Cameron urges China to work with G20 on world economy

10th November 2010, Comments 0 comments

British Prime Minister David Cameron on Wednesday urged China to work with the other Group of 20 nations "to rebalance the world economy" on the eve of a G20 summit in Seoul.

"If China is prepared to pursue further opening of its markets, and to work with Britain and the other G20 countries to rebalance the world economy, and take steps over time towards internationalising its currency, that will go a long way towards helping the global economy lock in the stability it needs for strong and sustainable growth," Cameron said in a speech at Peking University.

"And just as importantly, it will go a long way in securing confidence in the global community that China as an economic power is a force for good."

In the wide-ranging speech to students, which was the final event of his two-day visit to Beijing, Cameron said China had become "too big and too important now not to play its part" in helping to solve major global problems.

Cameron and Chinese President Hu Jintao will join US President Barack Obama and other leaders of the G20 advanced and emerging economies in the South Korean capital for a key summit beginning Thursday.

At the two-day meeting, the leaders are expected to tackle the thorny issue of how to redress growth imbalances arising from China's dramatic expansion and America's deficit woes.

The United States and Europe have long accused China of keeping the yuan grossly undervalued to boost exports.

China said Wednesday its trade surplus had expanded in October to 27.15 billion dollars -- an announcement likely to add to pressure on Beijing to let its currency appreciate.

© 2010 AFP

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