Chinese minister calls for solving unbalanced development of global economy

Chinese Vice Minister of Finance Li Yong on June 26 urged countries throughout the world to join hands to solve the problem of unbalanced development of the global economy.

"Finding solutions to the unbalanced development of the world economy is a common responsibility of the whole world," Li said at the one-day annual Asia-Europe Meeting (ASEM) of finance ministers in the northern Chinese city of Tianjin.

He accused the finance and trade deficits of some major developed countries of being responsible for exacerbating the unbalanced development of the global economy. "This poses a threat to the stable growth of the world economy," he said.

Li urged these countries to increase savings rates and adjust economic structure.

Meanwhile, he said the sharp fluctuations of major international currencies have negative influence on the global currency system.

He called on developed countries to fully recognize their role in and be responsible for stabilizing the global finance and currency system when adjusting the value of their currencies.

The Chinese minister also urged relevant countries to adopt measures to eradicate investment barriers and increase oil exploitation in order to help stabilize the global soaring oil prices, which have become the most important factor affecting the world economic growth.

Dialogues between oil exporting countries and oil importers should be conducted to enhance oil market transparency, he said.

"Developed countries should also introduce advanced energy-saving techniques to developing countries," Li said.

As for the increasing world trade disputes, the minister said China insists on solving trade disputes with other countries based on international common practices, including the World Trade Organization's rules and regulations, as well as on consultations.

"China is firmly against any forms of unfair trade," he said, "China is willing to strengthen cooperation and compete with other nations on an equal footing."

The Asia-Europe Finance Ministers' Meeting was chaired by Chinese Minister of Finance Jin Renqing.

It was attended by ministers and other policymakers from 39 ASEM members, as well as by senior representatives of the International Monetary Fund, the World Bank, the Asian Development Bank and the European Central Bank.

Source: Xinhua