BIZCHINA / Center
Minister: global imbalances a concern
(Reuters)
Updated: 2006-05-05 09:03
China's Vice Finance Minister Li Yong said on Thursday he was quite
concerned about global imbalances and developed countries should take
more responsibility in correcting them.
Chinese vice minister of finance Li Yong (L), Japanese Finance Minister
Sadakazu Tanigaki (C) and ADB President Haruhiko Kuroda (R) attend a
seminar at the Asian Development Bank (ADB) annual meeting in the
southern Indian city of Hyderabad May 4, 2006. [Reuters]
Li told a seminar at the annual Asian Development Bank meeting in
Hyderbad, southern India, that China could not move too fast with its
exchange rate reform, but it was making efforts to boost domestic demand
to help rebalance the economy.
"I believe we should share the responsibility. We are all on the same
boat and no one can escape if this boat sinks," he said.
"Major developed countries should take more responsibility. We need
consultations rather than trade protectionism and we should not
politicise trade imbalances."
China's long-term goal, he said, was to balance its imports and exports.
China's move last year to allow the yuan to strengthen by a limited
amount against the dollar and adopt a managed float "reflected our
willingness to further reform the exchange rate regime," Li said.
The government was also trying to boost domestic consumption to help cut
its reliance on investment and exports, he said.
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