World must support developing nations, says President Hu

NEW YORK: In a speech at the UN General Assembly that called for global leaders to "trust, cooperate and tolerate," President Hu Jintao said China will send more assistance to developing countries.

The president said economic globalization intertwines the fate of all countries. He urged international financial institutions to use their newly increased resources "first and foremost" to help developing countries move out of poverty and provide loans to them as swiftly as possible.

"The increased resources should be first to help those developing countries severely hit by the financial crisis," said Hu.

More than 140 heads of state attended yesterday's session of the UN General Assembly to identify worldwide challenges and potential solutions. Without identifying specifics, Hu called for global leaders to swiftly respond to pressing challenges in the pursuit of common prosperity.

Equal participation and the advancement of developing countries are essential for a just international order, he said.

The Chinese president also said yesterday that the international community should view security in a broader context and safeguard world stability.

"Security is not a zero-sum game, and there is no isolated or absolute security," Hu said. "While maintaining one's own national security, we should also respect the security concerns of other countries and advance the common security of mankind."

UN Secretary-General Ban Ki-moon opened the assembly by stressing that the most crucial challenges can only be solved when countries unite through the UN.

Simultaneous crises on multiple fronts - food shortages, energy demand, the recession and pandemic flu - have shown the importance of renewed multilateralism, Ban said.

"Now is our time. A time to put the 'united' back into the United Nations," he said.

Hu, however, warned of several threats to peace and prosperity: The impact of the global financial crisis, climate change, food security, public health security, terrorism, proliferation of nuclear weapons and transnational organized crime.

Hu urged the UN to increase its input on development, bolster economic globalization and to foster an international environment that would allow developing countries to have more of a greater influence in a reformed international financial system.

Hu backed an early conclusion of the Doha Round of trade talks to snuff the global financial crisis.

"We should take responsible measures to counter the international financial crisis, firmly oppose protectionism and actively work for an early, comprehensive and balanced outcome of the Doha Round negotiations," Hu said.

Hu also said China has helped maintain the health of the international trading system by keeping its renminbi currency "basically stable" during the financial crisis.

After six decades of development, China has made tremendous economic achievements but it still falls into the category of a developing country, the president said.

Despite its vastly growing economy, China will help empower developing countries, he said.

He pledged that China will accelerate efforts to put financial assistance plans into action and deepen trade and investment cooperation with less-developed countries, particularly nations in Africa, to help reduce poverty and improve their capabilities in agriculture, education, health and disaster preparedness.

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