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President Hu advocates unity, development at G20, APEC meetings (11/15/2010)

Updated: 2010/11/15 9:52:00

Chinese President Hu Jintao´s attendance at the Group of 20 (G20) and Asia-Pacific Economic Cooperation (APEC) meetings on Nov. 11-14 has achieved the goals of enhancing understanding, advocating cooperation, working together in times of difficulty and jointly promoting development, Chinese Foreign Minister Yang Jiechi said Sunday.

South Korean, Japanese and international media have given prominence to Hu´s visits and responded positively to his proposals put forward at the summits, agreeing that they demonstrate China´s sincerity and constructive attitude toward promoting world economic growth and regional cooperation, Yang said.

PROMOTING WORLD ECONOMIC GROWTH

How to achieve robust, sustainable and balanced world economic growth figured prominently at the G20 summit in Seoul. During the summit, President Hu called on all sides to uphold the cooperative spirit and enhance unity and collaboration, in efforts to jointly address regional and global challenges.

Hu pointed out in his speech that as global recovery is becoming even more fragile and uneven and the deep-seated impact of the international financial crisis is still reverberating, all G20 members must "adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have achieved and continue to work in concert for strong, sustainable and balanced growth of the world economy."

The Chinese president made a four-point proposal to that end.

The world community should improve the Framework for Strong, Sustainable and Balanced Growth and promote cooperative development; champion open trade and promote coordinated development; reform the financial system and promote stable development; and narrow the development gap and promote balanced development, Hu said.

In a keynote speech on the issue of development at the summit, President Hu underscored promotion of development as a common responsibility for all G20 members, and called for efforts to establish a new and more equal and more balanced global partnership for development.

He also urged G20 members to pay attention to the spillover effect of their macro-economic policies on developing countries and embrace a new development concept that promotes growth through development and overcomes risks through cooperation.

On reform of international financial institutions, President Hu said the reform is a long and dynamic process, and the reform of quota and voting rights is only a starting point.

He said countries should continue to push for fair and merit-based selection of the management of international financial institutions, propel the International Monetary Fund to enhance monitoring and early-warning of capital flows.

President Hu´s propositions have drawn close attention and active responses from leaders of other G20 members, who agreed to make concerted efforts to push for comprehensive development of the world.

BOOSTING ECONOMIC DEVELOPMENT, REGIONAL COOPERATION IN ASIA-PACIFIC

The Asia-Pacific region, which as a whole maintains a good momentum for development, has become the main driving force behind sustained global economic recovery and growth, although it is still facing some problems and challenges, Yang said.

In a speech at the APEC meeting in Yokohama, Japan, President Hu called on member economies to strive to promote balanced growth, advocate inclusive growth, bolster sustainable growth, encourage innovative growth, and ensure secure growth.

The Chinese leader noted that this year marks the deadline for the industrialized APEC economies to achieve the Bogor Goals of free and open trade and investment, adopted at a 1994 APEC summit in Indonesia.

"APEC should continue to uphold the spirit of the Bogor Goals, adapt to the changing situation and actively tackle new challenges, leverage its own strengths and further improve itself," he said.

Hu said APEC should continue to promote trade and investment liberalization and facilitation and accelerating regional economic integration.

It should speed up the implementation of the APEC Growth Strategy and improve the quality of economic growth.

The Chinese president also suggested APEC increase economic and technical cooperation to strengthen developing members´ capacity for development and their internal sources of growth.

He promised that China will unswervingly develop an open economy and remain actively engaged in international and regional cooperation.

"We will continue to grow our relations with other APEC members, and work with them to build a regional environment featuring peace, stability, equality, trust and win-win cooperation and contribute to the building of a harmonious Asia Pacific of enduring peace and common prosperity," Hu said.

President Hu has pointed out the post-crisis direction of economic growth in the Asia-Pacific region, and his efforts have helped promote cooperation among APEC members and enhanced China&a

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