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

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

Chinese Foreign Minister Yang Jiechi Wednesday called on the international community to enhance cooperation on development in a bid to tackle the global financial and economic crisis.

In an address to the UN conference on economic and financial crisis began Wednesday in the UN headquarters in New York, Yang said as the international financial crisis is still unfolding, resources for international development cooperation are dwindling.

"Though developing countries did not cause this crisis, they have turned out to be the hardest hit," Yang told the high-level meeting.

Should the development situation continue to worsen, the whole world will feel the pinch in this era of economic globalization, Yang said, adding it will hold down global demand and slow the pace of global economic recovery.

Yang said the international community should therefore look at the development issue from a broader perspective and in a wider context, and take resolving the development issue and easing the development crisis as a key part of the effort to tackle the financial crisis.

"To this end, we should deepen global development partnership, strengthen development institutions, increase input in development and ensure unimpeded progress towards the attainment of the Millennium Development Goals," he said.

Yang said China suggests that efforts be made in the following five areas:

First, coordinate macroeconomic policies. When introducing fiscal, monetary, trade and employment policies in response to the crisis, all parties, developed economies in particular, should take into consideration their possible external impact and make every effort to avoid any negative spillover effect on developing countries.

Second, promote growth of international trade. The international community should firmly oppose trade protectionism, open markets to developing countries, particularly the least developed countries, and lower or exempt their tariffs.

"We should step up efforts to increase aid-for-trade and help developing countries enhance capacity building," said Yang.

Countries should also build on the progress already made in the Doha round negotiations and make vigorous efforts to achieve the goals set for this development round at an early date in accordance with the existing mandate, he said.

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