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Chinese president says reform should be advanced to build fair, just financial order
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07:31, April 03, 2009

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Chinese President Hu Jintao on Thursday urged the international community to work for a fair, just, inclusive and well-managed international financial order.

"We should do so in a comprehensive, balanced and incremental manner and lay emphasis on concrete results," said Hu in a speech at the second Group of 20 (G20) summit in London.

The president made a six-point proposal for further advancing reform of the current financial order.

First, efforts should be made to strengthen cooperation in financial regulation, formulate as soon as possible universally accepted standards and norms of international financial regulation, improve codes of conduct and regulatory regimes for rating agencies, and establish an early warning mechanism that covers the whole world, the major international financial centers in particular to enhance early response capabilities.

Second, international financial institutions should give more assistance to developing countries.

International and regional financial institutions should actively expand financing channels and mobilize resources by multiple means.

Third, the Financial Stability Forum (FSF) should play a bigger role. Following its recent broadening of membership, the forum should now rationalize its mechanism, map out plans and get down to business as quickly as possible, Hu said.

"We expect too see more practical proposal from the FSF on ways to stabilize financial markets and enhance financial regulation," he said.

Fourth, the International Monetary Fund (IMF) should strengthen and improve its oversight of the macroeconomic policies of various economies, major reserve currency issuing economies in particular, with a special focus on their currency issuing policies.

Fifth, measures should be taken to improve the governance structures of the IMF and the World Bank and increase the representation and voice of developing countries.

Sixth, it is necessary to improve the international monetary system, improve the regulatory mechanism of the issuance of reserve currencies, maintain the relative stability of the exchange rates of major reserve currencies and develop a more diverse and rational international monetary system.

The G20 summit concluded here Thursday with consensus on how to save the world out of the financial crisis, including a pledge of 1.1 trillion U.S. dollars to revive the world economy, a joint call to fight protectionism, and concrete actions to tighten banking regulation.

Source: Xinhua

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