A senior Chinese official said in Washington on Saturday that with the pace of globalization accelerating, it is essential to establish a new international economic and financial order that is both fair and equitable.

Developing countries have not been able to participate fully in the formulation of major international economic and financial standards, said Dai Xianglong, governor of the People's Bank of China, at the spring meeting of the International Monetary and Financial Committee.

Dai said he hopes that the international community, when drawing up standards, will pay attention to the varying situations and specific needs of developing countries and let their voices be heard in the process.

At the same time, Dai reaffirmed China's position that the standards should be implemented on a voluntary basis.

Dai expressed his support for the multi-polarization of the world economy, saying it will help promote the harmonized and balanced development of the global economy and the establishment of a new international political and economic order that is fair and rational.

He urged the International Monetary Fund (IMF) to attach greater importance to the reform of the international monetary system and to pay more attention to the unbalanced development of the world economy.

Dai also urged major developed countries to coordinate their economic policies to ensure a steady recovery.

He called on developed countries to speed up the transfer of funds and technologies to developing countries, make their markets fully accessible to developing countries and carry out the Monterrey Consensus to increase official financial assistance to developing countries.

IMF issued a communiqui after the spring meeting, urging the advanced economies to take responsibility for promoting a strong and sustained world economic recovery.

The International Monetary and Financial Committee of the IMF said that while keeping inflation under control, monetary policies in the advanced countries should remain broadly supportive of growth.

(China Daily April 22, 2002)