e-magazine
The Hot Zone
China's newly announced air defense identification zone over the East China Sea aims to shore up national security
Current Issue
· Table of Contents
· Editor's Desk
· Previous Issues
· Subscribe to Mag
Subscribe Now >>
Expert's View
World
Nation
Business
Finance
Market Watch
Legal-Ease
North American Report
Forum
Government Documents
Expat's Eye
Health
Science/Technology
Lifestyle
Books
Movies
Backgrounders
Special
Photo Gallery
Blogs
Reader's Service
Learning with
'Beijing Review'
E-mail us
RSS Feeds
PDF Edition
Web-magazine
Reader's Letters
Make Beijing Review your homepage
Hot Links

cheap eyeglasses
Market Avenue
eBeijing

Government Documents
Government Documents
UPDATED: December 22, 2008 NO. 52 DEC. 25, 2008
Yang Jiechi Talks About President Hu Jintao's Attendance at the G-20 Summit on Financial Markets and the World Economy
Share

From November 14 to 15, 2008, Chinese President Hu Jintao was invited to attend the G-20 Summit on Financial Markets and the World Economy in Washington D.C. On the way to Costa Rica for a state visit after Hu concluded his activities at the Summit, Chinese Foreign Minister Yang Jiechi, who accompanied Hu during those activities, introduced to the accompanying journalists the outcome of Hu's attendance at the Summit.

Yang said that the Summit is convened in the context that the international financial crisis has severely affected the international financial markets, the economic development of countries in the world and the livelihood of the people. President Hu, together with the participating leaders, discussed the root causes of the current financial crisis, the initiatives aimed at promoting global economic development, and a series of other matters including strengthening the international financial regulatory norms and promoting the reform of the international financial system. President Hu comprehensively expounded the Chinese Government's positions and propositions on strengthening international cooperation, restoring stability in financial markets, and promoting world economic growth. The leaders of the participating countries and the international community spoke positively of the important and constructive role China played for the successful holding of the Summit and fully affirmed the major measures adopted by the Chinese Government to safeguard international financial stability and promote world economic development. The following important results were achieved with Hu's attendance at the Summit.

First, expounding important propositions on responding to the international financial crisis. Hu delivered an important speech at the Summit, making an in-depth analysis of the root causes of the financial crisis and pointing out that the current financial crisis is caused by many factors, such as inappropriate macroeconomic policies and the lack of financial supervision. Hu called on the international community to enhance confidence, strengthen coordination and increase cooperation. Hu also introduced important propositions to deal with the financial crisis: first, take all necessary measures to quickly restore market confidence and prevent the diffusion and spread of the financial crisis. Major developed economies should assume their responsibilities and duties. All countries should strengthen coordination in their macroeconomic policies and deepen international cooperation in financial supervision so as to create necessary conditions for the stability of all countries and international financial markets; second, actively promote economic growth and avoid a global recession. All countries should adjust their macroeconomic policies and actively promote economic growth through necessary fiscal and monetary means; third, earnestly sum up the lessons of this financial crisis and carry out necessary reform of the international financial system on the basis of full consultation of all stakeholders. The reform should aim at establishing a fair, just, inclusive and orderly international financial order, adhere to the principles of comprehensiveness, balance, progressiveness, and practical results and strive to create a favorable institutional environment for the healthy development of global economy. The three propositions have taken into consideration both immediate and long-term needs, reflected important concerns of the international community, and pointed out that strengthening international cooperation is the right way to deal with the financial crisis.

Second, introducing major measures adopted by the Chinese Government to ensure financial stability and economic development. President Hu introduced active measures adopted by the Chinese Government to ensure financial stability and economic development this year. He stressed that the 10 initiatives recently launched by the Chinese Government to expand domestic demands will greatly promote China's economic development and will help the promotion of world economic development. The stable and rapid development of China's economy itself is an important contribution to the maintenance of international financial stability and the promotion of world economic development. Hu stressed that China is willing to continue to take a responsible attitude and take part in international cooperation aimed at maintaining international financial stability and promoting world economic development and that China is willing to support international financial organizations to increase their financing capacity in accordance with the changes in international markets and increase support to developing countries affected by the financial crisis. Hu announced at the Summit that China is willing to actively participate in the trade-financing plan of the International Finance Corporation of the World Bank. This was highly appraised and generally welcomed by the international community.

Third, pointing out the right direction for the reform of the international financial system. The reform of the international financial system is the focus of attention of all countries and the core subject of the Summit. President Hu proposed the implementation of four key reform measures: first, strengthen international cooperation in financial supervision and regulation; second, promote the reform of international financial organizations; third, encourage regional financial cooperation; fourth, improve the international monetary system. During the Summit, China distributed the position paper, which sets forth China's positions and propositions on the reform of the international financial system, including strengthening international regulatory cooperation, promoting the reform of international financial organizations, encouraging regional financial cooperation and calling on all parties to assume corresponding responsibilities.

Fourth, safeguarding the interests of the vast number of developing countries. President Hu stressed that the international community, while dealing with financial crisis, should pay particular attention to and try to minimize the damage caused by the crisis on developing countries, especially the least developed countries. He proposed to effectively help developing countries maintain financial stability and economic growth, take substantial measures to maintain and increase assistance to developing countries, effectively maintain economic stability in developing countries, and increase the representation and say of developing countries in international financial organizations.

Fifth, promoting the development of bilateral relations between China and other countries. During his attendance at the Summit, President Hu met with Russian President Dmitry Medvedev, Brazilian President Luiz Inacio Lula da Silva and British Prime Minister Tony Brown, Australian Prime Minister Kevin Rudd, and other foreign leaders. They reached important consensus on many issues, such as developing bilateral ties, strengthening cooperation in various fields and jointly coping with the international financial crisis.

President Hu and President Medvedev ratified the 2009-2012 outline for implementing the Treaty of Good-Neighborliness and Friendly Cooperation. The two sides agreed to take the opportunity of the upcoming 60th anniversary of the establishment of diplomatic relations between China and Russia to comprehensively implement the agreements and consensus reached by the two sides, promote pragmatic cooperation, and strengthen coordination and cooperation in regional and international affairs. President Hu and President Lula spoke positively of the strategic partnership between China and Brazil and the deepening cooperation in areas such as economy and trade and expressed that the two countries will strengthen communication and cooperation in international affairs and jointly safeguard the interests of developing countries. President Hu and Prime Minister Brown agreed to strengthen cooperation and work together with the international community to prevent the global financial and economic situation from deteriorating. President Hu and Prime Minister Rudd agreed to strengthen bilateral political dialogues and economic cooperation and constantly create new scenarios for China-Australia relations.

Yang said that President Hu's attendance at the Summit is of great realistic significance as the expected goals have been achieved.

Source: www.fmprc.gov.cn



 
Top Story
-Protecting Ocean Rights
-Partners in Defense
-Fighting HIV+'s Stigma
-HIV: Privacy VS. Protection
-Setting the Tone
Most Popular
 
About BEIJINGREVIEW | About beijingreview.com | Rss Feeds | Contact us | Advertising | Subscribe & Service | Make Beijing Review your homepage
Copyright Beijing Review All right reserved