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Hu: Join hands for common prosperity ( 2003-06-01 23:43) (1) President Hu Jintao Sunday called for joint efforts from developing and developed countries to promote globalization with an aim to bring common prosperity. Hu made the remarks at the one-day informal leaders meeting between the North and the South (developed countries and developing countries) held at the Alpine resort Evian, where the Group of Eight (G8) industrialized nations will convene their annual meeting Monday. In his speech, Hu said countries should tap their potential for economic development and enhance the adjustment of macroeconomic policies for maintaining normal trade order. But he particularly appealed to developed countries to adopt effective financial and monetary policies and increase imports. The meeting took place at a time when the world economy is slowing down following the boom in the last decade of the 20th century. A major challenge for G8 leaders this year is how to restore public confidence in the world economy and lift it out of its current stagnation. Hu stressed the importance of preserving diversity in the world, suggesting that exchanges and competition of various civilizations and development models will inject new energy into the development of world economy. He also called for strengthened multilateral co-operation and pushed for the establishment of a fair and reasonable world economic order that fits the development of globalization. Particular attention should be paid to the reform and improvement of international financial systems, said Hu. Concerns of all sides, especially those of developing countries, should be respected when promoting trade talks of the World Trade Organization for an open and fair multilateral trade system. The G8 has a tradition of inviting developing countries for wider dialogue every year. This year's dialogue focused on globalization, economic growth and sustainable development. Participants this year included leaders of 12 developing countries, the G8 members, Switzerland which assists France in the event, Greece which holds the current European Union presidency, President of the European Commission Romano Prodi and heads of major international organizations including UN Secretary-General Kofi Annan and World Trade Organization head Supachai Panitchpakdi. Beijing-based observers believe it will be hard for developed countries to resolve the current economic difficulties by themselves. "It is important that developed countries walk out of economic recession and promote the development of developing countries so they can enjoy the benefits brought by globalization,'' said Shen Jiru with the Institute of World Economics and Politics under the Chinese Academy of Social Sciences. "This will enable developed countries to benefit from the vast markets in developing countries with their increasing purchasing power.'' The Chinese president also raised the difficulties of developing countries in making full use of the opportunities brought by globalization and asked developed countries to open up their markets, remove trade tariffs and carry out their commitments in increasing funds and technical assistance and reducing debts. "China is an active force for promoting world peace and promoting common development,'' said Hu. "We will continue in our independent foreign policy of peace and participate actively in multi-lateral and regional economic co-operation and conduct mutually beneficial co-operation with other countries.''
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