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Financial turmoil a turning point for global economy

(Xinhua)
Updated: 2008-11-01 16:18

BEIJING - Long Yongtu, Secretary General of Boao Forum for Asia, said the current financial turmoil might become a mark of turning point for global economy emphasis shifting from western countries to emerging nations, according to Saturday's Shanghai Securities News.

Long said Friday in addressing the WTO and China: Beijing International Forum that developing countries were playing an increasingly important role in the global economic arena.

The manufacturing industry, labor-intensive manufacturing sector in particular, constituted the basis of Chinese economy and was also the country's strength when participating in the international labor division and competition, he said.

Long, former Chinese chief WTO trade negotiator, said the development of the country's service industry must depend upon the manufacturing sector's growth.

He called for stepped-up efforts on studies of the new trends and features of Chinese and global manufacturing industries, improvement of transport and telecommunication infrastructures as well as an efficient and clean government.