Economy

China hopes G20 summit achieve positive results

(Xinhua)
Updated: 2010-10-23 10:01

UNITED NATIONS - China on Friday voiced its hope that the upcoming summit of the Group of 20 largest economies (G20) will help achieve positive efforts that include the efforts to strengthen the institution building, enhance market confidence around the world and accelerate the recovery of the world economy.

The statement came as Li Baodong, the Chinese permanent representative to the United Nations, was speaking at the informal meeting of the UN General Assembly on the upcoming G20 summit in Seoul, the capital of the Republic of Korea (ROK).

"China hopes that the Seoul summit will, in the spirit of mutual benefit and win-win outcome on the basis of implementation of the outcomes of previous G20 summit, achieve the following positive results: First, strengthen the institution building of the G20, enhance market confidence around the world, and accelerate the recovery of the world economy," Li said.

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"Second, complete the IMF's share reform before the summit and fulfill the commitments made by the G20 leaders," he said. "Third, address the imbalance in development issues, so as to provide political support to the early realization of the MDGs," the eight anti-poverty targets to be reached by 2015. IMF stands for the International Monetary Fund, a Bretton Woods institute.

A one more positive results that China hopes to see at the end of the coming G20 summit is to "facilitate the achievement of a comprehensive and balanced outcome at the Doha Round and the fulfillment of the Development Round objectives," he said.

"China stands ready to work with all parties concerned to ensure that the G20 summit continue to develop in line with the common interests of the international community," he said.

Meanwhile, the senior Chinese diplomat also voiced his support to the UN involvement in the G20 summit.

"China supports the initiative of the G20 to invite, as it did in the past, representatives of the United Nations to participate in the summit and its preparations," he said.  

"China welcomes the effort of the (UN) secretary-general to gather the views and proposals of the member states and bring these inputs to the summit in Seoul," Li said.

"The G20 summit has played a significant and positive role in coordinating global response to the international financial crisis and in promoting the recovery of the world economy. The United Nations is the most authoritative and representative multilateral organization," he said. "Enhancing coordination and cooperation between the G20 and the United Nations will help strengthen global economic governance, promote the sustainable and balanced recovery of the world economy, and address the legitimate concerns of small and medium-sized countries."    

The G20 members account for 90 percent of global output, 80 percent of global trade, and two-thirds of the world's population. They include: Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the ROK, Russia, Saudi Arabia, South Africa, Turkey, the United States and the European Union.