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Yang Jiechi Talks about President Hu Jintao's Attendance at the G-20 Summit on Financial Markets and the World Economy

From November 14 to 15, 2008, Chinese President Hu Jintao was invited to attend the G-20 Summit on Financial Markets and the World Economy in Washington DC. On the way to Costa Rica for a state visit after President Hu concluded his activities at the Summit, Foreign Minister Yang Jiechi, who accompanied President Hu during those activities, introduced to the accompanying journalists the outcome of President Hu’s attendance at the Summit.

Yang Jiechi said that the Summit is convened in the context that the international financial crisis has severely affected the international financial markets, the economic development of countries in the world and the livelihood of the people. President Hu Jintao, together with the participating leaders, discussed the root causes of the current financial crisis, the initiatives aimed at promoting global economic development, and a series of other matters including strengthening the international financial regulatory norms, and promoting the reform of the international financial system. President Hu comprehensively expounded the Chinese government’s positions and propositions on strengthening international cooperation, restoring stability in financial markets, and promoting world economic growth. The leaders of the participating countries and the international community spoke positively of the important and constructive role China played for the successful holding of the Summit and fully affirmed the major measures adopted by the Chinese government to safeguard international financial stability and promote world economic development. The following important results were achieved with President Hu’s attendance at the Summit.

First, expounding important propositions on responding to the international financial crisis. President Hu Jintao delivered an important speech at the Summit, making in-depth analysis of the root causes of the financial crisis and pointing out that the current financial crisis is caused by many factors, such as inappropriate macroeconomic policies and the lack of financial supervision. President Hu Jintao called on the international community to enhance confidence, strengthen coordination and increase cooperation. President Hu also introduced important propositions to deal with the financial crisis: first, to take all necessary measures to quickly restore market confidence and prevent the diffusion and spread of the financial crisis. Major developed economies should assume their responsibilities and duties. Countries should strengthen coordination in their macroeconomic policies and deepen international cooperation in financial supervision so as to create necessary conditions for the stability of all countries and international financial markets; second, to actively promote economic growth and avoid a global recession. Countries should adjust their macro-economic policies and actively promote economic growth through necessary fiscal and monetary means; third, to earnestly sum up the lessons of this financial crisis and carry out necessary reform of the international financial system on the basis of full consultation of all stakeholders. The reform should aim at establishing a fair, just, inclusive and orderly international financial order, adhere to the principles of comprehensiveness, balance, progressiveness, and practical results and strive to create a favorable institutional environment for the healthy development of global economy. The three propositions have taken into consideration both immediate and long-term needs, reflected important concerns of the international community, and pointed out that strengthening international cooperation is the right way to deal with the financial crisis.

Second, introducing major measures adopted by the Chinese government to ensure financial stability and economic development. President Hu Jintao introduced active measures adopted by the Chinese government to ensure financial stability and economic development this year. He stressed that the 10 initiatives recently launched by the Chinese government to expand domestic demands will greatly promote China's economic development and will help the promotion of world economic development. The stable and rapid development of China’s economy itself is an important contribution to the maintenance of international financial stability and the promotion of world economic development. President Hu stressed that China is willing to continue to take a responsible attitude and take part in international cooperation aimed at maintaining international financial stability and promoting world economic development and that China is willing to support international financial organizations to increase their financing capacity in accordance with the changes in international markets and increase support to developing countries affected by the financial crisis. President Hu announced at the Summit that China is willing to actively participate in the trade-financing plan of the International Finance Corporation of the World Bank. This was highly appraised and generally welcomed by the international community.

Third, pointing out the right direction for the reform of the international financial system. The reform of the international financial system is the focus of attention of all countries and the core subject of the Summit. President Hu Jintao proposed the implementation of four key reform measures: first, to strengthen international cooperation in financial supervision and regulation; second, to promote the reform of international financial organizations; third, to encourage regional financial cooperation; fourth, to improve the international monetary system. During the Summit, China distributed the position paper, which sets forth China’s positions and propositions on the reform of the international financial system, including strengthening international regulatory cooperation, promoting the reform of international financial organizations, encouraging regional financial cooperation and calling on all parties to assume corresponding responsibilities.

Fourth, safeguarding the interests of the vast number of developing countries. President Hu Jintao stressed that the international community, while dealing with financial crisis, should pay particular attention to and try to minimize the damage caused by the crisis on developing countries, especially the least developed countries. He proposed to effectively help developing countries maintain financial stability and economic growth, take substantial measures to maintain and increase assistance to developing countries, effectively maintain economic stability in developing countries, and increase the representation and say of developing countries in international financial organizations.

Fifth, promoting the development of bilateral relations between China and other countries. During his attendance at the Summit, President Hu Jintao met with Russian President Vladimir Medvedev, Brazilian President Luiz Inacio Lula da Silva and British Prime Minister Tony Brown, Australian Prime Minister Kevin Rudd, and other foreign leaders. They reached important consensus on many issues, such as developing bilateral ties, strengthening cooperation in various fields and jointly coping with the international financial crisis.

President Hu and President Medvedev ratified the 2009-2012 outline for implementing the Treaty of Good-Neighborliness and Friendly Cooperation. The two sides agreed to take the opportunity of the upcoming 60th anniversary of the establishment of diplomatic relations between China and Russia to comprehensively implement the agreements and consensus reached by the two sides, promote pragmatic cooperation, and strengthen coordination and cooperation in regional and international affairs. President Hu and President Lula spoke positively of the strategic partnership between China and Brazil and the deepening cooperation in areas such as economy and trade and expressed that the two countries will strengthen communication and cooperation in international affairs and jointly safeguard the interests of developing countries. President Hu and Prime Minister Brown agreed to strengthen cooperation and work together with the international community to prevent the global financial and economic situation from deteriorating. President Hu and Prime Minister Kevin Rudd agreed to strengthen bilateral political dialogues and economic cooperation and constantly create new scenarios for China-Australia relations.

Yang said that President Hu Jintao’s attendance at the Summit is of great realistic significance for expected goals have been achieved. This is the first leg of the trip. We expect and believe that President Hu Jintao's upcoming visits and his attendance at the Informal APEC Leadership Meeting will also achieve important and positive results.

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