UK, China to Cooperate on Global Economy - China to become "developed country" in 2080
UK, China to Cooperate on Global Economy
Mon Feb 21, 2005 07:52 AM ET By Sumeet Desai
BEIJING (Reuters) - Britain and China agreed on Monday to work together to address the macroeconomic and structural challenges of the global economy.
The two countries, which currently hold the presidencies of the G7 and G20 groups of nations, said they would present a policy paper on the global economy at the G20 meeting in October, after a meeting in Beijing of their finance ministers, Gordon Brown and Jin Renqing.
"This paper will analyze the global economic challenges that we are facing, identify areas that countries can learn from each other's experience, and highlight ways of improving the flexibility of our economies as we respond to global economic change," the two countries said in a statement.
G20 groups the major developed and developing nations, including the longer-standing G7 group of major rich countries and a clutch of influential developing nations.
China came under pressure at a G7 meeting earlier this month in London to allow its tightly managed currency to appreciate against the dollar to help address global economic imbalances.
But Brown urged cooperation between the world's rich nations and China and is expected later to say it would be futile to resort to protectionism to counter China's rising economic might.
"I believe we can make enormous progress addressing some of the challenges facing the global economy in the coming year," Brown said at the start of his meeting with Jin.
Brown is to meet senior Chinese officials, including Chinese Premier Wen Jiabao and central bank chief Zhou Xiaochuan, on what is his first visit to China.
He is expected in a speech later to urge industrialized nations to cooperate with China because of its growing role in the world's financial system, British Treasury officials said.
For its part, China supports Brown's plan for an international finance facility, a scheme to raise money for poor countries by issuing bonds in the capital market, the joint statement said.
The two countries said international financial institutions had to change to reflect the modern economy and agreed to work toward a joint statement by the World Bank-IMF meetings in April to set out their priorities for international development.
"This will also consider how we can continue to advance the opening up of trade and progress in the Doha trade agenda," the statement said.
"As G20 and G7 presidents, we are committed to reexamining the strategic role of the IMF and World Bank -- in particular the importance of a more independent role for the IMF in the vital task of the surveillance of the world economy."
BOOMING CHINA
Rich nations should recognize the huge contribution to global growth made by the rapidly expanding Chinese economy, now the world's seventh largest, and be ready to adapt themselves, Brown will say in his speech.
China has maintained it will make the currency regime more flexible and gradually make the yuan fully convertible, but Beijing has never committed itself to a timetable.
The yuan is managed in a razor-thin range of 8.276 per dollar to 8.28 per dollar, a policy the U.S. and Europe have criticized as giving Chinese exporters an unfair price advantage in world markets.
China's exports have been booming, with exports in January 42 percent higher than a year earlier at more than $50 billion.
January's $44 billion in imports were the smallest since May 2004.
"While others may wish to see China and globalization as a threat, I see the rise of China and the new stage of globalization not as a threat but as an opportunity," Brown will say.
Brown travels to Shanghai on Tuesday, where industry sources said he may meet executives at China's top car maker, Shanghai Automotive Industry Corp (SAIC).
SAIC has said talks with MG Rover to create a joint venture, which would provide the Chinese firm with a launch pad for sales to Europe, were at an advanced stage.
British media reports had suggested the British government feared the deal might collapse, threatening the loss of 6,000 jobs less than three months before British Prime Minister Tony Blair is expected to call a general election.
China to become "developed country" in 2080
www.chinaview.cn 2005-02-21 07:57:21
BEIJING, Feb. 21-- China is expected to become an "advanced developed country" in the second half of this century, according to a report published on Friday.
The China Modernization Report 2005, released at a seminar organized by the China Centre for Modernization Research under the Chinese Academy of Sciences, concluded China will become a "moderately developed country" before 2050 thanks to its ongoing modernization drive.
Experts and scholars involved in the study believe that China's modernization of economy is scheduled to bring it into the ranks of the world's top 40 developed countries in the first half of this century.
They predicted that the country's modernization process will be upgraded in three stages to achieve this goal.
In the middle of this century, China will become a "moderately developed country" instead of simply remaining as a "primarily developed one."
Around 2080, persistent economic growth will enable China to become a "developed country" and then to be in front of the world's most industrialized countries within the next two decades, the experts and scholars say.
Analyzing China's history and the progress of its modernization so far, the report puts forward a roadmap as a reference for the country to reach the scheduled goal.
"China must follow a way of co-ordinately developing its industries and agricultures, improving ecosystems in the process, adopting high technologies along with appropriate ones and pushing forwards its national economy in line with globalization," the report said.
Addressing the development problems China will face in the years to come, experts warned that the country is presented with both opportunities and critical challenges.
While benefiting from the era of economic and cultural globalization, China has to work hard to maintain sustainable economic and environmental development, ensure the stability of its power supplies, guarantee financial stability and protect its national interests.
