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Chinese FM calls for int'l co-op to address financial crisis

(Xinhua)
Updated: 2009-06-25 14:10

Third, intensify international development cooperation. Developed countries should implement the Monterrey Consensus, fulfill the commitment of using 0.7 percent of their gross national income (GNI) as official development assistance and act further to reduce and cancel the debt of developing countries.

International financial institutions should establish financial rescue mechanisms that can provide prompt and effective assistance to developing countries, and use its new resources mainly to assist developing countries, the foreign minister said.

Fourth, broaden and deepen South-South cooperation. Developing countries should increase trade and investment cooperation, open markets to each other, and work together to foster new areas of growth. It is important for developing countries to share development experience, learn from each other and draw on each other's strengths

"We should develop innovative ways of cooperation, expand cooperation channels and upgrade the level of cooperation among developing countries," Yang said.

Fifth, build an international financial system that is fair, just, inclusive and orderly, continue to improve the governance structure of the International Monetary Fund (IMF) and the World Bank, genuinely increase the representation and voice of developing countries.

The IMF should be fair, just and balanced in supervising the macroeconomic policies of its members. It is important to keep the exchange rates of major reserve currencies relatively stable and promote a diversified and rational international monetary system, he said.

Related readings:  UN holds high-level meeting on global crisis  China backs bigger UN role in global fighting against financial crisis  Hu: Co-op needed to address financial crisis  UN report: Global economic forecast looks gloomy

China actively promotes and participates in international development cooperation. To pursue common development is a major pillar of China's foreign policy, Yang said.

"Since the outbreak of the international financial crisis, China has been calling on the international community to promote development as an important way to tackle the crisis and has vigorously pushed forward and participated in relevant international cooperation," Yang said.

China is ready to work with the rest of the international community in a spirit of partnership for win-win development to tackle the financial crisis, achieve early recovery of the world economy, contribute to the attainment of the MDGs on schedule and build a harmonious world of enduring peace and common prosperity, the foreign minister said.

The UN Conference on the World Financial and Economic Crisis and its Impact on Development was mandated at the United Nations Follow-up International Conference on Financing for Development in Doha at the end of last year.

It is the first time for the UN to hold a high-level meeting on the economic and financial crisis in its history. Nearly 150 countries out of 192 UN member states are attending the three-day meeting.

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