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A summit the world anticipates
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16:33, November 14, 2008

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The G-20 leaders and key figures with the UN, the World Bank as well as other international institutions will gather in the Summit on Financial Market and World Economy to be held in US capital Washington on Nov.15.

They are expected to review all the measures and progress made for the current financial crisis, conduct deep consultation on long-term subjects such as world economic and financial reform, save the world from the scourge of crisis and ensure the stability and prosperity of global economy.

Chinese president Hu Jintao will attend the summit and China will work jointly with countries involved in effectively countering the economic slowdown.

The global financial turmoil triggered by the subprime lending crisis in the U.S. swept the world one year ago, dealing a heavy blow to international financial market and posing a threat to world economic growth. Statistics show industrialized nations in Europe and America fell into a difficult circumstance of economic recession and developing countries had little chance to escape.

With a formidable situation, international community is making concerted effort rather than reacting individually. To date, the crisis hasn’t been solved and the world still faces huge challenges. The summit creates a platform for the global battle against the economic crisis and demonstrates the attitude and political will against it. It is conducive to regaining market confidence, stabilizing international financial market and preventing global economy from declining.

The summit is eye-catching because it is the first time for leaders of the G-20 to meet since its establishment. The developing countries have been calling for reform on the existing world economic order and more discourse for a long time. However, major western industrialized national turned a blind eye to it.

The G-20, an informal forum of industrialized and developing countries was created in 1999 above all else to handle the financial crisis in developing countries. However, an economic recession that originated from developed counties has placed the G-20, a group that represents 2/3 of world’s population and 70 percent of global economy in the spotlight, making it the main force of the war against the crisis. Developing countries took part in the reform of world economic order on the basis of equality, and the role of emerging economy also got acknowledged by the international community. G-20 is able to play its role in maintaining global financial and economic stability and forming a more dynamic and comprehensive financial system.

China’s economy is closely connected with the world’s, and the country has taken a series of powerful measures to combat global financial recession, including those to ensure stable domestic finance, promote circulation in financial market and institutions, coordinate with other countries’ macro economy policies, issue ten measures to expand domestic demand and so on.

The actions the Chinese government has initiated so far contributed a great deal to the stability and development of world economy, which will help world economy recover quickly. As a major developing country, China will make joint effort with international community and continue to play the constructive role.

It is also understood that all the problems could not be solved through one summit, but it can be regarded as a good beginning for addressing issues such as world economy and reform. International community developed common interests and obligations to save economy from deteriorating and crisis from being repeated. The summit will carry out laborious research into the problems and find out a solution for a clearer and more reasonable global economic framework.

By People's Daily Online

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