Hu promotes concerted efforts for global economic growth at G-20 summit

10:03, November 13, 2010      

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Chinese President Hu Jintao attends the inauguration of the Group of 20 (G20) Summit in Seoul, capital of South Korea, Nov. 12, 2010. (Xinhua/Lan Hongguang)

Chinese President Hu Jintao called for concerted efforts to realize strong, sustainable and balanced growth of the world economy at the Group of 20 (G-20) summit on Friday.

Delivering a speech entitled "Build on Achievements and Promote Development" at the summit, he presented a four-point proposal for the major economies to jointly promote global economic recovery and growth.


Hu said the world economy was slowly recovering thanks to the concerted efforts of the G-20 and the entire international community, but total demand remained insufficient in the absence of new sources of growth

"Countries differ in policy objectives, making macroeconomic policy coordination even more difficult and global recovery even more fragile and uneven," he said.

The Chinese leader had been promoting cooperation and coordination since he arrived in Seoul for the summit on Thursday morning.

"We must adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have already achieved and continue to work in concert for strong, sustainable and balanced growth of the world economy," Hu said.

The first point of Hu's proposal at the summit was that the world community should improve the framework for strong, sustainable and balanced growth and promote cooperative development.

"Strong, sustainable and balanced economic growth is of great significance to the whole world," he said.

"We should stick to the country-led principle, take into full account the different national circumstances and development stages of various members, and appreciate and respect each country's independent choice of development path and policies," he added.

The second point was that the world community should champion open trade and promote coordinated development.

"We must be firmly committed to free trade, to the consensus reached at previous G-20 summits, and to the effort of opposing all forms of protectionism and removing existing trade protectionist measures," he said.

The Chinese president also called on the world community to reform the financial system and promote stable development.

"We should continue to push for fair and merit-based selection of the management of international financial institutions, and enable more people from developing countries to take up mid-level and senior management positions," he said.

The last point of Hu's proposal was that the world community should narrow the development gap and promote balanced [email protected] "We must endeavor to build a new and more equal and balanced global partnership and encourage developed and developing countries to have more mutual understanding and closer coordination rather than follow the old path of trading accusations and public confrontation," he said.

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