Chinese president presents 4-point proposal at G20 summit

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Chinese president presents 4-point proposal at G20 summit

13:10, November 12, 2010      

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Chinese President Hu Jintao on Friday put forward a four-point proposal for realizing strong, sustainable and balanced growth of the world economy at the Group of 20 (G20) summit in Seoul.

"Thanks to the concerted efforts of the G20 and the entire international community, the world economy is slowly recovering," Hu said in a speech entitled "Build on Achievements and Promote development."

"However, total demand remains insufficient in the absence of new sources of growth. Countries differ in policy objectives, making macroeconomic policy coordination even more difficult and global recovery even more fragile and uneven," he added.

The situation is a manifestation that the deep-seated impact of the international financial crisis is still reverberating, he said.

"We must adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have already achieved and continue to work in concert for strong, sustainable and balanced growth of the world economy."

He presented a four-point proposal for the aim.

First, the world community should improve the framework for strong, sustainable and balanced growth and promote cooperative development, Hu said.

"Strong, sustainable and balanced economic growth is of great significance to the whole world."

"We should stick to the country-led principle, take into full account the different national circumstances and development stages of various members, and appreciate and respect each country's independent choice of development path and policies," he added.

Second, the world community should champion open trade and promote coordinated development, Hu said.

"We must be firmly committed to free trade, to the consensus reached at previous G20 summits, and to the effort of opposing all forms of protectionism and removing existing trade protectionist measures," he said.

Third, the world community should reform the financial system and promote stable development, Hu said.

"We should continue to push for fair and merit-based selection of the management of international financial institutions, and enable more people from developing countries to take up mid-level and senior management positions," he said.

Fourth, the world community should narrow the development gap and promote balanced development, the Chinese president said.

"We must endeavor to build a new and more equal and balanced global partnership and encourage developed and developing countries to have more mutual understanding and closer coordination rather than follow the old path of trading accusations and public confrontation," he said.

President Hu and leaders of other G20 members gathered to address the challenges to the ongoing global economic recovery and work out strategies to achieve sound global growth.

The summit focuses on the world economic situation, a framework for strong, sustainable and balanced increase, the reform of the international financial institutions, international financial supervision, global financial safety network, development and trade.

The G20 was established in 1999 to bring together strategically important industrialized and developing economies to discuss key issues in the global economy.

Source:Xinhua

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