Join Hands And Work Together In The Same Boat

Hu Jintao pointed out that the most urgent task at present is to fully restore world economic growth, prevent it from falling into a serious recession, oppose various forms of protectionism, safeguard open and free trade and investment environment, accelerate relevant reforms and rebuild the international financial order.

China, as a responsible member of the international community, has always been actively involved in international cooperation in coping with the international financial crisis. It shows China's firm attitude to persist in opening to the outside world and promoting the resumption of world economic growth.

The second financial summit of leaders of the group of twenty was held in the British capital, London, on the 2 th.

Chinese President Hu Jintao attended the meeting and delivered an important speech.

The financial summit was held at the London exhibition centre.

The conference was held in two phases. The leaders of the meeting exchanged views on strengthening macroeconomic policy coordination, stabilizing the international financial market and promoting the reform of the international financial system.

Hu Jintao delivered an important speech entitled "working together in the same boat".

Hu Jintao pointed out that the international financial crisis is still spreading and deepening, and the impact on the global real economy is becoming increasingly apparent. The world economic and financial situation is still complex and grim.

At present, the most urgent task is to fully restore world economic growth, prevent it from falling into a serious recession, oppose all forms of protectionism, safeguard open and free trade and investment environment, accelerate relevant reforms and rebuild the international financial order.

We should further implement the consensus reached by the international community, establish stronger confidence, take more effective measures, carry out wider cooperation, implement more rational reforms, and strive to achieve substantive results.

First, strengthen confidence.

After a long period of development, the world economy has formed a solid material and technological foundation. We have the objective conditions to cope with the international financial crisis.

The number of macro-control tools has increased significantly, and the pertinence and effectiveness of regulation have been greatly enhanced. We have the policy means to deal with the international financial crisis.

The international community is willing to strengthen coordination and cooperation, and we have the common will to cope with the international financial crisis.

As long as we strengthen our confidence and work together, we will be able to tide over the difficulties and achieve the goals we have set together.

Second, further strengthen cooperation.

This international financial crisis is taking place in the context of the deepening development of economic globalization and closer interdependence between countries. No country can be left alone. Cooperation is the right choice.

We should recognize the situation, strengthen communication, support each other, work together and overcome difficulties together.

We should maintain consistency, timeliness and foresight in macroeconomic policy orientation.

As a broadly representative group of twenty, it is an important and effective platform for the international community to cope with the international economic and financial crisis.

We should vigorously carry out substantive cooperation, speed up structural adjustment, stabilize the market, promote growth, increase employment and improve people's livelihood, and do everything possible to alleviate the impact and impact of the international financial crisis on the real economy.

Third, further reform.

Strengthening financial supervision is not only a key link in the prevention and resolution of the international financial crisis, but also an important measure to maintain the stability of the international financial market and promote the development of the world economy.

This international financial crisis has given us an important inspiration that strengthening financial supervision is imperative.

First, we should strengthen cooperation in financial supervision and management, handle universality and particularity, self-restraint and external supervision, current and long-term relations, enhance the financial regulatory capacity of various countries, improve the international financial supervision system, strengthen effective supervision over cross-border financial institutions, and strengthen the supervision of rating agencies; two, international financial institutions should enhance assistance to developing countries; three, financial stability forum should play a greater role; four, the IMF should strengthen and improve the supervision of macroeconomic policies of all parties, especially those of major reserve currency issuing economies, in particular, strengthen supervision over the issue of monetary policies.

Five, we should improve the governance structure of the International Monetary Fund and the world bank and enhance the representation and voice of developing countries.

Six, we should improve the international monetary system, improve the control mechanism of reserve currency issuance, maintain relatively stable exchange rate of major reserve currencies, and promote the diversification and rationalization of the international monetary system.

Fourth, further oppose protectionism.

No country or region should adopt the name of protectionism and the reality of protectionism.

We should oppose any form of trade protectionism, oppose all kinds of excuses to raise market access threshold and all kinds of beggar thy neighbour investment protectionism, and jointly oppose abusing trade remedy measures.

The Doha Round negotiations are related to the global trade liberalization process.

We should stick to the consensus reached by all the parties concerned in July 2008 and continue to move forward on the basis of the existing framework so as to promote the early and comprehensive and balanced results of the negotiations.

Fifth, further support to developing countries.

The international community should pay close attention to and minimize the damage caused by the international financial crisis to developing countries, especially the least developed countries. The international community, especially the developed countries, should shoulder their responsibilities and obligations, continue to fulfill commitments such as aid and debt reduction, effectively maintain and increase aid to developing countries, effectively help developing countries maintain financial stability and promote economic growth, and help developing countries, especially African countries, overcome difficulties and continuously improve the external environment for the development of these countries.

Hu Jintao pointed out that the international financial crisis has brought unprecedented difficulties and challenges to China.

In response to the impact of the international financial crisis and maintaining steady and rapid economic development, China promptly adjusted macroeconomic policies, resolutely implemented the proactive fiscal policy and moderately loose monetary policy, and formed a package plan to further expand domestic demand and promote economic growth.

These measures have achieved initial results and show positive signs.

This shows that China's coping strategies are realistic and the policies are positive and effective.

Hu Jintao stressed that in the face of the impact of the international financial crisis, we will continue to adhere to the basic state policy of opening to the outside world and unswervingly pursue a win-win strategy of opening up.

As a responsible member of the international community, China has always participated actively in international cooperation in coping with the international financial crisis. It shows China's firm attitude to persist in opening to the outside world and promoting the resumption of world economic growth.

China will continue to strengthen macroeconomic policy coordination with the international community, promote reform of the international financial system, actively safeguard the stability of the multilateral trading system, and make due contributions to the promotion of world economic growth.

The leaders' statement issued at the end of the meeting concluded that the leaders of the conference reached a number of consensus on the global monetary fund's strengthening of financial regulation and other global cooperation in coping with the financial and economic crisis.

The group of twenty leaders agreed to provide a total of US $1 trillion and 100 billion for multilateral financial institutions such as the International Monetary Fund and the world bank. Among them, the size of IMF funds will expand to 3 times now, from 250 billion US dollars to US $750 billion to help the troubled countries.

He said the leaders of the group of twenty thought it necessary to supervise and supervise all financial institutions, financial products and financial markets with systemic influence, and put hedge funds under financial supervision for the first time.

In addition, the remuneration of credit rating agencies and corporate executives will be tighter regulated.

The group of twenty leaders reiterated their opposition to protectionism and promoted global trade and investment.

The group of twenty leaders also agreed to set up a total fund of at least $250 billion for trade financing to promote world trade and help the global economic recovery.

The leaders said they would hold another summit of the group of twenty in the coming year.

Du Jun: editor in charge