Hu calls for efforts to promote growth, balanced development
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Chinese President Hu Jintao on Friday called on world leaders to make every effort to promote global economic growth and a comprehensive, balanced and sustainable socioeconomic development.
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Chinese President Hu Jintao attends the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25. |
In a speech at the Group of 20 (G-20) economic summit in Pittsburgh, Hu said the world economy has seen positive signs since the two G-20 summits held in Washington in November and in London in April.
"The international community's confidence has strengthened, financial markets have moved toward stability and the world economy has seen positive signs," the Chinese president said.
Hu warned that the foundation of an economic recovery is not yet solid, and that many uncertainties remain.
"A primary task at present," he said, "is to counter the international financial crisis and promote a healthy world economic recovery."
Hu called for more efforts be made in the following three areas:
-- First, to stand firm in commitment to stimulating economic growth:
"All countries should keep up the intensity of their economic stimulus plans," he said.
Both developed and developing countries should take more solid and effective measures and make a greater effort to boost consumption and expand domestic demand, he said.
"Major reserve currency issuing countries should take into account and balance the implications of their monetary policies for both their own economies and the world," Hu said.
-- Second, to stand firm in commitment to advancing reform of the international financial system:
"We should follow through on the timetable and the roadmap agreed upon at the London summit, increase the representation and voice of developing countries and push for substantive progress in the reform," the Chinese president said.
He urged world leaders to improve the existing decision-making process and mechanism in international financial institutions, and encourage more extensive and effective participation of all parties.
"We should move forward the reform of the international financial supervisory and regulatory regime," Hu said.
