China calls to improve global economic governance

UNITED NATIONS - China on Thursday called on the international community as well as the United Nations to improve global economic governance, so as to promote the growth and prosperity of the world economy.

"Only by achieving development, especially the development of developing countries, can we fundamentally promote the growth and prosperity of the world economy," Wang Min, China's deputy permanent representative to the UN, told a meeting of the Second Committee of the 68th Session of the UN General Assembly (UNGA).

He said, therefore, the international community should attach importance to international development and cooperation from a strategic point of view, adding that the United Nations should play a leading role in this respect.

The UNGA's Second Committee, also known as the Economic and Financial Committee, deals with issues relating to economic growth and development.

The Chinese envoy also called for efforts to "advance the improvement of global economic governance and to create a sound environment for development."

"Governments should adopt responsible macro-economic policies, engage in timely communication and coordination, work together to build a world economy in which countries find innovative ways of development and in which the growth of all countries are interlinked and their interests integrated," Wang said.

He noted in this way, the development of one country will stimulate growth in others and produce positive instead of negative spill-over effects.

The ambassador also emphasized that it is necessary to deepen the reform of the international financial system, increase the representation and voice of emerging markets and developing countries, strengthen the regulation of international financial markets, and build a stable and risk-resistant international monetary system.

"We should safeguard a multilateral trading system that is free, open and non-discriminatory and explore ways to improve rules on global investment, thus guiding the rational flow of global development capital, leading to more effective distribution of development resources," Wang said.

He added "More should be done to cancel the debts of developing countries and expand their market access, provide them with financial support on a priority basis, and build a fair, open and orderly international economic environment."