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Chinese president calls for joint efforts to sustain "hard-won" economic recovery

(Xinhua)

08:24, June 18, 2012

BEIJING, June 17 (Xinhua) -- Chinese President Hu Jintao has urged members of the Group of 20 (G20) to sustain and strengthen the "hard-won" momentum of economic recovery.

Hu made the remarks in a written interview with Reforma, a major Mexican newspaper, prior to the G20 summit due to be held in Los Cabos from Monday to Tuesday.

"The world economy is now on the path of recovery and the prospect of economic growth is improving to some extent," Hu said, adding that such recovery is still not firm, and faces acute unpredictability.

"Total global demand remains weak. Growth in major economies is sluggish," said the Chinese president.

Hu said it is becoming more difficult for countries to coordinate their macro-economic policies. "Arduous efforts are required to achieve robust, sustainable and balanced growth of the global economy."

Hu said that G20, consisting of both major developed countries and emerging market economies, has a balanced composition and is representative of the global economy.

It has played an important role in addressing international financial crisis and promoting world economic stability and recovery, and has become the premier platform of global economic governance, said the Chinese president.

"In the current world economic environment, the G20 members should stick together in difficult times and pursue win-win cooperation," he said.

Hu said to sustain and strengthen the momentum of economic recovery, "we need to enhance macro-economic policy coordination, and all countries should pursue win-win cooperation through concerted efforts."

Hu also urged all the G20 members to continue to advance the reform of the international financial system, speedily meet the target of IMF quota and governance reform, improve the international monetary system and enhance international financial regulation.

"We should continue to oppose protectionism in all forms and advance the Doha round negotiations. We should continue to give high priority to development and promote growth of developing countries so as to increase total global demand," he said.

Regarding the European sovereign debt, "an issue of general concern," Hu said "G20 should address it in a constructive and cooperative way, encourage and support efforts made by Europe to resolve it and send a signal of confidence to the market."

"Mexico has made extensive preparations for hosting the Los Cabos summit since assuming the presidency. In Los Cabos, I look forward to exploring with leaders of other G20 members ways to promote world economic stability, recovery and growth," he added.

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