CHINA: Britain's David Miliband urges countries to stay away from trade protectionism
Record ID:
560808
CHINA: Britain's David Miliband urges countries to stay away from trade protectionism
- Title: CHINA: Britain's David Miliband urges countries to stay away from trade protectionism
- Date: 16th March 2010
- Summary: SHANGHAI, CHINA (MARCH 15, 2010) (REUTERS) BRITISH FOREIGN SECRETARY DAVID MILIBAND AT PODIUM FOR SPEECH TO MEMBERS OF SHANGHAI INSTITUTE FOR INTERNATIONAL STUDIES CROWD LISTENING (SOUNDBITE) (English) BRITISH FOREIGN SECRETARY DAVID MILIBAND SAYING: "The danger is that if growth remains sluggish, states will be unable to fall back on fiscal or monetary tools to support industry and may be tempted by protectionism as an alternative. It is therefore essential that those of us with an interest in open trade create a bulwark against protectionism. There is a clear case for partnership here between the world's fastest growing economy, China, and its largest single market, the EU." CROWD LISTENING (SOUNDBITE) (English) BRITISH FOREIGN SECRETARY DAVID MILIBAND SAYING: "The ability of governments in the West to sustain popular support for open markets depends critically on being able to demonstrate that there is a global trend towards openness from which their own companies and citizens can benefit. So it's worrying that we're seeing more reports of foreign investors in emerging economies encountering new barriers to investment. This not only increases projectionist pressures in Europe and the U.S., it also deprives China and other emerging economies of cutting edge technologies which in turn raises their own competitiveness. Everyone loses." CROWD LISTENING (SOUNDBITE) (English) BRITISH FOREIGN SECRETARY DAVID MILIBAND SAYING: "But as Premier Wen said yesterday quote 'social equality and justice form the basis of stability'. The next phase will inevitably be to build the social systems, the legal infrastructure, and the framework of individual rights and responsibilities that will make China's economy not just more productive and efficient, but more just, more stable, more innovative, more entrepreneurial and more attractive." MORE OF SPEECH
- Embargoed: 31st March 2010 13:00
- Keywords:
- Location: China
- Country: China
- Topics: International Relations
- Reuters ID: LVACOKPYB0VP2XH7L5RHE704PW9D
- Story Text: British Foreign Secretary David Miliband urged China to maintain an open economy on Monday (March 15) as the country recovers in the aftermath of the global financial crisis.
Speaking in Shanghai to members of the Shanghai Institute of International Studies, Miliband urged China to take a more proactive approach in opening its economy amid fears of countries taking on more projectionist measures after the crisis.
"The danger is that if growth remains sluggish, states will be unable to fall back on fiscal or monetary tools to support industry and may be tempted by protectionism as an alternative. It is therefore essential that those of us with an interest in open trade create a bulwark against protectionism. There is a clear case for partnership here between the world's fastest growing economy, China, and its largest single market, the EU," he said.
"The ability of governments in the West to sustain popular support for open markets depends critically on being able to demonstrate that there is a global trend towards openness from which their own companies and citizens can benefit. So it's worrying that we're seeing more reports of foreign investors in emerging economies encountering new barriers to investment. This not only increases projectionist pressures in Europe and the U.S., it also deprives China and other emerging economies of cutting edge technologies which in turn raises their own competitiveness. Everyone loses," he added.
Miliband arrived in China on Sunday (March 14) as part of a three-day visit to boost ties and cooperation between the two countries amid tensions over a range of issues including the revaluation of the yuan and Google's censorship dispute.
Chinese Premier Wen Jiabao on Sunday spurned foreign calls for the yuan to rise and said China did not believe the yuan was undervalued.
Despite such disagreements, Miliband said he believes China could build on its ideals of building a just society to improve its standing in the world.
"But as Premier Wen said yesterday quote 'social equality and justice form the basis of stability'. The next phase will inevitably be to build the social systems, the legal infrastructure, and the framework of individual rights and responsibilities that will make China's economy not just more productive and efficient, but more just, more stable, more innovative, more entrepreneurial and more attractive," he added.
China and Britain have also sparred over climate change negotiations and Beijing's stance on human rights, after China executed a Briton for drug smuggling, although his family said there was convincing evidence that he was mentally ill.
Miliband will hold talks with the Chinese Premier and Chinese Foreign Minister Yang Jiechi in Beijing on Tuesday (March 16).
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