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China keeps door open to helping global financial rescue

Published 10/30/2008, 04:57 AM
Updated 10/30/2008, 05:00 AM

BEIJING, Oct 30 (Reuters) - China kept the door open to a bigger role in international efforts to rescue financially beleaguered governments, giving a vague yet positive offer on Thursday to consider pitching in.

Chinese Foreign Ministry spokeswoman Jiang Yu made the comments in response to a question about proposals from British Prime Minister Gordon Brown and others that countries with "substantial reserves", such as China, contribute more to the International Monetary Fund.

Jiang kept her response vague, but stressed her government wants to be part of greater international cooperation to fight the global financial turmoil and downturn in growth.

"The international community should strive together in cooperation and strengthen coordination to together respond to this financial crisis," she told a regular news conference.

"As a member country of the International Monetary Fund, China has consistently provided funding support," she said.

"In the future we are also willing, within the ambit of our abilities, to continue positively considering participating in a range of rescue plans."

China's Foreign Ministry plays no direct role in setting economic policy and its officials often deflect questions on international finance to the "relevant departments".

But Jiang's prepared response suggested her government wants to avoid policy isolation and accusations of selfishness in the current economic turmoil.

World leaders are holding a summit in Washington on Nov. 15 to discuss ways of reforming the global financial system and China has said it will attend.

Brown said on Tuesday the IMF needed more money to deal with the fallout from a global financial crisis and called on China and the Gulf states to stump up the cash.

"The IMF has said it has $250 billion available, and new instruments, to lend to countries in crisis, but this may not be enough," Brown told reporters in London.

His call was echoed by European Commission President Jose Manuel Barroso on Wednesday. (Reporting by Chris Buckley; Editing by Nick Macfie)

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