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G20 London Summit > Commentary

Financial crisis provides opportunity for int'l co-op

(Xinhua)
Updated: 2009-03-31 11:25

"At this meeting, everybody cares more about what can be done together rather than to find differences," said Fu. She expressed the hope that the meeting could jointly voice strong opposition to trade protectionism and to the decrease of aid to developing countries due to the financial crisis, and categorically support reform of the international financial institutions and set a timetable for such reform.

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She said China has its own expectations from the summit, hoping that the results of the meeting will raise the confidence in the international market and send a positive signal for the world economy to rebound.

"In the face of the unprecedented difficulties, the international community should demonstrate unprecedented solidarity, courage and confidence, and deal with global challenges through worldwide cooperation," said Fu.

"China hopes that the London Summit will embody the spirit of harmony, cooperation and looking-ahead, and turn out to be a morale-boosting  and fruitful meeting," the Chinese ambassador added.

On the issue of increasing loans to the International Monetary Fund (IMF), Fu said that China supports increases in the loans, but holds that such increases should be made on the basis of each country's reasonable share.

China is willing to discuss with other parties the ways to raise funds, and is ready to contribute within its capability in the respect under the prerequisite of loans safety and reasonable returns, said Fu.

China holds that should the IMF funds be increased, they should focus on helping poor developing nations which have been hit hard by the financial crisis.

Meawhile, Fu also pointed out that the scale of funds to the IMF should not be decided according to the sum of a country's foreign reserves.

For the emerging economies like China, their currencies are still not fully convertible, and therefore they need to keep big foreign reserves to meet the needs of trade and investment.

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