Hu urges fair, orderly world financial system

LOS CABOS - Chinese President Hu Jintao said Tuesday that establishing a fair, just, inclusive and orderly international financial system is conducive to the long-term sound and steady growth of the world economy and meets the common interests of the world.

All countries should make concerted efforts to bring about more achievements in international financial system reform and make the system provide better services and boost the real economy's growth, Hu said in a speech at the Group of 20 (G20) summit.

Hu also said that all countries should work together to push reform of international financial governance and increase the representation and powers of emerging economies and developing countries; to improve the international reserve currency system so as to establish a system that embraces stable currencies, orderly supplies and an adjustable aggregate amount.

In addition, Hu called for expanding the use of the special drawing rights of the International Monetary Fund to enhance the stability of world currency system, combining restructuring the international finance system with promoting international development and cooperation, and setting the settlement of the South-North development gap as an important long-term task.

Hu said the issue of universally beneficial finance is essentially about development.

All countries should strengthen communication and cooperation, better protect consumer interests, and jointly build up a financial mechanism that would benefit all nations and peoples, so as to make sure that all consumers, particularly those in developing countries, can enjoy modern, secure and convenient financial services, he said.

The president stressed that the world economy cannot achieve robust, sustainable and balanced growth without the development of developing countries, adding that the G20 should take the development issue as a standing theme and facilitate the world community's support and aid to developing countries.

He said China has helped developing countries in improving agriculture and infrastructure under the South-South cooperation framework and provided food to them, adding China will continue its efforts in these regards.

Hu said the core of green growth is to strenuously build a resource-efficient and environment-friendly society based on the notion of sustainable development.

Green growth should be connected to poverty reduction and the safeguarding of developing countries' rights to development. The development modes independently chosen by developing countries should be respected, and the development space for developing countries should be secured, he added.

Hu also said international trade is important impetus to world economic growth, adding the G20 should firmly push forward trade liberalization and facilitation, oppose protectionism in various forms, jointly nurture an open, equal and fair atmosphere for global trade, maintain and strengthen the multilateral trade mechanism, and continue to move forward the Doha Round of trade talks.

During the summit, Hu talked with leaders of some countries and international organizations, exchanging views with them on bilateral ties and boosting international economic and financial cooperation.

The two-day G20 summit ended here on Tuesday afternoon and the group issued a communique afterwards.

The G20 groups Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the United Kingdom, the United States, as well as the European Union.