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Chinese vice premier makes proposal on world economic development

DAVOS, Jan. 28 (Xinhua) -- Chinese Vice-Premier Li Keqiang on Thursday made a five-point proposal to promote the sound recovery and sustained development of the world economy.

It is critical to guarantee such promotion in the post-crisis era, Li said in his speech entitled "Build a Common Future Through Cooperation and Inclusiveness and Promote Sound Recovery and Sustained Development Of the World Economy" at the World Economic Forum Annual Meeting 2010.

Li said that first, we should continue to work together and prevail over the crisis, The storm has not subsided, and we have to continue working together like passengers on a same boat. In a globalized world, the economies of all countries are interdependent and mutually reinforcing. The policies of one country can well impact those of others. Only when global economic recovery is achieved can the recovery of national economies be secured. The recent joint response by various countries has reduced the severe impact of the international financial crisis and prevented a serious recession that might have otherwise occurred. The international financial crisis is not over yet and the foundation for economic recovery is still weak. Continued cooperation among countries is needed to avoid twists and turns and reduce risks in the course of recovery. The international community should increase coordination and cooperation in macro-economic policies, identify the right direction and priorities of their economic policies, and withdraw stimulus policies at the right time and right pace in order to bring about a full recovery of the world economy at an early date.

Second, we should promote more open market, Li said. This is the only way forward in our continued response to the crisis. Opening-up can be both bilateral and multilateral. It helps increase cooperation, bolster development and promote prosperity. In this sense, one plus one is, more often than not, bigger than two. Trade protectionist practice will only exacerbate the economic crisis, slow down the recovery process and ultimately harm the interests of the very countries who apply such measures.

Third, we should promote balanced development of the world, Li said. The goal of opening-up is to achieve development, and development is what we need in order to improve people's livelihood. We should not forget that one billion people on this planet are still suffering from poverty and hunger. Only by helping developing countries out of economic backwardness can we ensure enough food and clothing for their people, achieve the goal of poverty reduction. And only by tapping the potential demand of developing countries can we expand the global market and reduce unemployment around the world.

Fourth, we should jointly tackle major challenges. This is our urgent task if we want to ensure sound recovery and sustained development of the world economy. No country is immune, nor can it shirk its responsibility from tackling global challenges like climate change, energy and resources security, food security, public health security and major natural disasters. The international community ought to coordinate actions to meet the challenges. In the fight against climate change, countries need to actively follow up on the Copenhagen Accord, act in unison and be forward-looking.

Fifth, we should improve the structure of global governance, Li said. If we are to overcome the crisis, open up markets, promote balanced development and address major challenges, we need not only more consensus and actions, but also reliable institutional guarantee. It has become a consensus of all parties to improve current structures and develop a more fair and efficient structure of the global governance that reflects changes in the global political and economic landscape. The principle of equal participation and inclusive cooperation should be followed in improving global governance. It is imperative to raise the voice and representation of developing countries. Choice of different development models should be respected. The primary role of the United Nations and relevant agencies and the constructive role of the G20 should be given a better play.

Li said the international financial crisis will eventually be over, and it should leave for us more than just a memory of our joint response to challenges. More importantly, it should provoke in-depth reflections on world economic development and mankind's future, inspire our innovative thinking on future development, and help us ensure greater development of the world economy in the post-crisis era.

Li said he is confident that as long as we pursue development in a spirit of cooperation and build our common future with inclusiveness, the world economy will embark on a path of sound recovery and sustained development.



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