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G-7 talks focus on oil prices,and China
www.chinanews.cn 2006-04-24 09:08:43
(Source: China Daily)
Apr.24 - Global finance chiefs wrapped up three days of talks in
Washington DC, calling for action against runaway oil prices. They also
urged the IMF to tighten its monitoring of national currency policies, a
measure promptly rejected by the head of the Chinese central bank.
"Each country is entitled to choose an exchange rate system consistent
with its own economic development," People's Bank of China governor Zhou
Xiaochuan told journalists, according to an AFP report.
The gathering of finance ministers and central bank governors backed
plans to meet a long-standing demand by emerging market countries for a
greater stake in decision-making at the International Monetary Fund (IMF).
Fund policymakers asked IMF chief Rodrigo Rato to develop "concrete
proposals" on voting reform in the institution by a September gathering
in Singapore. A French official later said China and South Korea could be
among the first countries to benefit from an enhanced stake-holding in
the IMF.
World Bank policymakers for their part launched a new anti-corruption
drive and gave final approval to the cancellation of 37 billion dollars
in debt owed the Bank by 17 poor countries, most of them in Africa. The
World Bank in addition unveiled a two-year project aimed at promoting the
use of clean energy in developing countries.
Energy needs were also very much on the minds of the Group of Seven
industrial powers, who on Friday declared that it was "crucial" for oil
producing countries to boost infrastructure investment in the face of
soaring crude oil prices.
While G7 finance leaders -- representing Britain, Canada, France,
Germany, Italy, Japan and the United States -- agreed that the global
economic outlook remained favorable, they warned that oil prices were a
menacing cloud on prospects.
Stepped-up pressure for increased oil production prompted a blunt
reminder from the Organization of Petroleum Exporting Countries (OPEC)
that oil consuming nations bore a responsibility to build more refineries
in order to ease supply constraints.
In talks, the G7 asserted that it was "critical" for China and other
Asian economies to pursue greater currency flexibility. For more than a
year, Washington has been prodding both its G7 partners and the IMF to
take a stronger stand on China's system of managing its currency -- the
yuan - to a tightly floated trading regime.
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