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Chinese president presents 4-point proposal at G20 summit

11-12-2010 13:54 BJT Special Report:5th G20 Summit in Seoul |

SEOUL, Nov. 12 (Xinhua) -- Chinese President Hu Jintao on Friday put forward a four-point proposal for realizing strong, sustainable and balanced growth of the world economy at the Group of 20 (G20) summit here.

"Thanks to the concerted efforts of the G20 and the entire international community, the world economy is slowly recovering," Hu said in a speech entitled "Build on Achievements and Promote development."

"However, total demand remains insufficient in the absence of new sources of growth. Countries differ in policy objectives, making macroeconomic policy coordination even more difficult and global recovery even more fragile and uneven," he added.

The situation is a manifestation that the deep-seated impact of the international financial crisis is still reverberating, he said.

"We must adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have already achieved and continue to work in concert for strong, sustainable and balanced growth of the world economy."

He presented a four-point proposal for the aim.

First, the world community should improve the framework for strong, sustainable and balanced growth and promote cooperative development, Hu said.

"Strong, sustainable and balanced economic growth is of great significance to the whole world."

"We should stick to the country-led principle, take into full account the different national circumstances and development stages of various members, and appreciate and respect each country's independent choice of development path and policies," he added.

Second, the world community should champion open trade and promote coordinated development, Hu said.

"We must be firmly committed to free trade, to the consensus reached at previous G20 summits, and to the effort of opposing all forms of protectionism and removing existing trade protectionist measures," he said.

Third, the world community should reform the financial system and promote stable development, Hu said.

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