Developed economies must not be selfish

Developed countries should not sacrifice the interests of developing countries for their own immediate gains, otherwise trade conflicts will break out, says an article in People's Daily (excerpts below).

IMF chief Christine Lagarde pointed out recently, that the world economy is developing at three different speeds. Asia and sub-Saharan Africa are growing most rapidly.

The United States, Switzerland, Sweden and some other developed economies are developing at a middle speed and the eurozone and Japan are the slowest in Lagarde' eyes.

Different speeds mean economies are facing different problems and they making decisions in different environments.

Despite the different speeds, interdependence among countries grows. Developed countries still resort to trade protectionism and their domestic economic and financial policies can negatively influence developing countries.

Some policies, for instance, release large amounts of liquidity. If these policies and measures taken by developed countries are not addressed, they may trigger another financial crisis.