Third, improve governance in the course of reform. The international financial crisis has highlighted the deficiencies in the global economic governance system, but it has also enabled us to set out on a historic process of building a new system of global economic governance. We have taken note of the progress made in reforming international financial institutions and in the financial regulatory reform and the increase in the voice and representation of emerging markets and developing countries. Still, major efforts should be made to reform and improve the international monetary system, international trading system and commodity pricing mechanism. We should advance the reform of the international monetary system in a steady manner, expand the use of the SDR of the IMF, reform the SDR currency basket, and build an international reserve currency system with stable value, rule-based issuance and manageable supply. We should be firmly committed to free trade, oppose trade and investment protectionism, move forward the Doha Round negotiations, reaffirm the commitment of not taking new trade protectionist measures, and work to build a fair, equitable and non-discriminatory international trading system. We should work to make the commodity pricing and regulating mechanism more equitable and transparent, expand production capacity, stabilize supply and demand, strengthen supervision and curb speculation so as to maintain the stability of commodity prices at a reasonable level. We should ensure global energy security and food security, and in particular, meet the energy and food needs of developing countries. We should remain firm in our resolve to advance reform and make continued progress towards the building of a more just and equitable system of global economic governance.

Fourth, strive for progress through innovation. The current crisis has once again raised a serious and fundamental issue, namely, how mankind should conduct activities affecting production and livelihood. This is a test on our vision and ability, and it cries out for urgent action. Innovation is an inexhaustible source of human progress. To overcome the crisis, we need to make pioneering efforts. We should improve and innovate our thinking, system and mode for advancing economic and social development, and strike a balance in such important relationships as those between government and market, labor and capital, production and consumption, and equity and efficiency. We should bring into full play the basic role of the market in resources allocation while avoiding blind pursuit of profit and malicious competition. The government should play a key role in macro-regulation and upholding social equity and justice while avoiding being divorced from reality and keeping all responsibilities to itself. 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, so that progress in science and technology and expansion in employment will complement each other. We should boost production and strengthen the material foundation for social development. At the same time, we should ensure more equitable distribution of income, so that growth in social productivity and improvement in people's living standards will reinforce each other.

Fifth, promote common prosperity through development. In the final analysis, the most serious bottleneck in world economic development is the inability of developing countries to achieve full development. As a result, growth in effective global demand has not kept pace with the growth in productivity. For years, there has been an imbalance between developed and developing countries in terms of access to resources, wealth distribution and development opportunities. This has created a vicious circle where underdevelopment leads to backwardness and backwardness hinders development, thus hampering sustained and steady growth of the global economy. To speed up economic and social development in developing countries is a UN Millennium Development Goal, and it is the only way leading to global prosperity. The international community should come up with new thinking and adopt new policies in this regard. The G20 Seoul Development Consensus for Shared Growth and the Multi-Year Action Plan are important to our efforts to narrow the development gap and promote common growth. 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, as called for by the changing global economic landscape. We should build a more equal and balanced global partnership for development, strengthen the North-South dialogue and South-South cooperation, intensify coordination and cooperation with the United Nations on development, and support the UN and its specialized agencies in continuing to play an important role in development. As a developing country, China stands ready to promote mutual assistance with other developing countries and will work with them to advance durable peace and common prosperity of the world.