(Source: China Daily)
http://english.cas.ac.cn/Eng2003/page/home.asp
Mon Feb 21, 2005 07:52 AM ET By Sumeet Desai
BEIJING (Reuters) - Britain and China agreed on Monday to work together to address the macroeconomic and structural challenges of the global economy.
The two countries, which currently hold the presidencies of the G7 and G20 groups of nations, said they would present a policy paper on the global economy at the G20 meeting in October, after a meeting in Beijing of their finance ministers, Gordon Brown and Jin Renqing.
"This paper will analyze the global economic challenges that we are facing, identify areas that countries can learn from each other's experience, and highlight ways of improving the flexibility of our economies as we respond to global economic change," the two countries said in a statement.
G20 groups the major developed and developing nations, including the longer-standing G7 group of major rich countries and a clutch of influential developing nations.
China came under pressure at a G7 meeting earlier this month in London to allow its tightly managed currency to appreciate against the dollar to help address global economic imbalances.
But Brown urged cooperation between the world's rich nations and China and is expected later to say it would be futile to resort to protectionism to counter China's rising economic might.
"I believe we can make enormous progress addressing some of the challenges facing the global economy in the coming year," Brown said at the start of his meeting with Jin.
Brown is to meet senior Chinese officials, including Chinese Premier Wen Jiabao and central bank chief Zhou Xiaochuan, on what is his first visit to China.
He is expected in a speech later to urge industrialized nations to cooperate with China because of its growing role in the world's financial system, British Treasury officials said.
For its part, China supports Brown's plan for an international finance facility, a scheme to raise money for poor countries by issuing bonds in the capital market, the joint statement said.
The two countries said international financial institutions had to change to reflect the modern economy and agreed to work toward a joint statement by the World Bank-IMF meetings in April to set out their priorities for international development.
"This will also consider how we can continue to advance the opening up of trade and progress in the Doha trade agenda," the statement said.
"As G20 and G7 presidents, we are committed to reexamining the strategic role of the IMF and World Bank -- in particular the importance of a more independent role for the IMF in the vital task of the surveillance of the world economy."
BOOMING CHINA
Rich nations should recognize the huge contribution to global growth made by the rapidly expanding Chinese economy, now the world's seventh largest, and be ready to adapt themselves, Brown will say in his speech.
China has maintained it will make the currency regime more flexible and gradually make the yuan fully convertible, but Beijing has never committed itself to a timetable.
The yuan is managed in a razor-thin range of 8.276 per dollar to 8.28 per dollar, a policy the U.S. and Europe have criticized as giving Chinese exporters an unfair price advantage in world markets.
China's exports have been booming, with exports in January 42 percent higher than a year earlier at more than $50 billion.
January's $44 billion in imports were the smallest since May 2004.
"While others may wish to see China and globalization as a threat, I see the rise of China and the new stage of globalization not as a threat but as an opportunity," Brown will say.
Brown travels to Shanghai on Tuesday, where industry sources said he may meet executives at China's top car maker, Shanghai Automotive Industry Corp (SAIC).
SAIC has said talks with MG Rover to create a joint venture, which would provide the Chinese firm with a launch pad for sales to Europe, were at an advanced stage.
British media reports had suggested the British government feared the deal might collapse, threatening the loss of 6,000 jobs less than three months before British Prime Minister Tony Blair is expected to call a general election.
China to become "developed country" in 2080
www.chinaview.cn 2005-02-21 07:57:21
BEIJING, Feb. 21-- China is expected to become an "advanced developed country" in the second half of this century, according to a report published on Friday.
The China Modernization Report 2005, released at a seminar organized by the China Centre for Modernization Research under the Chinese Academy of Sciences, concluded China will become a "moderately developed country" before 2050 thanks to its ongoing modernization drive.
Experts and scholars involved in the study believe that China's modernization of economy is scheduled to bring it into the ranks of the world's top 40 developed countries in the first half of this century.
They predicted that the country's modernization process will be upgraded in three stages to achieve this goal.
In the middle of this century, China will become a "moderately developed country" instead of simply remaining as a "primarily developed one."
Around 2080, persistent economic growth will enable China to become a "developed country" and then to be in front of the world's most industrialized countries within the next two decades, the experts and scholars say.
Analyzing China's history and the progress of its modernization so far, the report puts forward a roadmap as a reference for the country to reach the scheduled goal.
"China must follow a way of co-ordinately developing its industries and agricultures, improving ecosystems in the process, adopting high technologies along with appropriate ones and pushing forwards its national economy in line with globalization," the report said.
Addressing the development problems China will face in the years to come, experts warned that the country is presented with both opportunities and critical challenges.
While benefiting from the era of economic and cultural globalization, China has to work hard to maintain sustainable economic and environmental development, ensure the stability of its power supplies, guarantee financial stability and protect its national interests.
(Source: China Daily)
http://english.cas.ac.cn/Eng2003/page/home.asp
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