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Letter protests against rising trade curbs

ONE of China's national trade associations on Saturday issued an open letter to protest rising international trade protectionism.

The letter, entitled "Resist protectionism and implement responsible global business practices," was issued by the China Mergers and Acquisitions Association, a non-governmental body run by the All-China Federation of Industry and Commerce.

"The financial crisis is spreading across various industries in different countries," the letter said. "Protectionism only makes the situation worse."

It called on chambers of commerce and multinational corporations in all countries to help rebuild confidence in globalization and to work toward a common goal of economic development.

"Globalization provides an easier environment for cross-border investment and reduces regulatory barriers to trade," it said.

Fei Guoping, the association's deputy director, said that since the financial crisis broke out worldwide, a sharp drop in demand has been seen globally.

The World Bank last Tuesday said 17 of the G20 nations had imposed trade curbs since November.


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