French President Nicolas Sarkozy told world leaders on Thursday that China should adopt international currency exchange norms and open its internal markets to foreign companies, a French source said.
Addressing the opening session of a Group of Eight annual summit, Sarkozy said industrialized nations needed to do more to regulate the globalized economy, particularly calling on China to follow policies already established in other nations.
"China manages its currency in a political fashion. Everyone should follow the same rules," the source quoted Sarkozy as saying. Turning to on-going global trade talks, the president called on other nations, notably China, to make concessions.
"He said the Chinese market should be opened up," the source said, declining to be named.
Sarkozy was making his first appearance at a G8 summit after winning election last month and he told the other leaders that he would fulfill all his campaign promises, which included promises to cut taxes and relax labor laws.
"He said he had a very clear mandate from the French people for a profound reform of the country," the source said.
Indicating one key reform he had in mind, Sarkozy praised labor market rules in Britain, the United States and Germany.
Sarkozy also said he was surprised by the strong feeling of anti-globalization around the world and said G8 leaders should do more to police the global economy.
"He drew the conclusion that we needed rules to prevent globalization from being caricatured especially in the public mind," the source said.
He took particular aim at "speculative funds" calling them a "caricature of globalization."