WASHINGTON -- Chinese President Hu Jintao arrived in Washington Friday for a summit to discuss issues concerning financial markets and the global economy.
Chinese President Hu Jintao (C) and his wife Liu Yongqing (1st R) arrive in Washington, capital of the United States, on Nov. 14, 2008, for a summit to discuss issues concerning financial markets and the global economy. [Xinhua]
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President Hu, and other leaders from the Group of Twenty (G20) members, have been invited by US President George W. Bush to Saturday's meeting, the first in a series of summits to mitigate what economists predict could be a long and deep downturn.
The summit unites leaders from 19 nations and the European Union under the umbrella of the G20. It includes emerging markets like China, Brazil, India and South Africa and older industrial powers from the Group of Seven nations.
The meeting aims to grapple with the global financial crisis and lay the groundwork for the reform of the global financial system.
China, with nearly $2 trillion in foreign exchange reserves and being relatively less scathed by the crisis, is well positioned to be one of the few major economies that can maintain credible growth in 2009.
Hu is expected to make it clear to the world that China is ready to work with other countries, but the most important step Beijing can take is to keep its own economy stable.
At a press briefing last week, Chinese Vice Foreign Minister He Yafei said that China expects to build a fair, inclusive and efficient international financial system.
"We hope to consult with other participants to reform the international financial system and finally try to establish a fair, inclusive and efficient system," He said.
He said that China would take an active part in the summit-related activities in a constructive attitude, work together with all the parties for the achievement of pragmatic outcome, and impel the international community to tackle the financial crisis in a timely, comprehensive and effective manner.
Leaders of the G20 agreed late last month to hold the summit against the backdrop of a worsening financial crisis and a worldwide slowdown.
"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," said White House spokeswoman Dana Perino last month in making the announcement of the summit.
It will focus on "understanding the causes of the global crisis and developing principles for reforming our financial and regulatory systems", Bush said in New York on Thursday.
"To better reflect the realities of today's global economy, both the IMF and World Bank should modernize their governance structures," Bush noted.
Washington is the first leg of President Hu's five-nation trip. He will later pay state visits to Costa Rica, Cuba, Peru and Greece. During his stay in Peru, he will attend the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima.
