China Perspective

Hu urges reform of int'l monetary, financial systems

(Xinhua)
Updated: 2011-04-14 13:32

SANYA, Hainan - Chinese President Hu Jintao called for the reform of international monetary and financial systems on Thursday, saying that the say and representation of emerging markets and developing countries should be increased.

The BRICS countries leaders (L-R) Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao, Brazilian President Dilma Rousseff and South African President Jacob Zuma meet the press during the BRICS Leaders Meeting in Sanya, South China's Hainan province, April 14, 2011. [Photo by Wu Zhiyi/chinadaily.com.cn]

"We should establish fair, just, inclusive and well-managed international monetary and financial systems to support global economic development and increase the say and representation of emerging markets and developing countries in these systems," Hu said at the summit which was attended by leaders of Brazil, Russia, India, China and South Africa.

"We should set up a a just and equitable international free trade system, oppose protectionism in all its forms, strengthen the multilateral trading regime and push for early attainment of the goals of a development round at the Doha Round negotiation," Hu said.

Hu said the international financial crisis has aroused much thinking and discussion about world economic imbalances.

Special Coverage:  BRICS Summit 2011

"In the final analysis, the biggest imbalance in the world economy is the development imbalance between the North and the South and the most fundamental problem in the world economy is the inadequate development of developing countries," he said.

He called on countries to renew commitment to the development of developing countries and promote world economic recovery and growth.

Hu said cooperation mechanisms among emerging market economies represented by the BRICS constitute "a new model" of global economic cooperation and an important way of pursuing multilateralism.

"They can continue to play an active role in boosting cooperation among emerging market economies," he said.

The term of BRIC was first coined by Goldman Sachs economist Jim O'Neil in 2001 to group four fast-growing economies - Brazil, Russia, India and China. South Africa was invited in late 2010 to join the bloc.

Meanwhile, Hu emphasized the role of the United Nations, saying that being the most universal, representative and authoritative inter-governmental international organization, the UN should always play a central role in international affairs.

The G20 should continue to serve as the premier platform for global economic governance, he said.

He also called for joint efforts to maintain world peace and stability, saying that peace and stability form the prerequisite and foundation for development.

Hu said all countries should abide by the purposes and principles of the UN Charter and bring into full play the central role of the United Nations and its Security Council in "peace keeping, peace making and peace building."

"We should seek peaceful settlement of international disputes through dialogue and consultation," Hu said at the summit.

He said all countries should uphold the principle of "seeking common ground while shelving differences" and respect the sovereignty of other countries.

"Internal affairs of a country should be handled independently by the country itself and international affairs should be managed collectively through consultation by all," Hu said.

"We should be committed to multilateralism and international cooperation, and promote democracy in international relations," he added.

"We should respect the sovereignty of all countries and their right to choose their development paths and models in keeping with the principle of seeking common ground while shelving differences," He said.