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Focus on developing nations, China tells UN
October 11, 2013, 3:42 am

The APEC member economies were urged to boost multilateralism [Xinhua]

The APEC member economies were urged to boost multilateralism [Xinhua]

China is urging the United Nations General Assembly (UNGA) to make progress in developing countries as a mainstay of global economic governance.

Chinese Deputy Permanent Representative to the UN Wang Min told the UNGA’s Second Committee – also known as the Economic and Financial Committee – that international development should be one of the world body’s strategic goals.

“Only by achieving development, especially the development of developing countries, can we fundamentally promote the growth and prosperity of the world economy,” Wang said.

“Governments should adopt responsible macro-economic policies, engage in timely communication and coordination, work together to build a world economy in which countries find innovative ways of development and in which the growth of all countries are interlinked and their interests integrated,” Wang added.

Wang’s statements came just days after the 21-member Asia Pacific Economic Cooperation bloc meeting in Bali, Indonesia concluded a summit during which delegates urged member economies to strengthen multilateralism and continue to boost trade ties with developing countries.

Indonesian President Susilo Bambang Yudhoyono, who chaired the summit, said that the largest economies, some of which are slowly recovering should continue to invest and lower protectionist trade barriers.

In a statement released on Tuesday, APEC acknowledged that international trade has come up against numerous hurdles and that the group is working to offset effects of the global recession which began in 2008.

“Global growth is too weak, risks remain tilted to the downside, global trade is weakening and the economic outlook suggests growth is likely to be slower and less balanced than desired,” the group said in the statement.

Meanwhile, China and Russia have agreed to increase their cooperation to maintain security, stability and economic growth in the APEC region.

“Today, given that the Asia-Pacific region’s growing role in global politics and the global economy, the Chinese side is interested in seeing Russia continue to be present in the region, and also play a significant role in the development of this region,” Chinese President Xi Jinping said on the sidelines of the summit earlier this week.

Source: Agencies

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