China calls for global efforts to meet challenges, achieve common development

ST. PETERSBURG, May 23 -- China would work with other countries to meet challenges in an era of change and create a future of prosperity and development for the global economy, Chinese Vice President Li Yuanchao said here Friday.

Addressing the 18th St. Petersburg International Economic Forum, Li said the annual event had grown into an important platform for representatives of various countries to discuss ways of boosting world economic development.

"China applauds the important role it has played in building consensus and promoting common development," he said.

He said that, with the world economy in profound adjustment, realizing a global recovery remained a challenging job for all countries.

"Therefore, the theme of the forum, namely, 'Building Trust in An Era of Change,' is a highly relevant one," Li said.

The vice president put forth a four-point proposal on how to jointly meet challenges to achieve common development.

"First, we should enhance trust through opening up and promote opening up with trust," he said.

As economic globalization deepened, opening up was the sure way to prosperity and development, and trust was an important prerequisite for promoting opening up and cooperation, he said.

"Countries should, bearing in mind the overall interests of the global family, stay committed to mutual opening up, oppose protectionism, deepen economic cooperation, build an integrated global market, and foster a world economic environment featuring order, openness and fair competition," Li said.

Second, he said, countries should promote innovation through reform and advance reform with innovation.

"Although the world economy is turning for the better, the economies still need to keep up the momentum of reform and innovation. All countries should strengthen macro economic policy coordination and their own reform endeavors," he said.

Li also called for reform of global economic governance institutions to build a new global economic order that was fair, equitable, inclusive, balanced, dynamic, well regulated and stable.

"Third, we should pursue win-win progress through cooperation and promote cooperation with win-win progress," he said.

He said cooperation was the natural choice for all countries in meeting global challenges, and achieving win-win progress was what cooperation is all about.

"We should foster a stronger sense of community of common interests, focus on deepening long-term mutually beneficial cooperation, expand areas in which our interests converge and jointly make the pie of common interests bigger," Li said.

Fourth, the vice president said, countries should uphold development with peace and promote peace with development.

"History tells us that development is the foundation of peace and peace is the guarantee of development," he said.

All countries should pursue development as their primary task and promote integrated, balanced, inclusive and sustainable growth of the global economy, he said.

Calling China a key engine driving global economic reform and growth, Li said the country's reform and development had created an opportunity for the world.

"China will continue to champion peace, development, cooperation and mutual benefit and follow a win-win strategy of opening up," he said.

The three-day forum, a leading economic event in Russia, attracted some 6,500 participants from more than 70 countries and regions.