China urges focus on quality of policies

China on Saturday said developed countries should focus on the quality of their own economic policy-making.

Chinese Finance Minister Xie Xuren, speaking after finance ministers and central bank governors of the Group of 20 nations met in Scotland, said countries with global reserve currencies should work to maintain the currencies' value to avoid destabilizing the world economy.

"All countries should pay attention to the sustainability of their fiscal policies and economic growth, and take timely and effective steps to address potential risks, including inflation," Xinhua new agency quoted Xie as saying.

Chinese central bank Governor Zhou Xiaochuan said the International Monetary Fund should increase its monitoring of economic policies and financial markets in developed countries, Xinhua reported.

"There are still many uncertain factors in the current global economic recovery, so all the countries should keep the continuity and stability of macro-economic policies," Xie said.

He added that countries should share "mutual but different responsibilities" in funding global efforts to fight climate change.

China has argued the rich world should pay more than poorer nations.

Zhou said the IMF should increase the role of developing nations inside the organization and hire more personnel from developing countries.

Source:Shanghai Daily