"The most urgent task now is to restore confidence and rescue the economy from severe recession," said Hu, in a keynote speech at the summit. "To achieve that, we must strengthen cross-national cooperation on crisis response, push forward reforms in global finance, dismantle trade barriers, and hold up the hard-hit developing countries."
Despite an economic slowdown simmering at home, China has never spared any effort to temper the blow to other countries. At the summit it promised to contribute $40 billion to the IMF's coffers and help finance the International Finance Corp., a private arm of the IMF.
With a string of stimuli taking root at home, the Chinese economy is bound to head for a turnaround in the long term and put a floor under the world economy, Hu said.
The country will ensure the strict implementation of the measures agreed on at the summit as it directly dictates how quickly the world economy can bottom out, said Chen Deming, Minister of Commerce, at a press conference after the summit.
The G20 summit in numbers
- a $1.1-trillion injection into international financial
--an additional $500 billion in resources for the IMF;
--a new Special Drawing Rights allocation of $250 billion;
--at least $100 billion in additional lending by Multilateral
Development Banks; and
--$250 billion in trade finance support
- a fiscal expansion that will amount to $5 trillion by
the end of 2010
- China's injection into IMF: $40 billion
- Japan's injection into IMF: $100 billion
- EU's injection into IMF: $100 billion