China and the global economic crisis
Foreign Office Minister Lord Malloch Brown spoke to Anthony Yuen of Phoenix TV about the financial crisis and the 2 April London Summit when he was here for talks. He is travelling to raise the level of ambition for the London Summit. He made some key points:
First, this is now a full blown global economic crisis. Better regulation and better warning systems are not enough. We need to co-ordinate a plan for global growth.
Second, the team has changed. There are new people in the front row, and no better example than China, now the world's third largest economy.
Third, the G20 must send a clear signal against protectionism. Free trade is centrally important to globalisation, that has brought huge prosperity, not least to China. We now live in one global market. We must keep it that way. Protectionism would also have political consequences.
Fourth, we needed to stimulate our economies. The Chinese leadership is putting more money into infrastructure, education and healthcare. We welcome this. But in London, all countries would be asking whether we have done enough. We may need to do more.
Fifth, in response to a question about rising expections of China - China is a great power. A lot is riding on all our leaders. Leaders needed to reverse a pervasive sense of insecurity, or huddle and hide. The London Summit would be a crossroads - between fragmentation, nationalism and suspicion, or an optimistic vision, underpinned by a more inclusive power arrangement. Success would have big coat tails.
Sixth, we must maintain our commitments to help the poorest.
Seventh, we need to make the recovery a green one.
This is one of many conversations that we will be having in the run up to the London Summit. There is also a public debate, hosted on the London Summit website. Please take part - at www.londonsummit.gov.uk
Posted at 13:42 25 February 2009 by Peter Wilson | Comments[0]
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