Foreign and Military Affairs

Hu: Strong, sustainable growth key to global recovery

Updated: 2010-06-28 00:10
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Chinese President Hu Jintao laid out on Sunday a three-point proposal for promoting a strong, sustainable and balanced global economic growth, calling for joint efforts of the international community for global economic recovery.

While addressing the fourth G20 summit in Toronto, Hu said in his speech titled "Work in Unity for the Future" that the world economy is gradually recovering with the help of the concerted efforts of G20 members and the entire international community.

However, he warned that the recovery was unfirmly established, unbalanced, and still facing "quite many uncertainties," such as the expanding sovereign debt crisis, drastic exchange rates fluctuations of major currencies and persistent volatility in the international financial markets.

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Seeking to address these problems and materialize a strong and balanced growth worldwide, Hu laid out a three-point proposal.

"First, we need to turn the G20 from an effective mechanism to counter the international financial crisis to a premier platform for advancing international economic cooperation," said the Chinese president.

"The complex world economic situation makes it necessary for the G20 to play a guiding role. We need to take a longer-term perspective and shift the focus of the G20 from coordinating stimulus measures to coordinating growth, from addressing short-term contingencies to promoting long-term governance and from passive response to proactive planning," he said.

The Chinese leader said G20 nations should strengthen coordination of macroeconomic policies among them, support countries hit by the sovereign debt crisis in overcoming the current difficulties.

He also called for well managing the G20's relationship with other international organizations and multilateral mechanisms and ensuring that the G20 "plays a core role in promoting international economic cooperation and global economic governance."

Secondly, Hu said "we need to accelerate the establishment of a new international financial order that is fair, equitable, inclusive and well-managed," calling for the establishment of an international financial system "that is good for the growth of the real economy."

Hu said the G20 members need to bring the shadow banking system under supervision and regulation and formulate globally consistent accounting rules.

He also said the G20 nations need to enhance the IMF's capacity building and surveillance reform, and strengthen supervision over macroeconomic policies of various parties, particularly major reserve currency issuing economies.

Thirdly, the Chinese leader urges advancing "the building of an open and free global trading regime."

"We must take concrete actions to reject all forms of protectionism, and unequivocally advocate and support free trade," he said.

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