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FM: 'Practical significance' for Hu's participation at G20

(Xinhua)
Updated: 2008-11-17 17:24

WASHINGTON -- Chinese President Hu Jintao has attended the weekend summit of the Group of Twenty (G20) aimed at tackling the world financial crisis, and his participation at the meeting has "practical significance," said Chinese Foreign Minister Yang Jiechi on Sunday.

US President George W. Bush (R) greets Chinese President Hu Jintao at the G20 Summit on Financial Markets and the World Economy at the National Building Museum in Washington, November 15, 2008.[Agencies]

President Hu discussed with other G20 leaders the root causes of the financial crisis and measures for enhancing financial institution supervision and pushing forward reforms on the world financial system, Yang said.

"During the meeting, Hu had expounded on China's views on efforts to promote cooperation of the world community in restoring financial market stability and promoting world economic growth," he said.

China's "constructive role" in the summit meeting and the measures it has been taking to safeguard world financial stability and expand world economic growth have been hailed by world leaders and media, Yang said.

Hu urged the international community to take all necessary steps to promptly restore market confidence and stop the spread and development of the financial crisis.

Hu called on major developed economies to "undertake their due responsibilities and obligations" and the world's nations to strengthen coordination in macroeconomic policies and deepen cooperation in international financial supervision to stabilize their national and the world financial markets.

The Chinese president also called for necessary fiscal and monetary measures to promote growth and avert a worldwide recession.

China advocates reforms on the international financial system based on full consultation of all parties concerned, Yang said.

"Hu's proposals at the meeting aimed at tackling the current financial problems would also have a bearing on the future," Yang noted.

"They have reflected the concerns of the world community and stressed international cooperation in facing up with the unfolding crisis," he said.

President Hu also briefed the summit about major measures taken by the Chinese government to ensure China's economic development and financial stability.

Hu stressed that the 10 measures announced recently by the Chinese government to expand China's domestic demand will boost not only China's development but also the world's economic growth.

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