Jin believes that food price hikes pose a grave challenge to world stability, as evidenced by the fact that some countries have plunged into turmoil in the wake of rising food prices. The food issue is even more urgent than climate change and should be tackled immediately, he said.

Hu's Four-point Proposals

-Build a sustainable world economic system. Countries should commit themselves to sustainable development, strengthen the coordination of macro-economic policies and make concerted efforts to maintain the growth of the world economy. Developed countries and developing countries should forge a global development partnership featuring equality, mutual benefit and win-win progress, and work together to advance economic globalization.

-Build an inclusive and orderly international financial system. Countries should work together to give developing countries a greater say and representation in international financial institutions, thus enhancing the effectiveness of the international financial system.

-Build a fair and equitable international trade regime. Countries should jointly oppose trade protectionism, support efforts to strengthen the multilateral trading regime, and work for an early, comprehensive and balanced outcome of the ongoing Doha Round of WTO negotiations.

-Build a fair and effective global development system. Developed countries should take credible measures to honor their commitments by increasing assistance, opening markets, transferring more technologies to the developing countries and relieving their debts, whereas developing countries should enhance their capacity building.

Hokkaido Topics

-G8 leaders set the long-term target of at least halving global greenhouse gas emissions by 2050 together with all the other parties to the UN Framework Convention on Climate Change.

-G8 leaders said they remain positive about the future global economic growth, while acknowledging that the world economy is facing uncertainty and downside risks persist. They pledged to promote the Doha Round of WTO negotiations and address oil and grain price hikes.

-G8 leaders made positive comments on the progress in North Korea's denuclearization and expressed the hope that North Korea will make new progress in this regard. They also gave support for the six countries' efforts to resolve the Iranian nuclear issue and urged Iran to implement relevant resolutions of the UN Security Council.

-On African development, G8 leaders said they would be committed to achieving the UN Millennium Development Goals. They promised to work together with African countries to increase private investment in the continent.