Monday, September 13, 2010

Official: Global economic center shifting to emerging economies

15:38, September 13, 2010

Chinese Vice Foreign Minister Cui Tiankai said the global economic center is shifting to the emerging economies.

Cui said at 2010 Summer Davos Forum in Tianjin that of the G20 countries, emerging markets and developing countries account for 50 percent of all the members, and this is a historic step in the right direction. He believed a more balanced, more equal institution of global governance will play an important role in the economy.

As for the main economic performance, Asian countries are doing better compared with other G20 countries, and they also make more things for the world's countries. For the G20, they can use these experiences to analyze the changing environment as well as the world's new realities, and he thought Asia could made a considerable contribution to the G20.

In addition, Cui said some European countries and developing countries, including the least developed countries, are not yet the members of the G20, but they still accounted for 90 percent of the world's opinion. Their voice must be heard, and their interests must be represented, he said.

He stressed that China is willing to give African countries more say in the G20.

By Huang Beibei, People's Daily Online

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