Vice-Premier stresses role of equality

Home>>Business

Last updated at: (Beijing Time) Friday, November 07, 2003

Vice-Premier stresses role of equality

Chinese Vice-Premier Wu Yi proposed on Thursday the principle of equality, credibility, co-operation and development as a way of achieving global prosperity.

DISCUSSION

CHINESE

SEND TO FRIEND

Chinese Vice-Premier Wu Yi proposed Thursday the principle of equality, credibility, co-operation and development as a way of achieving global prosperity.

Wu made the remarks yesterday at the opening ceremony of the World Economic Development Declaration Conference in Zhuhai, South China's Guang-dong Province, which included the release of the first worldwide declaration on economic development.

Wu expects the conference will go a long way to reaching the proposed principle and creation of a favourable environment for global economic development.

"Equality should serve as the precondition of the world economy in the 21st century, which facilitates the form of a fair and reasonable economic order and creates opportunities to benefit both developed and developing countries," she said.

Wu said credibility, the basis of the world economy, will safeguard orderly economic and social activities.

Meanwhile, co-operation will help countries complement each other, expanding the room for growth.

Development, capped as the core of the world economy by Wu, should be realized in a sustainable manner.

Wu noted that the world economy is now facing a series of challenges, including long-standing problems in the international economic structure, imbalanced economic development and an ever-increasing gap between rich and poor countries.

"All these have curbed the sustainable and steady development of the world economy," she said.

Though the world economy has started to warm up, Wu says the revival momentum is still lagging and faces many uncertainties, including setbacks in creating a multilateral trade system and more calls for trade protectionism.

"It is unacceptable if the unreasonable economic order and poor situation of developing countries remain unresolved," Wu said.

To ensure the sustainable and stable growth of the world economy, the economic gap between developed and developing countries should be closed, she said.

Jemal-ud-din Kassum, the World Bank's regional vice-president of the East Asia and Pacific Region, said a stronger partnership between different economies is needed, both at the government and investor levels, to eliminate the imbalance.

During September's World Bank governors' meetings, they called on countries to take effective measures to deal with the imbalance, which coincides with the declaration made in Zhuhai, Kassum said.

"We need more places to voice the message of poor people, and China plays an important role in this regard," he added.

Bob Hawke, former Australian Prime Minister, highlighted three aspects as key to sustainable development - the elimination of poverty, a free multilateral trade system and a peaceful environment.

Questions?Comments? Click here

Zhuhai to host World Economic Development Declaration Conference

More than 50 VIPs to address economic conference in south China

Is English invading Chinese culture? ( 20 Messages)

Chinese fleet visit heart of US forces in the Pacific ( 15 Messages)

Global survey: Chinese women sexiest ( 56 Messages)

Economist: China has no need to worry about possible trade deficits ( 3 Messages)

Japanese students, teacher make apology in Xi'an ( 17 Messages)

China expects to see trade deficit in near future: official ( 9 Messages)