Chinese president attends G20 Toronto summit

08:27, June 28, 2010      

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Chinese President Hu Jintao and other leaders of the Group of Twenty (G20) members gathered in Toronto on Sunday for the group's fourth summit, which will focus on ways to secure the world economic recovery and address the economic challenges and risks.

At the summit, the leaders will exchange views on ways to consolidate the recovery from the global economic and financial crisis and implement commitments from previous G20 summits while laying the foundation for sustainable and balanced growth.

They will discuss a wide range of issues, including the world economic situation, the European debt crisis, "the Framework for Strong, Sustainable and Balanced Growth," the reform of the international financial institutions, the global trade and the strengthening of financial regulations, said a senior Chinese official.

At the Pittsburgh summit, leaders of G20 members agreed to take action to address imbalances in the global economy by launching the Framework for Strong, Sustainable and Balanced Growth. The framework committed G20 members to evaluating their national policies to ensure they are collectively consistent with more sustainable and balanced trajectories of growth.

President Hu is expected to deliver a speech at the summit to explain China's propositions on the world's major economic and financial issues, such as financial reforms and balanced economic growth, said Chinese officials.

The Chinese president has participated in all the previous G20 summits -- the Washington summit in November 2008, the London summit in April 2009 and the Pittsburgh summit last September.

The Toronto summit is being held at a time when the world economy is recovering but economic challenges and risks remain, posing threats to healthy growth.

"The global economy continues to recover faster than anticipated, although at an uneven pace across countries and regions. However, the recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation," said G20 finance ministers and central bank governors in a communique when they met in Busan, the Republic of Korea, early this month to prepare for the Toronto summit.

At the previous three summits, leaders of G20 members coordinated a global response to the financial and economic crisis, implemented stimulus measures to revive the world economy, and agreed on actions to strengthen financial regulation and the reform of international financial institutions. They also agreed to promote trade and resist protectionism.


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