China Pitches for new Financial order

China today strongly pitched for reform of global financial institutions and establishment of a new financial order with Beijing and New Delhi playing a greater role in the decision-making process of these bodies. Chinese Ambassador Zhang Yan said both the countries should work together to press the developed countries to bear their responsibility and prevent them from shifting the burden on to developing countries.

He said India and China should enhance cooperation in the economic field and join hands in ensuring reform of the international financial system to meet challenges posed by the economic downturn. "China and India should strengthen cooperation and coordination in the reform of the international financial system and accelerate the establishment of a new international financial order," Yan said addressing a conference organised by the CII here.

"At the same time, we shall push for reform of the existing international financial institutions with a view to increase the role of China and India in decision-making process and empower them with greater say and representation in the international financial institutions,"

Source - //in.news.yahoo.com/20/20090304/1416/tnl-china-pitches-for-new-financial-orde.html