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Chinese President calls for joint efforts to tackle financial crisis


G20 London Summit, April 2009


Special Report: Global Financial Crisis


·The international community was severely challenged in the course of tackling the financial crisis, Hu said.
·Priorities should be taken by various countries to adopt economic stimulus measures, he said.
·The international financial system should undergo necessary reforms in an all-round manner, he said.


President Hu Jintao Accepts an Interview concerning His Attendance of the Second G-20 Leaders' Summit on Financial Markets and the World Economy

On March 31, 2009, President Hu Jintao accepted an exclusive interview by Xinhua News Agency just before leaving for the Second G-20 Leaders' Summit on Financial Markets and the World Economy in London. He answered questions about the significance of the Summit, the international financial crisis, the recovery of global economic growth, and China's current economic situation and expounded China's positions and propositions on these issues.

In response to the questions about the significance of the Summit, Hu Jintao stressed that the G-20 Summit is an important and effective platform for the international community to jointly cope with the international economic and financial crisis. Following the G-20 Summit in Washington last November, the leaders of G-20 will meet again in London to jointly discuss the strategies to cope with the international financial crisis. This will be of great significance to boosting the confidence of the people and businesses in the stability of international financial markets and promoting the recovery of global economic growth. The Chinese side will take a responsible attitude and work together with the participating parties concerned to push the London Summit towards positive and pragmatic outcome.

In reply to the questions on the judgment on the current situation of the international financial crisis and on how to effectively cope with the crisis and promote the recovery of global economic growth, Hu Jintao pointed out that the current international financial crisis is still spreading and deepening. The international financial market is still in turmoil and the impacts of the crisis on the global real economy become increasingly acute and apparent. To cope with the international financial crisis and promote the recovery of global economic growth has become a common challenge for the international community. In the face of the complex and changing international economic situation, it is imperative to do the followings: first, to stabilize the international financial market as quickly as possible and give effective play to the driving role of the financial sector in the real economy and boost the confidence of the people and enterprises; second, to take economic stimulus measures in line with the reality of each country, strengthen macroeconomic policy coordination between and among countries, and secure development, employment and people's livelihood; third, to strive to restrain trade and investment protectionism and reduce the damages caused by the crisis to the world, particularly to developing countries; fourth, to promote necessary reforms on the international financial system in a comprehensive, balanced, progressive and effective principle and avoid the recurrence of similar crises.

Hu Jintao said that China, as a responsible member of the international community, has always been actively involved in international cooperation to deal with the international financial crisis. China will continue to work with the international community to strengthen macroeconomic policy coordination, promote the reform of the international financial system, take active steps to maintain the stability of the multilateral trading system, and make due contributions to promoting the recovery of global economic growth.

While answering the questions concerning China's current economic situation, Hu Jintao pointed out that the international financial crisis and the slowdown of global economic growth have obviously increased the difficulties to China's economic operation. The import and export slumped, industrial production slowed down, some enterprises had difficulties in production and operation, and there were growing difficulties to the employment. In order to maintain stable and rapid economic development, we need to make timely adjustments on our macroeconomic policies, take decisive measures to implement a proactive fiscal policy and a relatively moderate monetary policy and form a package of plans to expand domestic demands and promote economic growth. Now, these measures have achieved preliminary results. Some positive signs have emerged. We have the confidence, the conditions and the capability to continue to maintain steady and rapid economic growth. We are willing to continue to make positive contributions to the economic development of the world.

Hu Jintao pointed out that in the face of the international financial crisis, China will continue to adhere to the basic national policy of opening up and unswervingly pursue an opening-up strategy based upon mutual benefits and win-win results. A more open and dynamic China is not only conducive to maintaining the steady and rapid development of China's own economy, but also conducive to the joint efforts of the international community to fight against the international financial crisis and promote world peace and development.

Indonesian analysts: China-U.S. summit expected to be helpful for global economy

  JAKARTA, March 31 (Xinhua) -- The upcoming meeting between Chinese President Hu Jintao and his U.S. counterpart Barack Obama on the sidelines of the G20 summit in London is expected to produce a positive impact on the world economy, Indonesian analysts told Xinhua on Tuesday.

  They said China and the United States will play the biggest roles in reviving the global economy. That is why the world's eyes will be focused on the meeting, they said.

Chinese diplomat: financial crisis provides rare opportunity for coordinated int'l co-op

  LONDON, March 30 (Xinhua) -- The Chinese Ambassador to Britain Fu Ying said here Monday that at the upcoming Group of 20 (G20) Summit in London, member states should strengthen cooperation to cope with the financial crisis jointly as "the world, hit by a most serious crisis once in a hundred years, faces rare opportunity for coordinated international cooperation."

  "It is of great significance for the developing nations and developed ones, sitting together on equal footing within the framework of the G20, to discuss the global financial crisis," said Fu in a interview with Chinese journalists ahead of the G20 Summit on Thursday.

China central bank governor suggests creating super-sovereign reserve currency

  BEIJING, March 24 (Xinhua) -- Zhou Xiaochuan, governor of China's central bank, has proposed to create a super-sovereign reserve currency as part of reform in the international monetary system.

  The desirable goal of the international monetary system is to "create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies," he said.

Global Financial Crisis

Editor: Mu Xuequan
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