Don’t ask too much of emerging economies, says China

2010-11-13 07:21

China’s president, under pressure on issues from currencies and trade to climate change, said today that Western countries should not expect too much of emerging economies.

Hu Jintao also reiterated China’s commitment to “peaceful development”, speaking on the sidelines of an Asia-Pacific summit in Japan at a time when the two Asian powers are engaged in a bitter territorial dispute.

China, the world’s number-two economy and top exporter, has been pushed to reduce its huge trade surplus with the West and allow its yuan to rise, but also to take action on global issues such as climate change.

“The international community should encourage emerging markets in the Asia Pacific to assume international responsibilities on the basis of their capabilities, national circumstances and levels of development,” Hu said.

“To ask them to take on responsibilities and obligations beyond their capabilities and development stage will do no good to international cooperation and world economic development,” he told a business forum.

“It can only damage the development of Asia Pacific emerging markets,” he said, speaking ahead of the opening of a summit of the 21-member Asia Pacific Economic Cooperation forum in Yokohama near Tokyo.

He added: “We must recognise that although emerging markets in our region have scored remarkable achievements and development, the overall level of their productivity is not high and their ability for innovation is not strong.”

Answering criticism that the yuan is artificially low to boost exports, he said: “We will continue to steadily move forward the reform of the renminbi exchange rate regime in a self-initiated, controllable and gradual manner.”

On the theme of the summit, trade, he said: “The international community should oppose protectionism in all manifestations, call for and support free trade and handle frictions through dialogue and consultations.”

Hu pledged support for reviving stalled talks to free up global trade launched by the World Trade Organisation at its Doha Round of negotiations in 2001.

The world community “should work for comprehensive and balanced outcomes of the Doha Round negotiations on the basis of the existing achievements, in order to realise the goals of the development round at an early date,” he said.?

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.