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Hu calls for reform of int'l financial system

0 CommentsPrint E-mail Xinhua, November 3, 2010
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Chinese President Hu Jintao on Tuesday put forward a four-point proposal aimed at securing the momentum of the world economic recovery, stressing the importance of reforming the international financial system and fighting trade protectionism.

In a written interview with France's Le Figaro newspaper and Portugal's Lusa News Agency, President Hu, due to visit the two countries from Nov. 4 to 7, answered questions regarding the coming G-20 summit in Seoul.

Hu said the summit was an effective mechanism for the international community to cope with the international financial crisis jointly and had played an important role in pushing forward international economic cooperation and promoting the recovery of the world economy.

Currently, the world economy was recovering slowly but its base was not solid and the process was unbalanced, so big uncertainty lingered, Hu said.

The world still faced severe challenges before it could escape the shadow of the international financial crisis and return to robust economic growth, he said.

The Chinese president said the coming G-20 summit in the South Korean capital should mainly discuss remaining unified to solve the basic problems that triggered the international financial crisis and consolidating the momentum of the world economic recovery.

To this end, President Hu put forward a four-point proposal in the written interview.

First, to continue to strengthen coordination of macro-economic policies using an "in-the-same-boat" spirit and mutually beneficial and win-win principles, and to send to the market positive signals that G-20 member states were unified to tackle the great challenges of the world economy so market confidence could rally and the momentum of the world economic recovery would be secured.

Second, to push forward the reforms of the international financial system, to strengthen supervision of the international financial market, and to increase the say and the representation of emerging and developing countries in international financial institutions.

Third, to push forward a resolution of the unbalanced development in developed and developing countries and to provide political support to the realization of UN Millennium Development Goals.

Fourth, to oppose trade protectionism and to push forward the Doha Round of WTO trade talks to achieve comprehensive and balanced results and its development goals.

Hu said China was ready to make joint efforts with other countries, including France and Portugal, to deal with the various challenges that the international community was facing and pushing forward the world economy toward robust, sustainable and balanced growth.

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