`Developing nations deserve more say in global financial reform’

July 5th, 2009 China won't press for new global currency at G8BEIJING — China will likely push for a bigger voice for developing countries in international monetary policy at the G8 meeting this week, but a top Chinese diplomat said it won't raise its proposal for a new global currency to replace the dollar. China is not one of the Group of Eight major economies but is attending the meeting in the Italian city of L'Aquila as part of a group of five large developing countries.

June 29th, 2009 China's Hu to attend G8 meeting in ItalyBEIJING — Chinese President Hu Jintao will attend next month's meeting in Italy between leaders of the Group of Eight nations and those of emerging economies, the Foreign Ministry said Monday. Hu will attend the July 8-10 meeting in Trieste, Italy, at the invitation of Prime Minister Silvio Berlusconi, it said in a statement.

April 1st, 2009 LONDON - Acknowledging some serious differences among G20 members on how the world should tackle the worst economic crisis in decades, India hopes the urgent need to address the issue will force that elusive consensus. Ahead of the G20 summit here Thursday, being attended by Prime Minister Manmohan Singh, Indian officials said there remained major differences, notably between Europe and the US as well as between the developed and the rich nations on some key issues.

March 24th, 2009 BEIJING - Chinese officials Monday said they were willing to back any issue of bonds by the International Monetary Fund (IMF) and urged the 'G20' group of major economies to give a greater say to developing nations. 'China supports the IMF's innovative financing attempts, and a more efficient and timely financing mode can effectively ease the IMF's cash shortage,' Hu Xiaolin, vice governor of China's central bank, told reporters.

March 24th, 2009 GENEVA - The World Trade Organisation (WTO) Monday said the volume of global trade was expected to contract by nine percent in 2009, the largest such contraction since World War II and significantly worse than had been predicted. The contraction in developed countries would be particularly severe, with exports falling by 10 percent this year, while in developing countries exports would shrink by some two-three percent, according to a statement released by the WTO.

March 14th, 2009 NEW DELHI - The global financial crisis is forcing developed countries to put off plans to build projects to curb greenhouse gases emissions in developing nations, an industry lobby report said Friday. The study by the Associated Chambers of Commerce and Industry (Assocham) said this would affect many renewable energy projects in countries like India and China which need huge investments for their implementation.

March 4th, 2009 NEW DELHI - India Tuesday warned against the dangers of protectionism and asked developed countries not to stop the flow of funds to developing countries due to the global economic downturn. 'Developed countries should not resort to protectionism to resolve the crisis,' External Affairs Minister Pranab Mukherjee, who is also acting finance minister, told reporters here when asked about the impact of global financial meltdown on developing countries.

March 1st, 2009 HUA HIN - ASEAN leaders Sunday stressed the necessity of proactive and decisive actions to restore market confidence and ensure continued financial stability as the global economic downturn was deepening. The leaders, who gathered in Thailand's central seaside resort of Hua Hin for the 14th summit of the Association of Southeast Asian Nations (ASEAN), agreed to stand firm against protectionism and to refrain from introducing and raising new barriers, a statement said.

February 21st, 2009 UNITED NATIONS - China has called for a greater representation of developing countries, in particular those from Africa, in a reformed UN Security Council. 'In the reform of the Security Council, priority should be given to the greater representation of developing countries, in particular African ones,' China's UN Ambassador Zhang Yesui told an informal plenary of the General Assembly Thursday.

February 19th, 2009 UNITED NATIONS - China has called for a greater representation of developing countries, in particular those from Africa, in a reformed UN Security Council. 'In the reform of the Security Council, priority should be given to the greater representation of developing countries, in particular African ones,' China's UN Ambassador Zhang Yesui told an informal plenary of the General Assembly Thursday.

February 19th, 2009 UNITED NATIONS - China has called for a greater representation of developing countries, in particular those from Africa, in a reformed UN Security Council. 'In the reform of the Security Council, priority should be given to the greater representation of developing countries, in particular African ones,' China's UN Ambassador Zhang Yesui told an informal plenary of the General Assembly Thursday.

February 19th, 2009 UNITED NATIONS - China has called for a greater representation of developing countries, in particular those from Africa, in a reformed UN Security Council. 'In the reform of the Security Council, priority should be given to the greater representation of developing countries, in particular African ones,' China's UN Ambassador Zhang Yesui told an informal plenary of the General Assembly Thursday.

January 27th, 2009 WASHINGTON - The world economy will grow by only 0.5 percent in 2009, the worst rate since end of World War II, as industrial nations battle a severe recession that is dragging developing countries down with them, the International Monetary Fund said Wednesday as it slashed its global economic forecasts. Wealthy nations will experience their worst recession in the post-war period, contracting 2 percent in 2009 despite massive fiscal stimulus packages planned by most of the world's richest countries.

January 5th, 2009 NEW DELHI - The global economic turmoil poses a grave threat to developing nations even though their contribution to the cause of the crisis is negligible, External Affairs Minister Pranab Mukherjee said here Tuesday. 'Given the magnitude of the global financial and economic crisis today, the developing countries may become its worst victims even though they were not the cause of the crisis,' Mukherjee said while delivering his address at the general session of the Afro-Asian Rural Development Organisation (AARDO).

December 28th, 2008 ISLAMABAD - Shaukat Tarin, the Pakistani prime minister's adviser on finance and economic affairs, Monday met US Ambassador Anne W. Patterson for wide-ranging discussions on the global financial crisis and its implications for the developed and the developing countries.