Toward good governance

"China put forward a series of proposals on strengthening dialogue between developed and developing countries, establishing new global consultation mechanisms featuring equality and mutual benefit and opposing trade protectionism at the L'Aquila summit," Fu said.

Jin said China is actively involved in the G8 outreach session because it takes the session as a platform for communication with both developed and developing countries. It also intends to publicize its views on global governance at the session, he added.

State Councilor Dai Bingguo attended the meeting of leaders of the G8 and developing countries and other events in L'Aquila on behalf of President Hu Jintao, who returned home ahead of schedule because of the July 5 riot in northwest China's Xinjiang Uygur Autonomous Region.

"The fundamental goal of global economic governance is to push forward the development of the global economy in a balanced, universally beneficial and win-win manner," Dai said at the meeting.

Large or small, strong or weak, rich or poor, every country is part of the global economy and should participate in global economic governance equally and enjoy its rights to be represented, have its voice heard and participate in decision-making, he said.

Global economic governance requires that countries overcome the difficulties caused by economic globalization through consultation and cooperation, Dai said.

"We should respect differences, take into consideration the different national conditions of countries and allow different approaches by developed and developing countries," he said. "We should insist on and advocate cooperation and encourage countries to strengthen communication and coordination and use their respective advantages to address common challenges."

Given the development of the world economy, some governance mechanisms hardly reflect the demands of the international community, Dai said, adding that they need to better represent all countries in order to effectively tackle global challenges. Different governance mechanisms should formulate international standards and rules based on equal consultation and consensus reached among all interested parties, he said. They should also disseminate good experience and practices, promote exchanges and cooperation among countries and jointly build an effective global economic governance structure.

Emerging Economies' To-Do List

At a meeting with leaders of Brazil, India, Mexico and South Africa, Chinese State Councilor Dai Bingguo said the nations should focus on the following fields for strengthened cooperation:

—Joining hands to address the impact of the international financial crisis

—Jointly promoting enhanced global economic governance

—Actively coping with the challenges presented by climate change

—Cooperating with each other to address non-traditional security threats

(Source: The Ministry of Foreign Affairs)