China calls for concerted efforts on addressing financial crisis

(Xinhua)
Updated: 2009-07-09 03:51

L'AQUILA, Italy: Chinese State Councilor Dai Bingguo on Wednesday called for concerted efforts from leading developing countries to address global financial crisis and economic downturn.

The global financial crisis was still deepening, which exert severe negative impact on the global economy and people's life, said Dai, who spoke on behalf of Chinese President Hu Jintao to the leaders' meeting of China, India, Brazil, South Africa and Mexico (G5) on Wednesday afternoon in the earthquake-stricken Italian city of L'Aquila.

G5 leaders (L-R) India's Prime Minister Manmohan Singh, Brazil's President Luiz Inacio Lula da Silva , Mexico's President Felipe Calderon, South Africa's President Jacob Zuma and Chinese State Councilor Dai Bingguo at the G8 summit in L'Aquila Italy July 8, 2009. Leaders from the Group of Eight major industrial nations and the main developing economies will hold talks from July 8-10. [Agencies]

Dai said the developing countries fall the biggest victims to the international financial crisis as they are weak on their economic basis and ability of self-healing, according to a press release issued by the Chinese delegation.

If such trend were not reversed, the United Nations Millennium Development Goals would not be achieved on due time, and the achievements made by the countries over the past years would fade away, Dai warned.

The state councilor said boosting economy is the basis and precondition to resolving all the relevant problems, and the five leading developing countries should unite to alleviate the damage of the global financial crisis.

According to the press release, Dai urged the G5 countries to exert more efforts in the following four aspects:

-- To push the international community to respect developing countries' choice of economic development models and ensure them adequate room for development policy;

-- To push the reform of international economic, financial and trade system and increase developing countries' voice, representativeness and role in decision-making in this aspect;

-- To push the developed countries to implement their promise on increasing assistance, debt redemption, market opening and technology transfer and other consensus reached between the developed countries and the developing countries;

-- To push the International Monetary Fund, the World Bank and regional development banks to initiate new assistance measures to help the developing countries ensure stability of financial system, boost economic development and enhance their capacity of self- healing.