

The declaration pointed out that increasing incomes and wealth should be fairly distributed among all countries and within each country. Competition is conducive to production, economic growth and efficient use of limited resources.

A more fair and reasonable financial system for supporting world economic development must be set up to facilitate the flows of funds, and to increase the transparency of the flows of funds among the nations and markets. Education and skill development should be promoted for all peoples of the world.

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