Home>News Center>China
       
 

Rich nations urged to abandon protectionism
(Xinhua)
Updated: 2005-09-25 07:54

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of the People's Bank of China Zhou Xiaochuan said on Saturday that the major industrial countries should abandon the outdated mentality and behavior of trade protectionism.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



Beijing International Cultural and Tourism Festival
Names solicited for baby mandrill
British Princess Anne visits children in Hefei
  Today's Top News     Top China News
 

China may open skies to private flyers around 2010

 

   
 

Rich nations urged to abandon protectionism

 

   
 

Iran rejects IAEA resolution

 

   
 

'We're not like New Orleans': official

 

   
 

China widens yuan trading band

 

   
 

China not to use forex on oil stockpile

 

   
  'We're not like New Orleans': official
   
  China working on laws to counter laundering
   
  Tropical storm forces 100,000 to evacuate
   
  China widens yuan trading band
   
  Fudan opens centennial celebration
   
  Chinese seniors over 60 reach 130 million
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Japan's "trade protectionism" criticized
   
China focuses on improving alcohol market
   
Local protectionism shackles the market
   
Taking a tougher stand against protectionism
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement