Reject protectionism to fight global crisis: China

Last Updated: Friday, October 14, 2011 - 21:26

Beijing: Amid a raging row with the US
over "undervalued" Chinese currency, Premier Wen Jiabao on 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.

PTI



First Published: Friday, October 14, 2011 - 21:26

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