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G20: China's efforts recognized by international community

(People's Daily Online)

16:34, June 18, 2012

The seventh meeting of the Group of 20 (G20) heads of state will be held in Los Cabos, Mexico from June 18 to June 19, and strengthening the international financial system is expected to be a major topic at the summit. Experts generally believe that China has played a constructive role in promoting the establishment of a fair, just, inclusive, and orderly international financial system, which has been widely recognized by the international community.

Chen Dongxiao, vice president of the Shanghai Institutes for International Studies, said that China is an active advocate and practitioner of a fair, just, inclusive, and orderly international financial system. Its proposal for reforming the international financial system in a comprehensive, balanced, progressive, and practical manner has been widely recognized by the international community.

China has worked hard with other countries, particularly emerging markets and developing countries, to promote reforms that will enhance the legitimacy and effectiveness of the International Monetary Fund (IMF), World Bank (WB), and other international financial institutions, to increase the voice and representation of emerging markets and developing countries, and to enhance the role of the international financial system in dealing with crises, financial regulation, and meeting the needs of the real economy and developing countries, Chen said.

Furthermore, China has accelerated its own financial system reforms, including the reform of the yuan’s exchange rate formation mechanism, and actively participated in and promoted the reform of the international monetary system through regional monetary cooperation in East Asia and the internationalization of its currency, Chen added.

Liu Youfa, vice president of the China Institute of International Studies (CIIS), said that China has long actively promoted the establishment of a fair, just, inclusive, and orderly international financial system, put forward its views and proposals at the appropriate time, and played the role of a responsible power.

In the meantime, the country has steadily carried out its financial system reforms, sustained its economic growth momentum, and provided liquidly support to related countries and regions plagued by the global financial crisis through international, regional, and bilateral platforms, Liu said.

China advocates that the structural reforms of the IMF, WB, and other international financial institutions should fully reflect the global political and economic development trends in the 21st century as well as the expectations and aspirations of developing countries. These institutions should enable greater participation by representatives from developing countries in decision-making and general management, so as to enhance financial development, management, and control, Liu added.

Liu said that China firmly opposes any form of financial protectionism, and has called on the IMF to strengthen supervision over international reserve currency issuing countries and their financial markets, and on developed countries to stabilize their economic and financial situations in order to ensure the healthy and steady development of global financial markets. In addition, international financial institutions should provide necessary information and talent training services to developing countries, so they can participate more effectively in global financial governance.

Jia Xiudong, a researcher at CIIS, said that China has played a constructive role in promoting the establishment of a fair, just, inclusive, and orderly international financial system.

First, it has helped stabilize the global economy and financial system by maintaining healthy and stable domestic economic development and reforming its financial system.

Second, it has helped stabilize the financial systems of developing and developed countries through financial measures.

Third, it has provided helpful advice on the reform of the international financial system at various international economic and financial dialogues.

Fourth, it has made great efforts to protect the interests of emerging markets and developing countries, and to push the international financial system toward greater balance and fairness.

Read the Chinese version at: 中国积极参与国际金融治理改革, Source: People's Daily, Author: Ma Jian

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