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China: G20 summit boosts confidence

By Li Xing in London and Wang Linyan in Beijing (China Daily)
Updated: 2009-04-04 09:08

China is willing to work with other member countries of the Group of 20 (G20) to implement the results of the G20 London Summit and boost the world economy, Chinese Foreign Minister Yang Jiechi told journalists traveling with President Hu Jintao on Friday.

US President Barack Obama (R) meets with Chinese President Hu Jintao at Winfield House, the US ambassador's residence in London April 1, 2009. [Agencies]

Yang said the summit, by coming up with effective measures to fight the global financial crisis, was successful and would hasten world economic recovery and growth.

Meanwhile, Yang termed Hu's attendance at the summit as "a success", adding that China had achieved its set goals.

At the summit, Hu said China was willing to work with other countries to deal with the crisis as a "responsible member of the international society". Hu said: "All countries are on board the huge boat of the world economy. When this boat is riding into the storm, all members on it must work together to steer it out of turmoil."

Full coverage:  G20 Financial Summit Related readings:  G20 London Summit  G20 summit progress despite differences  Facts and figures of President Hu's G20 tour  Stocks extend 4-week rally on G20 boost

China will especially contribute to coordinating macro-economic polices with other countries, push for reforms in the international financial system and safeguard the stability of the multilateral trade system, he said.

Yang also highlighted China's proposed measures to reform the international financial system. In addition to enhancing regulatory cooperation, he urged international financial institutions to increase aid to developing countries.

In his speech, Hu stressed that the IMF should strengthen supervision of currency policies. The IMF and the World Bank should improve their governance by increasing representation to the developing countries, he said.

China promised that it would actively contribute to increasing IMF resources but stressed that the multilateral lending institution should make the expanded resources available first for developing countries.

Yang said that Hu also expressed China's concern over rising trade protectionism during a time of crisis, and called upon all countries to resist trade barriers.

On the sidelines of the summit, President Hu's meeting with the heads of state and government from the United States, Britain, Russia, Brazil, Japan, Australia and the Republic of Korea helped push forward China's bilateral relations with these countries, Yang said.

At a meeting with the Australian Prime Minister Kevin Rudd, Hu said that in recent years, both sides have had frequent high-level exchanges and deepened mutual political trust.