Reject protectionism to fight global crisis: Wen Jiabao

Wen's comments came as the US Senate passed a bill on Tuesday specifically directed at China's currency.

Updated: Oct 14, 2011, 21:27 PM IST

Beijing: Amid a raging row with the US over "undervalued" Chinese currency, Premier Wen Jiabao Friday appealed to all nations to further open their markets and reject rising protectionism to allow early global economic recovery.

"As we are in the middle of resisting the international financial crisis, promoting trade and investment among countries holds the key to early world economic recovery," Wen said.

Wen made the remarks while addressing the opening ceremony of the 110th Session of China Import and Export Fair, or known as the Canton Fair, in the southern Chinese city of Guangzhou.

The stalled Doha Round of global trade talks, rising trade and investment protectionism and evident tendency of politicizing trade frictions have "cast a dark shadow over world economic recovery", the premier was quoted as saying by the official Xinhua news agency.

At a time of volatile financial markets and marked slowdown of major economies, the international community should work together to open wider their markets, reject trade and investment protectionism of all forms and find proper and more rational solutions to trade frictions, he added.

Wen's comments came as the US Senate passed a bill on Tuesday specifically directed at China's currency, which the United States says is undervalued to make Chinese exports to America cheaper.

Wen said that China will deepen opening-up after it entered the World Trade Organisation (WTO) a decade ago so as to bring benefits to its people and the world.

Wen said China's accession to the WTO has had "huge and far-reaching impact" on China as the country's economy received a great boost for development and its overall competitiveness improved.

China rose from the 6th to the second place in th world in terms of trade volume, with export ranking the first, Wen said.

"China's WTO accession has also brought tangible benefits to many countries around the world," he said, noting that during the decade, China imported USD 750 billion worth of goods each year on average and created more than 14 million jobs for its trading partners.

"During the decade, thanks to imported goods from China, American consumers saved more than 600 billion dollars in spending. Every family in the EU saved up 300 euros every year by the same token," Wen said.

"Facts have shown that a more open China has benefited not only the 1.3 billion people of China, but also the people around the world," Wen said.