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China to continue economic, financial restructuring: officials

(Xinhua)
Updated: 2009-09-25 15:25

China would continue to carry out its policies for economic and financial restructuring, Chinese officials said Thursday.

"All countries have their own problems, and we have been making utmost efforts to get our problems solved," Ma Zhaoxu, director-general of the Information Department at the Chinese Foreign Ministry, told a news briefing on the sidelines of the ongoing Group of 20 (G20) Summit held in Pittsburgh, Pennsylvania.

"China has realized that its economic development mode has some flaws ...and China has been effective in resolving these structural problems," Ma Xin, director-general of the International Cooperation Department at the National Development and Reform Commission of China, told the same briefing.

Six high-ranking Chinese officials provided the briefing with their opinions on the economic, financial and monetary policies that China has implemented to deal with the international economic meltdown.

China has emphasized the efforts to boost international financial supervision and cooperation and strengthen supervision over important financial institutions and rating agencies, they said.

They also called on advanced economies to contribute to stabilizing their own economies and global financial markets.

Commenting on the trade imbalance between the developed countries and their developing counterparts, Ma Xin said the root cause was the imbalance in development.

"Narrowing the wide gap between the South and the North is a gradual process which requires efforts from both sides," he said.

"Developed countries should take a greater responsibility and step up support to the developing nations," he suggested.

China has also appealed that an open, fair and orderly international financial system should be established and efforts should be made to hasten the pace of reforming the administration of international financial institutions.

Special Coverage: Hu's Visit -- New York, Pittsburgh Related readings:  G20 seeks to nurture economic recovery  G20 financial reform progress expected  G20 support builds for rebalancing world economy  Obama wants world economy reshape at G20

On some countries' trade protectionist actions toward China in recent months, Yu Jianhua, director-general of the Department of International Trade and Economic Affairs at the Chinese Ministry of Commerce, said China firmly rejected such approaches.

"China is the single biggest victim of trade protectionism," he said, noting that China had suffered $10 billion in losses due to trade protectionism in the first eight months of 2009.

"Among 79 trade protectionism cases, 90 percent were from G20 member states, (and) China hopes that the wealthy countries will refrain from using protectionist measures again."

At the height of the global economic meltdown, China sent trade promotion missions to other countries, the only country that took such measures to curb the spread of the crisis, Chinese officials pointed out.

China had made significant efforts to create favorable conditions for strengthening and consolidating the international monetary system, and had contributed to the maintenance of stability in global economic activities, they said.

As one of the regions with vigorous economic activities, Asia stood as one of the most important components of the international financial market and had made great efforts to improve their monetary system, they noted.

China's currency swap with six Asian countries had contributed to regional financial stability, said Xie Duo, director-general of the International Department at the People's Bank of China, China's central bank.

The Chinese officials hoped the ongoing G20 Summit should be, among other things, institutionalized, and the representation of developing members should be promoted.

"Political commitments made at the previous two G20 Summits should be matched with concrete action," said Yu from the Chinese Ministry of Commerce.