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FM: 'Practical significance' for Hu's participation at G20

(Xinhua)
Updated: 2008-11-17 17:24

An overall view at the G20 Summit on Financial Markets and the World Economy at the National Building Museum in Washington, November 15, 2008. [Agencies]

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.

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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.

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