China's central bank chief encouraged developed countries to take
measures to create a better environment for sustainable global
economic development.
Addressing the 64th meeting of the G-24 ministers, Dai Xianglong,
governor of the People's Bank of China, said although economic
globalization is a general trend, developing countries have not
been able to benefit. He noted that the south-north gap is
widening.
Dai said there has been a decline in resource transfers from
developed countries to developing countries despite the end of the
Asian financial crisis.
He
said developed countries only promote the free flow of trade when
it is in their favor.
Protectionism and unrealistic trade terms enacted by developed
nations have severely hindered economic improvement in developing
nations, he added.
Dai warned that the lopsided pattern of economic development in the
United States, Japan and the Euro zone has led to extraordinary
volatility in exchange rates and capital flows, and thus has
brought about extreme uncertainties in the functioning of the world
economy.
"Sustainable world economic development will never be realized
unless these problems are solved," he emphasized.
Dai noted that since a fair and equitable international economic
order is essential to the sound development of the global economy,
developing countries should strive for their due say in
international economic affairs and their legitimate rights. Their
interests and positions should be respected. He urged the G-24 to
play a more important role in this respect.
"Under the influence of new shareholders and NGOs with political
backing, the World Bank has become more politicized in recent
years; this is not consistent with its Charter or the interests of
developing countries," Dai said.
He
expressed his hope that the World Bank will strictly abide by its
Charter and serve developing countries, and that its policies will
not run counter to the fundamental interests of developing
countries.
(Xinhua 09/24/2000)