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Chinese Finance Minister Jin Renqing on Saturday delivered a speech to his G7 counterparts and bank chiefs, focusing on world economic situation and the global economic imbalance.

 

In his speech at the discussion, Jin briefed the participants on the current economic situation in China and its major features. Governor of the People's Bank of China Zhou Xiaochuan also attended the meeting.

 

Jin stressed that China will continuously implement macro-adjustment policies, stimulate domestic demand and conduct financial structure reforms, adding that his country will work together with others to promote the orderly adjustment of the global economic imbalance.

 

In their discussion, the ministers and bank chiefs urged major economies to strengthen policy dialogues to reduce the risks of world economy and financial markets, according to the Chinese delegation.

 

On Friday, Jin and finance ministers from India, Brazil, South Africa, Russia and Mexico discussed the development of bond markets in emerging economies and trade issues.

 

The ministers urged the resumption of the Doha round of trade negotiations, which are very important for rebuilding multilateral trade system, the stable development of world economy and poverty reduction.

 

Jin told his counterparts from the five nations that developing bond markets in the emerging economies will help build their domestic capital markets and adjusting the global economic imbalance.

 

However, he noted that setting up bond markets is a gradual process, calling on the industrialized nations to provide technical aid to the emerging economies and help them improve their institutional capability.

 

The developed countries should also implement responsible macro-policy and work with the International Monetary Fund (IMF) and other international monetary institutions to monitor the short-term speculative capital to ensure international financial stability, creating a good environment for the emerging economies, Jin said.

 

Speaking of the Doha Round trade talks, Jin urged the developed economies to realize the special treatment for the developing economies, stressing that this round is for development.

 

Finance ministers and central bank chiefs from the Group of Seven industrialized nations on Friday opened the two-day meeting, which will focus on the development of capital markets in emerging market economies and other world economic issues and fiscal policy, including consolidating macroeconomic stability, and the role of hedge funds in the stability of international financial markets.

 

The Doha Round of trade talks, which began in 2001 and reached an impasse over disputes on farm subsidies, is one important topic to be discussed at the meeting.

 

Jin attended the meeting as a guest. Russia, despite its membership in the Group of Eight, remains to be a guest at the meeting because G-7 members believe Russia's economic and financial system does not fit with theirs.

 

The ministers from G-7, which comprises the United States, Britain, Canada, France, Germany, Italy and Japan, met with their counterparts from five developing nations -- China, Mexico, South Africa, India and Brazil.

 

The finance chiefs discussed setting up bond markets in the developing economies using their domestic currencies to try to avoid financial crisis.

 

They also talked about the promotion of growth and the fight against poverty by effecting improvements in the public finance sectors of developing countries, and fiscal policy for the promotion of energy efficiency and of an energy strategy increasingly reliant on renewable energies.

 

The meeting in Essen is one of several meetings that will lead to the G-8 summit in the German Baltic Sea resort of Heiligendamm.

 

(Xinhua News Agency February 11, 2007)