2010-09-13 15:20

TIANJIN - Chinese Vice Foreign Minister Cui Tiankai said here Monday it's important for G20 nations to draw on the experience of developing countries on economic issues and get rid of outdated theories.

Cui made the remarks at the World Economic Forum (WEF) Annual Meeting of the New Champions, also known as the Summer Davos, in north China's port city of Tianjin.

He said half of G20 nations are emerging economies, including six Asian countries, which is a historic step forward for developing economies.

The trend of shifting of the global economic development to Asia is going on, and developing economies will continue to make contribution to the global economic recovery, Cui said.

He said the world saw the rise of developing countries as a group in recent years, not only China but also others like Indonesia, India and Brazil.

Although with the world's biggest population, China has attracted the most attention, "but I think we shouldn't put too much focus on an individual country," he said.

Cui noted developing countries are playing an increasingly greater role in regional cooperation.

This is a historic development, a more equitable and balanced development, and "we should certainly welcome that," Cui said.

International financial institutions also need some reforms to better represent the interests of developing countries, Cui added.

Some 1,500 government officials and business executives from nearly 90 countries are participating in the forum in Tianjin from Sept 13 to 15.

The Geneva-based WEF, established in 1971, is best known for its annual meeting at the Swiss winter resort of Davos, while the Annual Meeting of the New Champions in China mainly focuses on newly emerging businesses and nations.

China had held three Summer Davos meetings as the world is showing an increasing interest in the developing country's economic development.