President Hu's participation at G20 summit bears "practical significance": Chinese FM
17/11/2008 17:22
Chinese President Hu Jintao has attended the weekend summit of the Group
of Twenty (G20) aimed at tackling the world financial crisis, and his
participation at the meeting has "practical significance," said Chinese Foreign
Minister Yang Jiechi yesterday.
President Hu discussed with other G20 leaders
the root causes of the financial crisis and measures for enhancing financial
institution supervision and pushing forward reforms on the world financial
system, Yang said.
"During the meeting, Hu had expounded on China's views on
efforts to promote cooperation of the world community in restoring financial
market stability and promoting world economic growth," he said.
China's
"constructive role" in the summit meeting and the measures it has been taking to
safeguard world financial stability and expand world economic growth have been
hailed by world leaders and media, Yang said.
Hu urged the international
community to take all necessary steps to promptly restore market confidence and
stop the spread and development of the financial crisis.
Hu called on major
developed economies to "undertake their due responsibilities and obligations"
and the world's nations to strengthen coordination in macroeconomic policies and
deepen cooperation in international financial supervision to stabilize their
national and the world financial markets.
The Chinese president also called
for necessary fiscal and monetary measures to promote growth and avert a
worldwide recession.
China advocates reforms on the international financial
system based on full consultation of all parties concerned, Yang said.
"Hu's
proposals at the meeting aimed at tackling the current financial problems would
also have a bearing on the future," Yang noted.
"They have reflected the
concerns of the world community and stressed international cooperation in facing
up with the unfolding crisis," he said.
President Hu also briefed the summit
about major measures taken by the Chinese government to ensure China's economic
development and financial stability.
Hu stressed that the 10 measures
announced recently by the Chinese government to expand China's domestic demand
will boost not only China's development but also the world's economic
growth.
Steady and relatively fast growth of China's economy is in itself an
important contribution to international financial stability and world economic
growth, Hu said.
Hu also stressed that China, as a responsible member of the
international community, will continue to take part in international cooperation
in maintaining international financial stability and promoting world economic
development.
China supports the need for international financial institutions
to enhance their financing capacity in accordance with changing international
market situations, and increase aid to developing countries affected by the
current financial crisis, Hu added.
At the summit, Hu also proposed the
direction for future reforms of the international financial system.
Hu listed
four priorities in reforming the international financial system -- stepping up
international cooperation in financial regulation; advancing reform of
international financial institutions; encouraging regional financial
cooperation; and improving the international currency system.
China
circulated its position paper among participants at the summit to promote
China's stand and viewpoints on reforms of the international financial
system.
President Hu called for international efforts to help developing
countries and the least developed countries cope with the global financial
crisis.
"When coping with the financial crisis, the international community
should pay particular attention to the damage of the crisis on developing
countries, especially the least developed countries (LDCs), and do all it can to
minimize the damage."
It is necessary to help developing countries maintain
financial stability and economic growth, sustain and increase assistance to
developing countries, maintain economic and financial stability in developing
countries, and raise the representation and voice of developing countries in
international financial organizations, he said.
On the sidelines of the
summit, the Chinese president also met with Russian President Dmitry Medvedev,
Brazilian President Luiz Inacio Lula da Silva, British Prime Minister Gordon
Brown and Australian Prime Minister Kevin Rudd and other G20 leaders.
They
reached important consensus on bilateral ties, strengthening cooperation and
making common efforts in dealing with the world financial crisis.
Xinhua
|
