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Progress on financial reform "bright spot" at G20 summit: Chinese official
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09:53, September 26, 2009

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Progress made on the reform of the international financial system is a "bright spot" at the freshly concluded Group of 20 (G20) summit held in Pittsburgh Sept. 24-25, a Chinese official said here Friday.

"During negotiations at the meeting, all parties have demonstrated a strong will to accelerate the reform," Chinese Vice Foreign Minister He Yafei told reporters at a briefing.

"This embodies the implementation of the agreements made by G20leaders at the two previous summits," he said.

An important message being sent out from this summit, the official said, is that the financial governance structure and decision-making procedures of the International Monetary Fund (IMF), the World Bank and other international financial organizations should reflect the reality of the world economy.

"The emphasis of the reform should be increasing the developing world's voting rights, representations and voices," he said.

The official noted that it's crucial for each country to show political sincerity and their leaders' personal charisma and to implement timeframes and road map agreed at the London summit in April.

Another "bright spot" of the summit, he said, is that the G20 leaders will decide on the future directions of the group and global economic governance structure.

"All parties at the meeting agreed that the G20 should become a major platform of global economic governance," said He.

Although the global economic recovery hasn't been solidified, but there are signs of turnaround, he said.

"We believe that G20 members and other members of the international community should keep their macro-economic policies more aligned and continue to promote the recovery of the world," said the official.

"G20 members believe that all countries should maintain the intensity of their policy support for the recovery until it is put on a stable basis," he added.

On exit strategy, the official said G20 leaders exchanged their views and all parties have agreed that they need to strengthen coordination on the right-timing of the strategy.

"At the moment, all parties believe we need to consolidate and continue the policy support for the recovery," he said.

The official said China is also concerned about the issue of development at the summit, especially the challenges facing the developing and least-developed nations.

"China believes it's crucial to solve the imbalance of development. Without the development of developing nations, it is impossible to achieve sustainable and all-around economic recovery in the world," he noted.

Source:Xinhua



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