Chinese Minister of Finance Jin Renqing?called on the
world's developed countries to step up their aid provision to
poorer nations.
In a written statement presented to the 70th meeting of the
Joint Development Committee of the World Bank and the International
Monetary Fund (IMF), Jin said developing countries need adequate
financial support from developed countries to support their
structural reform efforts, and that this is essential to achieve
the Millennium Development Goals by 2015, a target set by the
United Nations.
He said overall official help from developed countries is only
0.23 percent of their gross national products, much lower than the
0.7 percent UN target and even lower than that in the early 1990s.
Only a few countries have reached the 0.7 percent target.
Military expenditure in developed countries currently amounts to
US$700 billion per year, with agriculture subsidies reaching US$300
billion, whilst their official development assistance is less than
US$60 billion. This must be changed, Jin said.
With only 11 years to meet the deadline, the international
community needs to develop a sense of urgency to address the
financial gap, which we believe is the centre of the discussion on
this topic, Jin said.
He said helping economic growth in poor countries should be the
responsibility of all countries. Jin said China had noted that
developing countries had made progress in policy reforms and were
learning how to use aid more effectively. Donors still need to do
their bit, though.
Jin and Zhou Xiaochuan, the governor of the People's Bank of
China, the central bank, held informal talks in Washington over the
weekend with their counterparts in the Group of Seven industrial
countries. These are the first such talks between China and the
G7.
During the talks, which were initiated by the G7, the two sides
had a frank exchange of views on major issues concerning the global
economy, the macroeconomic policies of major developed countries
and the economic situation in China.
Both sides said regular talks of this kind will help deepen
understanding and increase consensus between countries at different
development stages.
The talks will also help promote cooperation between those
countries on the basis of equality, and reflect the different
demands of those countries in international economic policy
coordination, they added. "We have no immediate plans to join the
G7," Jin said.
"We are here to promote mutual understanding, our ability to
participate in the world's economic affairs, and our interests," he
said, adding that China was interested in continuing the high-level
dialogue.
Jin said Beijing attended the G7 gathering because of its rising
economic power, a comment that appeared aimed at dispelling
speculation China was invited only because Western powers wanted to
lecture it on currency matters.
During meetings in Washington, China reiterated its pledge to
move towards a more flexible currency.
Jin and Zhou attended a dinner with their G7 counterparts over
the weekend, discussing topics including oil prices, the economic
outlook and currency.
"We have long said that we will represent not only ours, but
other developing countries' interests," Zhou said.
(China Daily October 4, 2004)