CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Chinese president urges to help developing countries achieve development

06-28-2010 08:54 BJT Special Report: Hu Visits Canada, Attends G20 Summit |

TORONTO, Canada, June 27 (Xinhua) -- It is "imperative and incumbent" for the G20 to help developing countries achieve full development and narrow the development gap between the North and South, visiting Chinese President Hu Jintao said at the Fourth G20 Summit on Sunday.

Developing countries have been hit hard by the financial crisis and they find it a daunting task to overcome the difficulties caused by the crisis, Hu said in his speech at the summit.

The G20 is primarily composed of developed countries, emerging markets and developing nations with a relatively higher level of industrialization, Hu said, adding that the combined GDP of G20 members accounts for 85 percent of the world's total.

"However, we should not neglect the development aspirations of other developing countries, which take up over 85 percent of countries in the world," he said.

It was incumbent upon the G20 to provide stronger political drive, greater economic resources and better institutional guarantee for development, he added.

The president said the international financial crisis has made it more difficult to attain the UN Millennium Development Goals (MDGs), noting that it would be an uphill battle to achieve the set objectives by 2015.

"We must take more credible actions to address the issue of development. We must secure development resources, improve development institutions and promote development cooperation to ensure that the UN MDGs will be met on schedule," he said.

Hu urged developed countries to honor in good faith their commitments on official development assistance, market opening, and debt reduction and cancellation.

He also called on the countries to scale up financial and technological support for developing countries and help them build stronger capacity for self development.

"The World Bank, the IMF and other international financial institutions should use their resources to help, on a priority basis, developing countries, the least developed countries in particular," he stressed.

Since the outbreak of the international financial crisis, China has provided assistance to developing countries through multiple means and channels, hu said.

China contributed 50 billion U.S. dollars to the IMF's resource increase with an explicit request that the resource be used, first and foremost, to help the least developed countries, he said.

The country signed bilateral currency swap agreements worth 650 billion RMB (96 billion U.S. dollars) with relevant countries and regions in a joint response to the financial crisis, he added.

China has established the China-ASEAN Investment Fund worthy of 10 billion dollars, provided 15 billion dollars of credit support to ASEAN countries, and actively engaged in and pushed forward East Asian financial cooperation focusing mainly on Chiang Mai Initiative Multilateralization and the Asian Bond Market Initiative, Hu noted.

Hu said his country has also provided 10 billion dollars of credit support to other member states of the Shanghai Cooperation Organization, 10 billion dollars in concessional loans to African countries, and cancel the debts owed by heavily indebted poor countries and the least developed countries in Africa.

China will also phase in zero-tariff treatment to 95 percent of the products from the least developed African countries having diplomatic ties with China, Hu said.

"China will continue to offer assistance to other developing countries as its ability permits within the framework of South-South cooperation, and do its utmost to help other developing countries achieve development," said the president.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program