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G-20 should play bigger role in global economic governance, China tells UN debate
27.09.2011 09:31 "Agro Perspectiva" (Kyiv) —
The Group of 20, the recently established bloc of major industrialized and developed economies, should have a greater role in global economic affairs, China’s Foreign Minister said yesterday as he called on United Nations Member States to work more closely together to pursue development.
Yang Jiechi told the General Assembly’s annual general debate that China supported the transition of the so-called G-20 «from a short-term crisis response mechanism to a long-term mechanism of economic governance.»
Mr. Yang said the G-20 should play a bigger role in not only global economic governance, but in promoting current efforts to revive and expand the world economy.
«The underlying impact of the international financial crisis has yet to dissipate, and economic recovery is still fragile and uneven,» he warned. «We should intensify consultation and coordination and send a strong message of solidarity and win-win cooperation so as to strengthen international confidence in global recovery and growth,» admitted Mr. Yang.
The biggest imbalance in the global economy, he noted, is the uneven development between the so-called South and North.
«Unless underdeveloped countries shake off poverty and grow their economy, there can be no common prosperity of the world,» he said.
Mr. Yang called on affluent nations to honour commitments on official development assistance (ODA), liberalize markets and reduce or cancel debts.
«Developing countries, on their part, should explore growth models conducive to development and poverty alleviation in order to achieve development at a higher level,» concluded China’s Foreign Minister.
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