UK and China share vision on response to globalisation

The Chancellor of the Exchequer, Gordon Brown, and Chinese Finance Minister, Jin Renqing, today launched a joint paper - Responding to Global Economic Challenges - setting out the opportunities and challenges presented by rapid economic change, and the appropriate response at a national, regional and global level.

Key messages set out in the paper are that:

globalisation can benefit us all – accelerating growth and poverty reduction in emerging economies, and reducing consumer prices and presenting new markets for advanced economies;
governments must: establish economic stability; provide a flexible business environment that encourages enterprise and innovation; ensure workers can access the skills needed to take full advantage of the opportunities; and provide a comprehensive welfare system that supports those in need;
many of the challenges can only be addressed at a global level. Governments and international institutions must work together to: keep trade liberalisation on track; work towards the Millennium Development Goals; maintain the stability of the world economy; and take action to tackle climate change.

The paper was launched ahead of this weekend’s meeting of G20 Finance Ministers. The Chancellor will also use his visit to highlight opportunities for UK business in China, and the mutual benefits of UK-China co-operation across a range of fields.

Notes to editors

1. The joint paper can be viewed at http://www.hm-treasury.gov.uk/documents/international_issues/int_globalchallenges_index.cfm

2. When the Chancellor visited China in February, he issued a joint statement with Minister Jin on UK-China co-operation in 2005 reflecting the 2005 UK and Chinese Presidencies of the G7 and G20 respectively.

3. The UK and China joint statement on global development was simultaneously issued in Beijing and London on 15 April 2005.

4. This paper complements HM Treasury’s earlier papers on global economic challenges - Long term global economic challenges and opportunities for the UK (December 2004), Long term global economic challenges and opportunities for Europe (March 2005), and Global Europe: full employment Europe (October 2005).

5. The G20 was set up in September 1999 by the G7, as “a new mechanism for informal dialogue in the framework of the Bretton Woods institutional system, to broaden the dialogue on key economic and financial policy issues among systemically significant economies and promote cooperation to achieve stable and sustainable world economic growth that benefits all”.

6. Its members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States, as well as the current Presidency of the EU.

7. The G20 Ministerial will take place in Grand Epoch City, Beijing, on October 15-16.

8. Media enquiries should be addressed to the Treasury press office on 020 7270 5328.

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