On The Eve Of Hu Jintao'S Visit To Europe, The Exchange Rate Is Steadily Pushing Forward RMB Exchange Rate Reform.

On the eve of a state visit to France and Portugal, the president of the state

Hu Jintao pointed out that 35 years since the establishment of diplomatic relations between China and the EU, bilateral relations have stood the test of time and international changes.

At present, high-level exchanges between China and Europe are close, and remarkable achievements have been made in cooperation.

The EU has become China's largest trading partner for 6 consecutive years. China has become the second largest export market of the European Union for the first time. The bilateral trade volume in the first three quarters of this year is close to 350 billion US dollars, up 34.4% over the same period last year.

Cultural exchanges are rich and colorful. World Expo, Shanghai has become another important platform for deepening exchanges between China and Europe.

G20 Seoul Summit

Hu Jintao pointed out that the summit to be held in Seoul, South Korea, should focus on maintaining unity and solving the fundamental problems that trigger the international financial crisis and consolidating the momentum of world economic recovery.

There are 4 main problems.

First, we must continue to strengthen macroeconomic policy coordination in line with the spirit of mutual aid and win-win cooperation, and send a positive signal to the market that members of the group of twenty are united in coping with the major challenges of the world economy, boost market confidence and consolidate the momentum of world economic recovery.

Two, we should promote the reform of the international financial system, strengthen the supervision of the international financial market, and increase the voice and representativeness of the emerging market countries and developing countries in the international financial institutions.

Three, we should promote the solution of the imbalance between the north and the South and provide political support for the realization of the UN Millennium Development Goals.

Four, we must oppose protectionism and promote the Doha Round negotiations to achieve a comprehensive and balanced outcome and achieve the goal of the development round.

Hu Jintao pointed out that the correction of trade imbalance requires the parties concerned to change the way of economic development and adjust the economic structure, promote fair and fair trade and oppose all forms of protectionism.

China's exchange rate policy is consistent and responsible.

China has been steadily pushing forward the reform of the RMB exchange rate formation mechanism.

In accordance with the principle of initiative, controllability and gradualism, China will improve the managed floating exchange rate system, give greater play to the role of market supply and demand, enhance the flexibility of RMB exchange rate, and maintain its basic stability at a reasonable and balanced level.

The steady and rapid development of China's economy is of great significance to the recovery and long-term development of the world economy.