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FM: Hu's proposals play important role at G20

(Xinhua)
Updated: 2009-04-04 14:02

LONDON -- Chinese President Hu Jintao made concrete proposals on tackling the global financial crisis at the G20 London summit, playing an important and constructive role for the summit to gain pragmatic results, the Chinese foreign minister said on Friday.

Chinese President Hu Jintao (2nd R) talks with British Prime Minister Gorden Brown (R) as they prepare to pose for a family photo during the Group of 20 summit in London, Britain, April 2, 2009. [Xinhua]

"The summit produced measures of high value in fighting the financial crisis and built up confidence for the world to tide over the crisis and renew economic growth," Yang Jiechi said, adding that Hu's proposals contributed to the result.

Full coverage:  G20 Financial Summit  Related readings:  China: G20 summit boosts confidence  G20 London Summit  Facts and figures of President Hu's G20 tour  Summit vital for restoring global confidence: Hu

The international community held high expectations, especially on influential emerging economies such as China, and President Hu's attendance caught much attention, Yang said.

At the summit, Hu called for international cooperation, actively participated in various discussions, comprehensively introduced China's effective measures in dealing with the financial crisis, Yang said.

According to Yang, the Chinese president's trip was proved to a success mainly in five aspects.

Firstly, Hu expounded China's opinions on the global financial crisis and called for coordination and support between each other to "join hands and tide over the difficulties together."

Chinese President Hu Jintao attends the Group of 20 summit in London, Britain, April 2, 2009. [Xinhua]

Hu reiterated the Chinese government's willingness to strengthen macroeconomic policy coordination with the international community, push the reform of the international financial system forward, actively safeguard the stability of the multilateral trade mechanism and contribute to the restoration of the world's economic development.

Secondly, Hu put forward proposals on reforming the international financial system, saying efforts should be made to strengthen cooperation in financial regulations, formulate as soon as possible widely accepted standards and norms of the regulations, Yang said.

International financial institutions should offer more aid to developing countries and the Financial Stability Forum should playa bigger role, the Chinese president said.

The International Monetary Fund (IMF) should strengthen and improve its supervision over the macroeconomic policies of various economies, major reserve currency issuing economies in particular, with a special focus on their currency issuing policies.

Measures should be taken to improve the governance structures of the IMF and the World Bank and give more say to developing countries.

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