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Ministers stress Sino-UK co-operation
By Song Quan (China Daily)
Updated: 2005-02-22 01:41

China expects closer co-operation with Britain to eliminate unstable factors in the global economy, Chinese Finance Minister Jin Renqing yesterday told his British counterpart in Beijing.

"The global economy faces many challenges although it is experiencing a pretty good growth momentum. China and Britain should enhance co-operation to meet the challenges," Jin said when meeting Gordon Brown, Britain's Chancellor of Exchequer, who started his three-day visit to China yesterday.

Britain's Chancellor of the Exchequer Gordon Brown (R) meets Chinese Finance Minister Jin Renqing during his visit to China's capital Beijing February 21, 2005. Brown said on Monday that orderly capital account liberalisation was the way forward for modern economies, including China. [Reuters]

The two nations should also work together to help optimize existing international co-operative mechanisms, Jin said.

China is this year's president of the G20, a group of the world's major industrial and emerging market economies. The country is also responsible for hosting the finance ministers' meeting of the Asia-Europe Meeting (ASEM). Britain is a member of both the G20 and ASEM.

"We hope to enhance co-operation with Britain in the framework of the G20 and have more intensive consultation on subjects such as the building of a just, fair management framework for the global economy and allowing developing countries to have a greater say in international financial issues," Jin said.

The G20 ministerial meeting will be held in Beijing from October 15-17.

The two countries will submit a joint policy paper to the meeting. The paper will analyze global economic challenges, identify areas where countries can learn from each other and highlight ways of improving the flexibility of economies as they respond to global economic changes, according to a joint statement from the meeting between the Chinese and British ministers.

Britain is this year's chair of the Group of Seven, the club of the richest developed nations. Jin was invited to the G7 finance ministers' meeting earlier this month.

Jin and Brown also discussed the role for international financial organizations such as the World Bank and the International Monetary Fund.

"As G20 and G7 presidents we are committed to re-examining the strategic role of the IMF and World Bank, in particular the importance of a more independent role for the IMF in the vital task of the surveillance of the world economy," the joint statement said.

Jin and Brown agreed that the two nations shared many views in terms of realizing the United Nations' Millennium Development Goals, which mainly focus on poverty alleviation.

Jin and Brown also agreed that there are promising prospects for Sino-British trade and economic co-operation.

Bilateral trade was robust last year. China's exports to Britain jumped 38 per cent to US$15 billion, while the United Kingdom's exports to China grew 33 per cent to US$4.8 billion.

Brown is on his first visit to China since he assumed the post of Chancellor of the Exchequer in 1997. After Beijing, he is also scheduled to visit Shanghai and Shenzhen.

He will be in Shanghai as the Shanghai Automotive Industry Corp is reportedly in talks with Britain's MG Rover over a possible joint venture.

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