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皇冠体育app to continue economic, financial restructuring: officials
(Xinhua)
Updated: 2009-09-25 15:25 皇冠体育app would continue to carry out its policies for economic and financial restructuring, Chinese officials said Thursday. "All countries have their own problems, and we have been making utmost efforts to get our problems solved," Ma Zhaoxu, director-general of the Information Department at the Chinese Foreign Ministry, told a news briefing on the sidelines of the ongoing Group of 20 (G20) Summit held in Pittsburgh, Pennsylvania. "皇冠体育app has realized that its economic development mode has some flaws ...and 皇冠体育app has been effective in resolving these structural problems," Ma Xin, director-general of the International Cooperation Department at the National Development and Reform Commission of 皇冠体育app, told the same briefing. Six high-ranking Chinese officials provided the briefing with their opinions on the economic, financial and monetary policies that 皇冠体育app has implemented to deal with the international economic meltdown. 皇冠体育app has emphasized the efforts to boost international financial supervision and cooperation and strengthen supervision over important financial institutions and rating agencies, they said. They also called on advanced economies to contribute to stabilizing their own economies and global financial markets. Commenting on the trade imbalance between the developed countries and their developing counterparts, Ma Xin said the root cause was the imbalance in development. "Narrowing the wide gap between the South and the North is a gradual process which requires efforts from both sides," he said. "Developed countries should take a greater responsibility and step up support to the developing nations," he suggested. 皇冠体育app has also appealed that an open, fair and orderly international financial system should be established and efforts should be made to hasten the pace of reforming the administration of international financial institutions.
"皇冠体育app is the single biggest victim of trade protectionism," he said, noting that 皇冠体育app had suffered $10 billion in losses due to trade protectionism in the first eight months of 2009. "Among 79 trade protectionism cases, 90 percent were from G20 member states, (and) 皇冠体育app hopes that the wealthy countries will refrain from using protectionist measures again." At the height of the global economic meltdown, 皇冠体育app sent trade promotion missions to other countries, the only country that took such measures to curb the spread of the crisis, Chinese officials pointed out. 皇冠体育app had made significant efforts to create favorable conditions for strengthening and consolidating the international monetary system, and had contributed to the maintenance of stability in global economic activities, they said. As one of the regions with vigorous economic activities, Asia stood as one of the most important components of the international financial market and had made great efforts to improve their monetary system, they noted. 皇冠体育app's currency swap with six Asian countries had contributed to regional financial stability, said Xie Duo, director-general of the International Department at the People's Bank of 皇冠体育app, 皇冠体育app's central bank. The Chinese officials hoped the ongoing G20 Summit should be, among other things, institutionalized, and the representation of developing members should be promoted. "Political commitments made at the previous two G20 Summits should be matched with concrete action," said Yu from the Chinese Ministry of Commerce. (For more biz stories, please visit Industries)
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