Economy

Hu: G20 should represent characteristics of emerging, Asian economies

(Xinhua)
Updated: 2010-11-10 16:42

BEIJING - Chinese President Hu Jintao said Tuesday that the upcoming G20 summit in Seoul should represent the characteristics of emerging and Asian economies.

Hu made the remarks in a joint interview with media from the Republic of Korea (ROK) prior to the fifth G20 Summit scheduled for Nov 11 to 12 in Seoul.

"The G20 summit to be held in Seoul, Republic of Korea is the first one of its kind to be held in an emerging economy and in Asia, hence it is of great significance to the development of the G20 mechanism," Hu said.

Hu said China was ready to work with the other G20 members to further materialize consensuses reached at previous summits and to make the Seoul summit an occasion that represents the characteristics of emerging and Asian economies.

The G20 has emerged as a new mechanism of global governance since the start of the international financial crisis two years ago. Unlike the G8 "rich club," the G20 incorporates the fastest growing economies in the world, including China, Brazil, Russia, India and South Africa.

As the world economy slowly recovers from the financial crisis, calls have been made from all over the world to transform the G20 from a crisis managing body to a long-term mechanism of global governance.

Hu pointed out that the Seoul summit should focus on the following issues:

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First, to continue to strengthen coordination of macro-economic policies using an "in-the-same-boat" spirit and mutually beneficial and win-win principles, and to send to the market positive signals that G20 member states were unified to tackle the great challenges of the world economy so market confidence could rally and the momentum of the world economic recovery would be secured.

Second, to push forward the reforms of the international financial system, to strengthen supervision of the international financial market, and to increase the say and the representation of emerging and developing countries in international financial institutions.

Third, to push forward a solution to the unbalanced development between developed and developing countries and to provide political support to the realization of UN Millennium Development Goals.

Fourth, to oppose trade protectionism and to push forward the Doha Round of WTO trade talks to achieve comprehensive and balanced results and its development goals.