Chinese Premier urges better coordination, financial reform to tackle global economic imbalance

BEIJING, March 14 (Xinhua) -- Chinese Premier Wen Jiabao said on Sunday the world needs better coordination in macro-economic policies and reforms of international financial system to solve the imbalance of the global economy.

Chinese Premier Wen Jiabao smiles during a press conference after the closing meeting of the Third Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2010. (Xinhua/Xing Guangli)

The imbalance of the world economy is mainly reflected on the imbalance between consumption and saving of major economies, Wen told a press conference after the conclusion of the annual session of the National People's Congress (NPC).

It is improper for some countries to fix their eyes only on China's exports in dealing with the imbalance,

"China will increase imports, and we hope developed countries could ease restrictions on exports of high-tech products to China," Wen said.

The fact that some financial institutions only concerned about their own interests and excessively expanded their businesses has caused instability of the financial sector, he said.

"Further measures should be taken to reform the world financial system," he said.