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To: Alan Whirlwind who wrote (31485)	4/10/1999 9:58:00 PM
From: lorne	Read Replies (1) \| Respond to of 116815

China Calls for New Financial System for Developing World 1999.04.11¡@2:10am Taiwan time updated ISLAMABAD, April 10 (AFP) - China on Saturday urged the developing world to forge a new financial system to protect it from economic crisis and reiterated its call for world affairs to be free of one power's domination. "Although the financial turmoil in Asia had eased a bit, the cause deep down at root leading to this crisis is far from vanishing," visiting Chinese parliamentary chairman Li Peng said in a speech. "Developing countries should take care and safeguard their own economic and financial security," he said at a function chaired by his Pakistani counterpart, National Assembly Speaker Elahi Bakhsh Soomro. He said the international community should work to promote the establishment of a "peaceful, stable, just and equitable new international and political order." "We should also establish a new international financial system at the same time," he said. Li added the financial turmoil experienced by East Asia since mid-1997 had "enriched our experience. As the Chinese saying goes: 'A fall into the pit, a gain in your wit'." He voiced hope that crisis-hit countries in Asia would overcome their "temporary" difficulties and bring back a "favourable momentum of self-development." Li, a former premier, welcomed the emergence of regional organisations as a "positive phenomenon" in international political life and said a trend toward multi-polarity was in the interest of world stability. "Multi-polarity is better than mono-polarity," he said, implicitly reiterating Chinese attacks on United States domination of global affairs. Li, number two in China's hierarchy, also welcomed as a "positive development" February's agreement between the Indian and Pakistani prime ministers to improve relations plagued by decades of hostility. "There is no doubt that this positive development is in the interest of peace and stability in this region," he said. He made no mention Saturday of Pakistan's nuclear tests last May, conducted in response to Indian tests. In an interview with local journalists on Friday he said China was a signatory to the Comprehensive Test Ban Treaty and the non-proliferation Treaty and therefore could not approve of nuclear proliferation. However he said China's cooperation with Pakistan was confined to the "peaceful use of nuclear energy" and the devices Pakistan exploded were the result of its own scientific research, The News daily reported. Li in a 1989 trip when he was prime minister signed an agreement to deliver a 300 megawatt nuclear power plant under international safeguards to Pakistan. It is expected to be commissioned later this year. He said the two nations had "some cooperative projects in the area of defence" but this posed no threat to any neighbouring country. China also provided "some equipment" to Pakistan but "solely for its defence and security," he added. Li arrived on Thursday for a five-day visit designed to promote economic and political cooperation between the traditional allies. Following his talks with Prime Minister Nawaz Sharif and Foreign Minister Sartaj Aziz, he will call on President Muhammed Rafiq Tarar late Saturday. He leaves for Lahore on Sunday before heading to Bangladesh and Thailand. chinatimes.com.tw