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By Himfr Oreitta
11 Chinese officials at the Group of Twenty, held during the Seoul summit media briefing that the global economic imbalances in the process of economic globalization is an objective reflection of both the transfer and capital flows and industry related, it is trade imbalance, currency system imbalance, and some developed countries, caused by improper macroeconomic policies, in the final analysis this imbalance caused by uneven development between North and South.
Group of Twenty summit in Pittsburgh, proposed a “strong, sustainable and balanced growth framework”, China has actively participated in this framework, the Group of Twenty members of the mutual evaluation. Strong, sustainable and balanced growth of these three closely linked and are equally important, must be comprehensive and objective way. If only one-sided emphasis on balance, willful neglect of strong and sustainable growth, then the starting point itself is uneven. In the current slowdown in the international economic recovery, there are many uncertainties and downside risks remain in the situation, the most important thing is to strengthen national macroeconomic policy coordination, strengthen our economic recovery of the foundation, to take responsible macroeconomic policies to promote a strong global economy, sustainable development.
Address global economic imbalances, the joint efforts of the international community, especially the developed countries should adopt responsible macro-economic policies, international reserve currency issuing countries in the formulation of national policy, when not only their economic interests to consider, but also to consider the world economy. The only way to maintain international financial markets and international capital market stability. Emerging market and developing countries according to their national conditions should also speed up economic restructuring, increase to resist financial risks. The international community should work together to reform the international financial system, promote fair trade and investment and oppose all forms of trade protectionism in the global economy strong, sustainable and balanced development and lay a good foundation.
Currently there is a Western argument that emerging market countries should bear the responsibility of addressing the global lack of demand. The international financial crisis and the impact, in 2009, developed the economy is in a negative growth of 3.3%, while emerging market countries to take a more correct because the macro-control policies, economic recovery has been relatively rapid, and maintained a relatively strong growth in emerging markets last year, global economic growth rate of 50%.
The current major problems facing the world economy is one of insufficient aggregate demand, particularly in developed countries, demand decreased, we understand the difficulties and challenges facing the developed countries, but we can not exaggerate the emerging market countries, the gap in global demand to make up for the role of more growth in transfer can not be grounds to make up for emerging market countries to take responsibility for the total lack of demand. Emerging market countries account for less than 20% of total global economy, from which to make up 80% of total global economic output gap left the country, it is neither realistic nor reasonable.
The international community, twenty members of the Group should take a boat, the principle of win-win cooperation and common efforts to enhance the global demand for the world to contribute to economic growth.
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