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Beijing Review Exclusive
Special> G20 London Summit> Beijing Review Exclusive
UPDATED: March 24, 2009 Web Exclusive
China to Contribute More to Global Financial Crisis Relief

China expects the upcoming G20 financial summit in London to devise a timetable for the reform of international financial institutions, in which emerging markets and developing countries should have a bigger say, said Chinese Vice Foreign Minister He Yafei.

He told a Foreign Ministry press conference on March 23 that the summit should help countries strengthen solidarity and bolster the confidence of both the market and the public at a time of global financial crisis.

The London summit, to be held April 1-2, should prompt the countries to adopt economic stimulus programs in line with their respective national conditions and enhance coordination of their macroeconomic policies, he said. It should voice opposition to trade protectionism and provide more support to developing countries' trade activity, he added.

It is also China's expectation that the summit will prioritize the issue of development, he said, while calling on developed countries not to reduce their assistance to developing countries because of the financial crisis.

Chinese President Hu Jintao will deliver a speech at the summit on April 2 to elaborate on China's views. He will meet with a number of state leaders including British Prime Minister Gordon Brown, U.S. President Barack Obama and Russian President Dmitry Medvedev on the sidelines of the summit.

"The Chinese Government's economic stimulus plan has achieved initial success, leading to positive changes in some economic indicators," said Vice Finance Minister Li Yong.

China has adopted a 4-trillion-yuan ($586-billion) economic stimulus plan to cope with the global financial crisis. It has also vowed to expand domestic demand, boost major industries, improve social security and create more employment opportunities.

In joining international crisis relief efforts, it has reached an agreement with the International Finance Corporation, a subsidiary of the World Bank, to purchase its bonds to help finance global trade, Li said.

Moreover, China has assisted other countries in addressing liquidity problems through currency swap arrangements, said Hu Xiaolian, Vice Governor of the People's Bank of China, the country's central bank. It has signed bilateral currency swap agreements totalling 580 billion yuan ($82.9 billion) with neighboring economies, including South Korea, Hong Kong and Malaysia.

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