China urges G-77 to play role in new economic order
(Xinhua)
Updated: 2004-06-12 13:48

China on Friday urged the Group of 77 (G-77) to make pioneering efforts in establishing a new international economic order and seeking common development across the world.

"Over the past 40 years, the world has undergone profound and complex changes ... All this has brought about historic opportunities for our development," Yi Xiaozhun, Chinese assistant minister of commerce, told a G-77 special ministerial meeting held here.

G-77 was established in 1964 by the 77 developing countries, aiming at boosting unity and cooperation among developing nations and pushing for the establishment of a new international economic order. It now has a total of 131 members. This year coincides with the 40th anniversary of G-77.

Yi said that economic globalization has also amplified the risks and costs of development, as evidenced by the widening gap between the South and the North and by such problems as power politics, terrorism, contagious diseases and environmental degradation which still beset world peace and development.

To counter these emerging global threats, Yi suggested that developing countries pool their efforts in the following three aspects"Firstly, adopting a more open and pragmatic attitude to globalization. To this end, G-77 should engage in communication and cooperation with other organizations and groups, establish extensive partnerships and win the understanding and support of developed countries so as to wield a greater leverage and better safeguard the interests of developing nations.

Secondly, strengthening coordination to maintain unity among developing countries. Developing countries need to maximize policy coordination, actively participate in the UN reform, and engage themselves fully in formulating rules and making decisions governing the global economy.

Thirdly, deepening South-South cooperation and promoting North- South dialogue for common development. Developing countries should mobilize resources of governments, societies, companies and international organizations and apply a combination of various means to inject new vigor and vitality into South-South cooperation. Meanwhile, developed nations should open up their markets, remove trade barriers and fulfill their commitments to more capital and technological aid as well as debt relief.

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