CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
China Urges to Abandon Protectionism
2005-09-25 13:36:34      xinhua
China's top banker urges the major industrial countries to abandon trade protectionism.

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of the People's Bank of China Zhou Xiaochuan said on Saturday that the major industrial countries should abandon the outdated mentality and behavior of trade protectionism.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

        Talk China        Print        Email        Recommend
Related Stories:

  Copyright of All rights reserved.

Reproduction of text for non-commercial purposes is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.


China Mobile is near a $5.3 billion pact to acquire Millicom of Luxembourg.
The WB endorsed a wide-ranging plan to develop poorer parts of China between now and 2010.
China's latest fuel price rises take them closer to international market standards.
• Motorola Sees Market Share, Margin Gains Through 2007
• MasterCard Prices IPO at $39 Per Share
• Kingfisher Extends Profits Slump
• Oil Prices Slump Below $70
• Stocks Close Higher as Commodity Prices Plunge
• Asian Market Roundup

[an error occurred while processing this directive]