Chinese Premier Wen Jiabao gestures as he arrives for the 50th anniversary of the Five Principles of Peaceful Co-existence at the Great Hall of the People in Beijing, China, Monday, June 28, 2004. (AP photo)

The Five Principles of Peaceful Coexistence are not just principles for peace, but also principles for development, said Chinese Premier Wen Jiabao at a meeting Monday to commemorate the 50th anniversary of the Five Principles.

Wen said that in applying the Five Principles to the economic realm, all nations should respect the right of the countries to make independent economic decisions, their equal right to participate in competition on a level of playing field, and their access to mutual benefit and economic success.

He said that finding an answer to development, first and foremost, requires the efforts of the developing countries themselves. But the developed countries must also live up to their share of responsibilities by taking further steps in opening up their markets, expanding trade, increasing aid programs, and reducing and forgiving debts.

In formulating or revising international economic rules, it is necessary to respect and reflect the rights and interest of the developing world. Once made, the rules must be faithfully observed by all parties, he said.

In utilizing the international resources or opening up the global market, it is necessary to adopt a long view, be prepared to offer while taking and to look after other's interests while working for one's own, he said.

Wen noted that in the event of trade frictions, it is necessary to address them through equal-footed consultation and refrain from unilateral sanctions or retaliation. In the face of rapid technological transfer and cooperation while giving full respect and best protection to intellectual property rights so that all nations can share the benefits of scientific advances.

He said that with accelerated capital flows across national borders, it is necessary to step up economic policy coordination between countries in a joint effort to fend off financial risks and maintain economic security.

The Earth is the common home of all human beings. Every country must give adequate attention to the orderly use and protection of resources, energy and the environment in the interest of sustainable development, he added.

The Five Principles of Peaceful Coexistence are: mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in each other's internal affairs, equality and mutual benefit, and peaceful coexistence.