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Hu Jintao arrives in Seoul for G20 summit
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Chinese President Hu Jintao arrived in Seoul Thursday for the fifth summit of the Group of Twenty (G20), which will address the challenges to the ongoing global economic recovery from a world financial crisis and pave ways for future sustainable and balanced growth.
At the meeting, the Chinese president is expected to expound China's stand on major issues to be discussed at the Seoul summit, according to Chinese officials.
With "Shared Growth Beyond Crisis" as the catchphrase of the fifth G20 summit, the leaders are expected to discuss the world economic situation, the "Framework for Strong, Sustainable, and Balanced Global Growth," the reform of global financial institutions, the strengthening of financial regulations, a global financial safety net and development issues.
In a written interview with France's Le Figaro newspaper and Portugal's Lusa News Agency last week, President Hu said that currently, the world economy is recovering slowly but its base is not solid and the process is unbalanced, so big uncertainty lingers.
The world still faces severe challenges before it could escape the shadow of the international financial crisis and return to robust economic growth, he said.
"The G20 Seoul summit should mainly discuss remaining unified to solve the basic problems that triggered the international financial crisis and consolidating the momentum of the world economic recovery," said the president.
In the interview, President Hu put forward proposals aimed at securing the momentum of the world economic recovery, stressing the importance of reforming the international financial system and fighting trade protectionism.
At a press conference last Monday, Chinese Assistant Foreign Minister Liu Zhenmin said that G20 members should enhance coordination on macro-economic policies based on the principle of mutual benefit and win-win results and to send a positive signal that the G20 nations will work together to deal with major economic challenges.
China is ready to work with other G20 members to "promote the reform of the international financial institutions, tighten supervision of the international financial market and increase the voice and representation of the newly emerging markets and developing countries in international financial institutions," he said.
"The involved parties are expected to help narrow the development gap between the North and the South and provide political support for the realization of the Millennium Development Goals (MDGs)," Liu said.
China hoped that the G20 countries could make joint efforts to "curb trade protectionism and secure a comprehensive and balanced outcome of the Doha Round of World Trade Organization negotiations," Liu added.
At the previous four summits, the G20 leaders worked successfully to maintain the stability of the world financial market, avert an economic catastrophe, and secure a global economic recovery.
When they met last June in Toronto, the G20 leaders agreed on the importance of safeguarding and strengthening the recovery while laying the foundation for strong, sustainable and balanced growth, and strengthening the financial systems.
