Governor of People's Bank of China Zhou Xiaochuan Saturday called on all countries
to take advantage the current favorable global economic growth to
address structural problems and be against the trade
protectionism.
In a statement at the 13th meeting of the International Monetary
and Financial Committee (IMFC), the policy-making body of the IMF,
Zhou said that, against the backdrop of economic globalization in
recent years, global outsourcing and reorganization of the supply
chain are developing with increasing speed.
He said that, as comparative advantage are being readjusted,
trade imbalances are expanding, arousing protectionist sentiment
and protectionism is on the rise.
Zhou called on all countries to take advantage the current
favorable circumstances afforded by strong global economic growth
and address structural problems in a timely manner.
"In particular, the developed countries, while enjoying low-cost
imported goods and services, have to restructure their industrial
sectors quickly to create job opportunities and export advantages
to improve their competitiveness and dampen protectionism," Zhou
said.
He also said oil prices continue to surge in the face of
geopolitical uncertainties and haphazard events and the impact of
soaring oil prices on the global economic growth outlook --
particularly on activities in the net oil-importing countries --
might increase further.
He said that China hopes that all concerned parties will refrain
from destabilizing the oil supply.
"Net oil-exporting countries are encouraged to improve their
investment climate and gradually increase their production and
processing capacities while the oil-importing countries are urged
to conserve energy, develop cleaner substitutes and reduce their
oil consumption," Zhou said.
(Xinhua News Agency April 23, 2006)