Focus on China

President Hu attends G20 Toronto summit

Updated: 2010-06-27 21:54
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TORONTO, Canada - Chinese President Hu Jintao and other leaders of the Group of 20 (G20) members gathered in Toronto on Sunday for the group's fourth summit, which will focus on ways to secure the world economic recovery and address the economic challenges and risks.

President Hu attends G20 Toronto summit
China's President Hu Jintao arrives at the G20 Summit in Toronto, June 26, 2010. [Agencies] 

At the summit, the leaders will exchange views on ways to consolidate the recovery from the global economic and financial crisis and implement commitments from previous G20 summits while laying the foundation for sustainable and balanced growth.

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They will discuss a wide range of issues, including the world economic situation, the European debt crisis, "the Framework for Strong, Sustainable and Balanced Growth," the reform of the international financial institutions, the global trade and the strengthening of financial regulations, said a senior Chinese official.

At the Pittsburgh summit, leaders of G20 members agreed to take action to address imbalances in the global economy by launching the Framework for Strong, Sustainable and Balanced Growth. The framework committed G20 members to evaluating their national policies to ensure they are collectively consistent with more sustainable and balanced trajectories of growth.

President Hu is expected to deliver a speech at the summit to explain China's propositions on the world's major economic and financial issues, such as financial reforms and balanced economic growth, said Chinese officials.

The Chinese president has participated in all the previous G20 summits -- the Washington summit in November 2008, the London summit in April 2009 and the Pittsburgh summit last September.

The Toronto summit is being held at a time when the world economy is recovering but economic challenges and risks remain, posing threats to healthy growth.

"The global economy continues to recover faster than anticipated, although at an uneven pace across countries and regions. However, the recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation," said G20 finance ministers and central bank governors in a communique when they met in Busan, the Republic of Korea, early this month to prepare for the Toronto summit.

At the previous three summits, leaders of G20 members coordinated a global response to the financial and economic crisis, implemented stimulus measures to revive the world economy, and agreed on actions to strengthen financial regulation and the reform of international financial institutions. They also agreed to promote trade and resist protectionism.

The interventions by G20 members have effectively mitigated the impact of the crisis, and promoted a quicker transition to economic recovery.

"The G20 Toronto Summit will provide leaders with an important opportunity to follow through on commitments made at previous summits and to continue the work of building a healthier, stronger and more sustainable global economy," says a statement issued by the Canadian government on the official Toronto Summit website.

"China hopes that the G20 members at the Toronto summit would fully implement the Framework for Strong, Sustainable and Balanced Growth and enhance communications and coordination of macro-economic policies to support the global economic recovery," said Chinese Vice Foreign Minister Cui Tiankai at a press conference on June 18.

He said G20 members should push for the International Monetary Fund (IMF) to complete a new round of quota reform by the Seoul summit in November this year to give more representation and say to emerging market countries and developing countries, improve the international financial system and deepen the reform of the international regulatory system.

At the Toronto summit, the G20 leaders should pay more attention to development issues and provide political support to the United Nations' high-level meeting on the Millennium Development Goals in September this year, and oppose trade protectionism and promote the completion of the Doha round of trade talks, he added.

Established in 1999, the G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

Members of the G20, the world's premier forum for international economic cooperation, account for 90 percent of global output, 80 percent of world trade and two-thirds of the world's population.