Rich nations urged to abandon protectionism
(Xinhua)
Updated: 2005-09-25 07:54

Governor of the People's Bank of China Zhou Xiaochuan said on Saturday that the major industrial countries should abandon the outdated mentality and behavior of trade protectionism.

Speaking at the twelfth meeting of the International Monetary and Financial Committee, the policy-making body of the International Monetary Fund (IMF), Zhou pointed out that protectionist sentiments are mounting in some industrial countries because of concerns over the competitive pressures arising from emerging markets and some countries have even in appropriately politicized economic issues.

"Such behavior not only harms the global economy, of which these countries are members, but also undermines the principle of fair competition and the spirit of amicable cooperation that the international community has been working so hard to promote," he said.

He called on the rich countries to abandon the protectionism and strengthen cooperation and dialogue, and seek mutual benefits and win-win scenarios in the world trade.

The Chinese central bank governor also said that the Chinese government autonomously instituted a reform of the Renminbi exchange-rate regime by moving into a managed floating exchange rate based on market supply and demand with reference to a basket of currencies in July.

"This reform meets the practical needs of Chinese economic and social development and has profound significance for maintaining macroeconomic and financial market stability," he said.

He also called on the developed countries to hasten their efforts to meet the UN-proposed goal of increasing government development aid to 0.7 percent of their gross national income.

Zhou Xiaochuan pledged that the Chinese government will do its best to support and assist other developing countries, especially those in Africa, in accelerating their development by means of tariff reduction, debt relief, preferential loans and other assistance.

Close

Beijing International Cultural and Tourism Festival Names solicited for baby mandrill British Princess Anne visits children in Hefei

Today's Top News     Top China News
China may open skies to private flyers around 2010         Rich nations urged to abandon protectionism         Iran rejects IAEA resolution         'We're not like New Orleans': official         China widens yuan trading band         China not to use forex on oil stockpile	'We're not like New Orleans': official       China working on laws to counter laundering       Tropical storm forces 100,000 to evacuate       China widens yuan trading band       Fudan opens centennial celebration       Chinese seniors over 60 reach 130 million