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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