Hu Jintao: Cautiously And Steadily Grasping The Opportunity For The Exit Of The Stimulation Policy

On the 27th, President Hu Jintao delivered an important speech entitled "Working Together to Create a Future" at the Fourth G20 Summit in Toronto. He said that economic stimulus should be carefully and prudently handled policy The timing, pace and strength of the exit will consolidate the momentum of world economic recovery.

Hu Jintao said that in order to push the world economy into strong, sustainable and balanced growth as soon as possible, he put forward the following suggestions.

First, promote the G20 from an effective mechanism to deal with the international financial crisis to a major platform to promote international economic cooperation. At present, the world economic situation is still very complex, and the G20 needs to play a leading role. We should take a long-term perspective and promote the G20 to shift from coordinated stimulus to coordinated growth, from short-term emergency response to long-term governance, and from passive response to proactive planning. Strengthening the Macroeconomy of G20 Members policy Coordinate, maintain reasonable policy strength, and support countries with sovereign debt crisis to overcome current difficulties. We should prudently and prudently grasp the timing, pace and strength of the withdrawal of economic stimulus policies, and consolidate the momentum of world economic recovery. We should fully implement the decisions and consensus reached at the previous three summits, jointly safeguard the credibility and effectiveness of the G20, promote the institutionalization of the G20 in the principle of gradual progress, mutual benefit and win-win results, properly handle various contradictions and differences, and ensure that the G20 summit mechanism moves forward on a healthy track. We should properly handle the relationship between the G20 mechanism and other international organizations and multilateral mechanisms, and ensure that the G20 plays a central role in promoting international economic cooperation and global economic governance.

Second, we should accelerate the establishment of a new international financial order that is fair, just, inclusive and orderly. We should bear in mind the profound lessons of the international financial crisis, rectify the root causes, suit the remedy to the case, promote the reform of international financial regulation based on the principles of simplicity and accountability, and establish an international financial system conducive to the development of the real economy. We should establish and implement strict capital and leverage requirements, bring the shadow banking system into supervision, and formulate globally unified accounting standards. We should focus on strengthening the supervision of systemically important financial institutions and take necessary preventive measures to prevent excessive risk speculation. It is necessary to emphasize the consistency of core principles and standards of international supervision, take full account of the differences in financial markets of different countries, and improve the pertinence and effectiveness of financial supervision. It is necessary to strengthen the supervision of credit rating agencies, reduce the dependence on credit rating agencies, improve the code of conduct and accountability system of credit rating agencies, especially to develop objective, fair, reasonable and unified sovereign credit rating methods and standards, so that the relevant rating results accurately reflect a country's economic situation and credit rating.

We should continue to promote the reform of international financial institutions, accelerate the completion of the IMF share adjustment, promote more people from emerging markets and developing countries to serve as senior executives of international financial institutions, and improve the representation and voice of developing countries. We should strengthen the capacity building and supervision reform of the International Monetary Fund, and strengthen the supervision of the macroeconomic policies of all parties, especially the major reserve currency issuing economies.

Third, promote the construction of an open and free global trading system. We must take practical actions to oppose protectionism in all forms, firmly advocate and support free trade, and continue to promise and strictly implement no new restrictions on goods, investment and services. Developed countries should promote the development of international trade with a more open attitude, adhere to the principle of mutual benefit and common development, and properly handle trade frictions through dialogue and consultation. In accordance with the principles of upholding the Doha mandate, locking in the existing achievements and basing on the existing negotiating texts, we should promote the Doha Round negotiations to achieve comprehensive and balanced results and achieve the goals of the development round as soon as possible.