Vice FM calls on G20 to draw on experience of developing nations

0 CommentsPrint E-mail Xinhua, September 13, 2010
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Chinese Vice Foreign Minister Cui Tiankai said Monday it's important for G20 nations to draw on the experience of developing countries on economic issues and get rid of outdated theories.

Cui made the remarks at a panel discussion of the World Economic Forum (WEF) Annual Meeting of the New Champions, also known as the Summer Davos, in north China's port city of Tianjin.

He said half of G20 nations are emerging economies, including six Asian countries, which is a historic step forward for developing economies.

The trend of shifting of the global economic development to Asia is going on, and developing economies will continue to make contribution to the global economic recovery, Cui said.

Cui said the world saw the rise of developing countries as a group in recent years, not only China but also others like Indonesia, India and Brazil.

Although with the world's biggest population, China has attracted the most attention, "but I think we shouldn't put too much focus on an individual country," he said.

Cui noted developing countries are playing an increasingly greater role in regional cooperation.

This is a historic development, a more equitable and balanced development, and "we should certainly welcome that," Cui said.

International financial institutions also need some reforms to better represent the interests of developing countries, Cui added.

He also called for greater representation of African nations and other developing economies in the G20.

He said African nations should have more voices heard and other developing countries, including some small island countries, should also have more representation in the G20, even if they may not be a member of the club currently or will not join it in the future.

"We have no prejudice against the European countries, but when we have a group of limited membership, we have to consider an appropriate representation in the group," Cui said.

He said "full consideration" should be given to the concerns and needs of developing countries.

Mari Elka Pangestu, Indonesian trade minister, also said the European countries are over represented in the G20 while African countries should have their opinions and voices heard at the international platform.

Some 1,500 government officials and business executives from nearly 90 countries are participating in the forum in Tianjin from Sept. 13 to 15.

The Geneva-based WEF, established in 1971, is best known for its annual meeting at the Swiss winter resort of Davos, while the Annual Meeting of the New Champions in China mainly focuses on newly emerging businesses and nations.

China had held three Summer Davos meetings as the world is showing an increasing interest in the developing country's economic development.

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