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G20's Commitment in Cannes
Cover Stories Series 2011> G20's Commitment in Cannes
UPDATED: November 14, 2011 NO. 46 NOVEMBER 17, 2011
Perspectives on Stronger Growth

Chinese President Hu Jintao made a five-point proposal on promoting global economic growth and financial stability in his speech on November 3 at the G20 Summit in Cannes. Excerpts follow:

- Ensuring growth while paying attention to balance. We should introduce new and strong measures to ensure that the fiscal and monetary policies are fully implemented and that funding is channeled into the real economy to boost production and employment. We should make major efforts to support the development of small and medium-sized enterprises and help them speedily overcome current difficulties.

- Pursuing win-win outcomes through cooperation. We should strengthen consultation and coordination, introduce mutually supporting and complementing policy measures, and tackle sovereign debt risks, massive unregulated cross-border flow of capital and other financial risks. We should keep the fluctuation of commodity prices under control, mitigate global inflationary pressure and make sure that the economic policies pursued by various countries do not offset each other.

- Improving governance in the course of reform. We should advance the reform of the international monetary system in a steady manner, expand the use of the special drawing rights (SDRs) of the IMF and reform the SDR currency basket. We should be firmly committed to free trade, oppose trade and investment protectionism and move forward the Doha Round negotiations.

- Striving for progress through innovation. We should bring into full play the basic role of the market in resources allocation while avoiding blind pursuit of profit and malicious competition. We should vigorously pursue scientific innovation and upgrade industrial technologies. At the same time, we should continue to make creating jobs and improving people's life our top priority.

- Promoting common prosperity through development. We should further unleash the development potential of emerging markets and developing countries and boost the economic growth of developing countries in order to stimulate aggregate global demand. We should continue to increase the voice of emerging markets and developing countries in global economic governance and create an enabling institutional environment for their development.

(Source: China's Ministry of Foreign Affairs)

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