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China urges actions to reform global financial system

(Xinhua)
Updated: 2009-07-10 14:08

Chinese State Councilor Dai Bingguo in L'aquila on Thursday called for substantial actions from the international community to reform global financial system.

Dai made the remarks when he, on behalf of Chinese President Hu Jintao, delivered a speech to the leaders' meeting of the Group of Eight (G8) and five leading emerging economies (G5) in the quake-torn Italian city of L'Aquila, according to a press release issued by the Chinese delegation.

Dai said the international community has already reached consensus on reforming the global financial system, but the key lies in the implementation of the consensus.

In the short term, the reform is aimed at stabilizing the international financial market and boosting the growth of real economy, but the reform should be far-sighted, he said.

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In the long run, the reform should be aimed at enhancing regulation of the international financial system and safeguarding order of the global financial market, so as to avoid the recurrence of a similar crisis, he added.

The State Councilor stressed that representation and voting rights of the developing countries should be increased in the International Monetary Fund and the World Bank.

He said the developing countries should participate as equal partners in the policy-making process in setting international financial standards and regulation.

Dai also urged the international community to improve the global financial supervision, the press release said.

The state councilor appealed for maintaining the stability of major international reserve currencies, but he did not mention the US dollar in his speech.

He urged the international community to improve the international monetary system in a bid to make it diversified and rationalized.

Leaders from the G8 industrialized countries and five leading emerging economies -- India, China, Mexico, Brazil and South Africa -- met on Thursday to discuss economic issues, climate change, trade and other international issues.