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Chinese president attends G20 financial summit in London

(Xinhua)
Updated: 2009-04-02 17:29

Chinese President Hu Jintao and other leaders of the Group of Twenty (G20) members gathered in London Thursday for a summit to discuss how to tackle the financial crisis and stimulate an earlier world economic recovery.

At the meeting, the leaders will exchange views mainly on such subjects as enhancing the coordination of macroeconomic policies, strengthening international financial regulation and stabilizing global financial market, as well as reforming international financial institutions.

President Hu willl deliver a speech at the summit to elaborate China's opinions and proposals on these subjects, according to Chinese Vice Foreign Minister He Yafei.

On Tuesday, President Hu told Xinhua that with the impact of the global financial crisis on the real economy spreading and deepening, priorities should be given by various countries to adopting economic stimulus measures in line with their own situations and working hand in hand to promote growth and employment and improve the people's lives.

Related readings:  World leaders gather for G20 in London  No room for failure at G20 summit  Economists: China goes to G20 summit with reform proposal  Hu urges int'l financial system reform

Efforts should also be made as soon as possible to stabilize the global financial market and earnestly give play to the role of finance in spurring the real economy to restore confidence of the people and businesses, Hu said.

He called for strengthening coordination among different nations on economic polices and joint efforts against trade and investment protectionism to help the world economy recover.

"The international financial system should undergo necessary reforms in an all-round, balanced, gradual and effective manner to prevent a similar crisis in the future," the president said.

China, as a responsible country, would work with all other parties attending the summit to help it yield "positive" and "practical" results, Hu said.

The Summit, which was held at the ExCel center in east London, brought together leaders of the G20, and representatives of international and regional groups, and financial institutions to work cooperatively to restore stability and stimulate global economic growth.

The London summit is a follow-up to a meeting of last November in Washington. At the Washington summit, leaders of G20 members agreed to enhance their cooperation and work together to restore global growth and achieve needed reforms in the world's financial system in face of the financial crisis.

According to the British government, the host of the meeting, the goals of the summit are to secure global economic recovery, agree on the contours of a strengthened financial system, and principles, priorities and process for reform of the international financial institutions.

At present, the financial crisis, which was triggered by the subprime mortgage crisis, has grown into a severe and widespread international financial crisis rarely seen in history.

The impact of the crisis on economies around the world is still deepening and its grave consequences will be felt more acutely in the days to come.

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