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Hu calls for joint efforts to promote growth, financial stability (2)

(Xinhua)

08:13, November 04, 2011

Chinese President Hu Jintao attends the Group of Twenty (G-20) summit in Cannes, France, Nov. 3, 2011. (Xinhua/Lan Hongguang)

He asked for continued reform of the International Monetary Fund, calling for the expansion of the use of the special drawing rights, reform of the IMF currency basket and the buildup of a new international reserve currency system.

He warned against trade protectionism and urged efforts to curb speculation so as to stabilize commodity prices and supply and demand.

Fourth, the countries should strive for progress through innovation, said Hu.

"Innovation is an inexhaustible source of human progress. To overcome the crisis, we need to make pioneering efforts," said Hu.

"We should improve and innovate our thinking, system and mode for advancing economic and social development, and strike a balance in such important relationships as those between government and market, labor and capital, production and consumption, and equity and efficiency."

Fifth, the G20 countries should help developing economies to grow, said Hu.

In the final analysis, the most serious bottleneck in world economic development is the inability of developing countries to achieve full development, said Hu

The imbalance between developed and developing countries has created a vicious circle where underdevelopment leads to backwardness and backwardness hinders development, thus hampering sustained and steady growth of the global economy, he said.

"We should continue to increase the voice of emerging markets and developing countries in global economic governance and create an enabling institutional environment for their development."

Hu pledged that his country will provide more help to other developing countries.

Between 2010 and 2012, China will provide Africa with 10 billion U.S. dollars in lending of a preferential nature, the bulk of which will go to infrastructure development, he said.

Between 2011 and 2015, China will build 200 infrastructure projects in clean energy and environmental protection in other developing countries, he announced.

China will give zero-tariff treatment to 97 percent of the tariff items of exports to China from the least developed countries that have diplomatic relations with China, he said.

The G20 summit, which began on Thursday, would concentrate on the promotion of strong, sustainable and balanced global economic growth, as well as global governance, development and financial regulation.

The G20 bloc, established in September 1999, was designed to bring together important industrialized and developing economies to discuss key issues concerning the global economy.


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