China hopes G20 boosts economic growth, stability

BEIJING - China's deputy foreign minister on Monday expressed hopes that the upcoming Group of 20 (G20) summit will continue to promote economic growth and stability against the backdrop of the volatile world economic situation.

Deputy Foreign Minister Cui Tiankai made the remarks at a press briefing in Beijing on the 7th G20 Leaders' Summit scheduled to be held in Los Cabos, Mexico, next week.

Cui put forward a five-point list of China's expectations for the Los Cabos summit.

He said G20 member states should work together to overcome current difficulties and exhibit a spirit of win-win cooperation.

The member states should, first and foremost, run their own affairs well and enhance coordination on macroeconomic policies on the basis of respecting each other's national conditions and stages of development, he said.

Cui said the most pressing problems for all member states include generating strong growth and maintaining the momentum of economic recovery.

He said all parties should address the issues of the Eurozone sovereign debt crisis, volatile commodity prices and financial market turmoil through constructive and cooperative discussions.

China hopes the summit will promote the establishment of a fair, just, inclusive and orderly international financial system and push forward the international financial governance reform, he said.

He called on all member states to implement the International Monetary Fund (IMF) quota and governance reform program, which was agreed upon in 2011, and increase the representativeness and voice of the organization's emerging markets and developing countries.

He also said he hopes the summit will push forward the improvement of the international monetary system and strengthen financial regulations, so as to make the financial system better serve the development of the real economy.

He pointed out that G20 countries should promote the healthy and stable development of international trade, fulfill the commitment to anti-protectionism in international trade and advance the Doha negotiations so as to create a free, open, fair and just global trade environment.

He said China supports the G20 in discussing the global value chain issue, which could help developing countries participate in the global value chain to achieve common development.

Cui emphasized that China has always actively cooperated with, and has played a constructive role in, the G20's efforts to combat the international financial crisis and strengthen global economic cooperation.

"China is speeding up its development mode, adjusting economic construction and maintaining a stable and fast momentum of economic growth, which is a great contribution to the world economy. China is confident in itself and hopes this summit will yield positive results in maintaining economic growth and stability," he added.

"It will depend on what efforts the G20 makes and what role the G20 can play in regards to the question of how long will it take for the G20 to combat the international financial crisis. The G20 has taken a very important step in the right direction, and still needs to take more steps forward," he said.