China, Indonesia Lead Calls for New Order for Developing World
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Leaders of some of the largest developing nations called for a new economic order based on their shared interests rather than “obsolete” financial institutions created after World War II.
The statements came at a summit of Asian and African countries held in Jakarta Wednesday to mark the anniversary of a similar gathering 60 years ago that helped established the Cold War’s non-aligned movement. In his keynote speech, Indonesian President Joko Widodo, known as Jokowi, said beliefs that entities such as the World Bank and the International Monetary Fund can solve global economic woes were “all obsolete ideas that need to be changed.”