Countries Should Work Together To Curb Inflation, Vice Premier Says
Source: Xinhua |
June 27, 2011, Monday
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Print Edition
Print Edition
VICE Premier Li Keqiang warned of the risk of worldwide inflation while the world strives for an economic recovery.
Facing the challenge of inflation, all countries should increase coordination of macroeconomic policies to ensure economic growth while reining in price rises, Li said at on Saturday at the Second Global Think Tank Summit in Beijing.
Within China, inflation has remained stubbornly high despite the central government's efforts to cap price rises.
Inflation reached a 34-month high of 5.5 percent in May and is expected to accelerate to 6 percent in June, well above the government's 2011 inflation target of 4 percent.
Li said countries should work together to fight trade and investment protectionism, improve international economic governance and promote the establishment of a fair, just, inclusive, and orderly international financial system.
He called for efforts to increase the representation and say of emerging economies and developing countries, and bridge the "south-north development gap" between the poor countries and rich ones, which he believes is crucial to the long-term prosperity of the world.
Li said during the coming five years, China will accelerate the restructuring of its economy, regulate inflationary expectations and ensure relatively fast economic growth.
The country will also boost domestic demand, employ a green development path, and strive to balance economic growth and social development, he added.
The two-day summit's theme was "global economic governance: common responsibility." It attracted more than 500 politicians, government officials, entrepreneurs and representatives of think tanks from around the world.
Li met some foreign participants including former US Secretary of State Henry Kissinger, and K. C. Sivaramakrishnan, chairman of Center for Research Policy of India.
The vice premier said China is willing to contribute to the global economic recovery and work with other countries to tackle international challenges.
He said summit participants should discuss and exchange ideas.
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