Foreign and Military Affairs

Hu urges concerted G20 efforts for recovery

Updated: 2010-11-06 08:07
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Hu urges concerted G20 efforts for recovery
France's President Nicolas Sarkozy (L) welcomes China's President Hu Jintao as he arrives at the Elysee Palace in Paris November 4, 2010. [Agencies]

NICE, France - Chinese President Hu Jintao on Friday urged major economies to jointly shore up the burgeoning economic recovery worldwide in the wake of the latest global financial crisis.

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The call came in Hu's talks with his French counterpart Nicolas Sarkozy in this southern French city, just days ahead of a summit of the Group of 20 main economies in Seoul.

All the parties should strengthen coordination on their macropolicies on the basis of unity, mutual benefit and win-win progress, sending a clear message to the market that they are united against serious global economic challenges, Hu said.

In this way, they will be able to rally market confidence and maintain the momentum of the recovery of the recession-hit world economy, he added.

Meanwhile, the parties need to promote the reform of the international financial system, improve related supervision and regulation, and expand the representation of emerging economies and developing countries in international financial institutions, Hu said.

Concerted efforts should also be taken to narrow the gap between the North and the South, curb all forms of protectionism and secure a comprehensive and balanced outcome of the Doha Round of World Trade Organization negotiations, he added.

Hu said that the international community should think over the source of the international financial crisis and draw lessons from it to avoid similar crises in the future.

The international monetary system reform should be carried out step by step after concerned parties deeply think about and scientifically analyze the situation, coordinate their understanding and reach consensus, he added.

Sarkozy said France, which will soon hold the rotating presidency of the Group of 20, will take its own responsibilities and cooperate closely with China.

He expressed the hope that all parties will make joint efforts to push forward the reform of the international monetary mechanism, and try to reach consensus on the issue at an early date.

France is willing to discuss the reform with all parties including China, he added.

Hu arrived in Paris on Thursday for his second state visit to France aimed at promoting China-France ties. His first was in January 2004.