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Calls for greater voice in global economy
2012/04/04

A senior Chinese diplomat called on emerging economies to have a bigger say in global economic governance, as it was the key element for recovery and growth.

 
"To increase the voice and representation of emerging economies and developing nations is crucial to reforming and improving global economic governance," said Wu Hongbo, economic adviser to the secretary of Boao Forum for Asia, in an interview with China Daily.

He said it is universally recognized that emerging economies, including China, have made an essential contribution to stabilizing and promoting the world economy.

"The solution to the global financial crisis has required unprecedented intergovernmental coordination, not just between advanced economies, but with strong participation from emerging market economies, too," said Wu, who is also the Chinese ambassador to Germany.                                      

He added that a new global economic governance structure should reflect the growing weight of emerging economies and developing nations.

He said there are around 1 billion people in developed nations while the population of emerging economies and developing nations is up to 3 billion.

"And in this sense, the representativeness of G20 is far from enough," Wu said, though he conceded that the G20, as a premier forum for global economic cooperation, has played a constructive role.

Wu also urged developing nations to attach great importance to the transformation of the economic development model and to boosting domestic demand.

"But a country's right to choose its own suitable development model should be respected," he said, adding that an inclusive attitude should be taken when adopting the economic reforms.

He said the global economic crisis has sparked discussion on the effectiveness of different countries' economic models, but there will not be a single model that is applicable to the whole world.

"Global governance does not need to take one form. (Each country needs) something that suits itself," he said.

Wu said China has to strengthen dialogue, coordination and cooperation with other countries, seek common interests and earn its deserved place in the international community.

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