Chinese Vice Premier Zhang Gaoli delivers a speech at the 17th St. Petersburg International Economic Forum in St. Petersburg, Russia, June 21, 2013. (Xinhua/Liu Weibing)
The world should strengthen coordination to prevent a global overflow of liquidity and oppose all forms of protectionism amid the fragile economic recovery, Chinese Vice Premier Zhang Gaoli said Friday.
Countries "should improve coordination of their national macro-economic policies ... undertake more effective measures in a constructive, open and cooperative way to avoid a global overflow of liquidity and inflation for the sake of the stability of the international financial system," Zhang said in a keynote address to the Saint Petersburg International Economic Forum being held from Thursday to Saturday.
Zhang said the global economy has shown some positive signs this year, but a host of uncertainties remain and the economic growth still lacks momentum, so more cooperation and joint efforts are needed for the world economy to return onto a fast track of recovery.
He also urged countries to take a firm stand against protectionism and resolve trade disputes through dialogue and negotiation.
"We must firmly promote trade liberalization, oppose all forms of protectionism and properly deal with trade disputes through dialogue, so as to build a more open, free and fair global trade," Zhang said.
His remarks came as some developed nations resort to quantitative easing to spur their economies by pouring excessive liquidity into the global financial system, while the EU has made dumping claims against several Chinese products.
As to the reform of global economic governance, the Chinese vice premier said the role of the Group of 20 (G20) should be strengthened and the voice of emerging markets and developing countries should be raised.
"All countries should actively push for the reform of global governance. Emerging markets and developing countries should enjoy more representation and a bigger voice in international financial institutions. And the role of the G20 in promoting global economic growth should be enhanced," he said.
