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Wu Yi on equality, credibility, cooperation and development
( 2003-11-06 21:23) (Xinhua)

Chinese Vice Premier Wu Yi called here Thursday for all countries to adopt the principle of " equality, credibility, cooperation and development" in developing the global economy.

Wu made the call in a keynote speech at the opening ceremony of the World Economic Development Declaration Conference and China Business Summit.

Wu noted that mutual benefits and cooperation are the two major characteristics of the world economic globalization. The flow of capital, goods and personnel has linked the world together.

To ensure sustainable and stable growth of the world economy, the economic gap between the developed countries and the developing countries should be shortened, said Wu.

On the subject of equality, Wu called to set up a fair and reasonable international economic order to provide equal opportunities for both developed and developing countries.

Credibility should be taken as the base of the world economy in the 21st century, said Wu, adding that with credibility, the civilization of human beings can be obtained and economic and social activities can be ensured.

Wu also called for all countries to cooperate and seek a sustainable economic development which is environmentally-friendly.

Wu admitted that the world economy is now facing a series of problems, including the long-standing problems in the international economic system, imbalance of economic development and an ever-increasing gap between the rich and the poor countries.

Wu noted that though positive signs could be witnessed in current economic development, the revival momentum is still lagging. How to solve the problems that occur in the development of a multilateral trade system and the comeback of trade protectionism have become the common challenges facing the international community.

The two-day conference has attracted officials, representatives from international economic organizations, entrepreneurs and economists from more than 30 countries and regions.

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