Hu to attend nuke summit in Seoul

Updated: 2012-03-20 07:39

By Wu Jiao and Zhao Shengnan (China Daily)

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Hu will also discuss economic, financial and development issues with other BRICS leaders during their meeting in New Dehli, according to Hong, the Chinese foreign ministry spokesman.

The BRICS leaders meeting will focus on stimulating growth in the global economy and enhancing financial cooperation among the countries, Foreign Minister Yang Jiechi said during a meeting with the media earlier in March.

India Today reported in a March 10 article that the New Dehli summit aims to create a mechanism for lending in local currencies to maximize financial transactions among the five-member bloc.

Currently, investments are made in globally accepted currencies, the US dollar and the euro, which face fluctuations amid the global economic crisis. Investing in local currencies could safeguard investments among BRICS economies, said the report.

The theme of the summit will be the "BRICS Partnership for Global Stability, Security and Prosperity". The BRICS economies hold 40 percent of the world's currency reserves, the majority of which is still in US dollars. They account for 40 percent of the world's population and 20 percent of global GDP.

During the global recession, emerging economies such as China and India serve as a stronger engine for international economic growth, said Lou Chunhao, a professor of South Asian studies at the China Institutes of Contemporary International Relations.

Cambodia visit

Hu's visit to Cambodia will take place after he greets the president of Indonesia in Beijing this week, the past chair country of the ASEAN summit.

High-level exchanges between China and ASEAN countries will help strengthen the traditional friendship and sooth the somewhat strained ties between China and some of its Asian neighbors over different claims on maritime and islands sovereignty, said Luo Yongkun, an ASEAN studies expert with the China Institutes of Contemporary International Relations.

China, Vietnam, Brunei, the Philippines and Malaysia all hold claims to some of the South China Sea and its islands.

China has agreed with some of these countries to settle the disputes with caution and not to let these maritime disputes affect bilateral ties.

With Cambodia becoming the incumbent chair country of ASEAN, China needs to strengthen communication with the country because Cambodia might help coordinate ties between China and other ASEAN countries over bilateral diplomacy and cooperation, Luo said.

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