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Chinese president makes proposals for int'l financial system reform
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10:26, November 16, 2008

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Chinese President Hu Jintao on Saturday made a series of proposals for reforming the international financial system at a summit meeting of the Group of Twenty (G20) on the current global financial crisis.

"Reform of the international financial system should aim at establishing a new international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development," Hu said.

He said the reform should be conducted in a comprehensive, balanced, incremental and result-oriented manner.

"A comprehensive reform is one that has a general design and includes measures to improve not only the international financial system, monetary system and financial institutions, but also international financial rules and procedures," he noted.

"A balanced reform is one that is based on overall consideration and seeks a balance among the interests of all parties," Hu said.

Chinese President Hu Jintao attends the G20 Summit on Financial Markets and the World Economy in Washington, U.S., Nov. 15, 2008.(Xinhua Photo)

"An incremental reform is one that seeks gradual progress," said the president, adding that it should proceed in a phased manner, starting with the easier issues, and achieve the final objectives of reform through sustained efforts.

"A result-oriented reform is one that lays emphasis on practical results. All reform measures should contribute to international financial stability and global economic growth as well as the well being of people in all countries," he stressed.

Based on those considerations, Hu listed four priorities in reforming the international financial system -- stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system.

Hu arrived here Friday afternoon for the financial summit at the invitation of U.S. President George W. Bush.

Also attending the meeting are leaders of other G20 members and representatives of some international organizations.

The G20 groups Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, and the European Union and the Bretton Woods Institutions, namely the International Monetary Fund (IMF) and the World Bank.

Source: Xinhua

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