Chinese president arrives in Washington for summit on financial crisis _English

Chinese President Hu Jintao (C) and his wife Liu Yongqing (1st R) arrive in Washington, capital of the United States, on Nov. 14, 2008, for a summit to discuss issues concerning financial markets and the global economy. (Xinhua/Li Xueren)

Chinese President Hu Jintao (C) and his wife Liu Yongqing (1st R) arrive in Washington, capital of the United States, on Nov. 14, 2008, for a summit to discuss issues concerning financial markets and the global economy. (Xinhua/Li Xueren)
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WASHINGTON, Nov. 14 (Xinhua) -- Chinese President Hu Jintao arrived in Washington Friday for a summit to discuss issues concerning financial markets and the global economy.

President Hu, and other leaders from the Group of Twenty (G20) members, have been invited by U.S. President George W. Bush to Saturday's meeting, the first in a series of summits to mitigate what economists predict could be a long and deep downturn.

Later in the evening, the Chinese president is expected to attend a dinner hosted by Bush for all the leaders.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," said White House spokeswoman Dana Perino last month in making the announcement of the summit.

At a press briefing last week, Chinese Vice Foreign Minister He Yafei said that China expects to build a fair, inclusive and efficient international financial system.

"We hope to consult with other participants to reform the international financial system and finally try to establish a fair, inclusive and efficient system," He said.

He said that China would take an active part in the summit-related activities in a constructive attitude, work together with all the parties for the achievement of pragmatic outcome, and impel the international community to tackle the financial crisis in a timely, comprehensive and effective manner.

The members of the G20 include Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union.

The managing director of the International Monetary Fund (IMF),the president of the World Bank, the secretary-general of the United Nations and the chairman of the Financial Stability Forum have also been invited to the Washington summit.

Washington is the first leg of President Hu's five-nation trip. He will later pay state visits to Costa Rica, Cuba, Peru and Greece. During his stay in Peru, he will attend the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation(APEC) forum in Lima.

Chinese President leaves for Washington to attend G20 summit on financial crisis

Chinese President Hu Jintao left for Washington on Friday afternoon to attend the G20 summit on financial markets and world economy at the invitation of U.S. President George W. Bush.

Following the G20 meeting, Hu will visit Costa Rica, Cuba, Peru and Greece from Nov. 16 to 26 at the invitation of the heads of states of the four countries. Full story

Bush sets tone for G-20 Summit

Group of Seven central bank governors pose for a group photo after their meeting at the Treasury Department in Washington, the Unuted States, Oct. 10, 2008. (Xinhua/Zhang Yan)Photo Gallery>>>

NEW YORK, Nov. 13 (Xinhua) -- U.S. President W. Bush set tone for the upcoming Group-20 Summit Thursday in New York saying that the summit will focus on "understanding the causes of the global crisis and developing principles for reforming our financial and regulatory systems."

Bush said the meeting, which is due to this weekend in Washington D.C., will lay the foundation for financial reforms.

IMF official: G20 summit unlikely to be Bretton Woods II

WASHINGTON, Nov. 13 (Xinhua) -- The upcoming G20 summit will inaugurate global efforts to fix the world financial system, but will not be Bretton Woods II, as many expect, an International Monetary Fund (IMF) official said Thursday.

Saturday's summit in Washington will be critical for the future of the existing global economic and financial structure, China's executive director at the IMF, Ge Huayong, told Xinhua in an interview.

G20 meeting ends with pledges to tackle global financial meltdown

SAO PAULO, Nov. 10 (Xinhua) -- Finance ministers and central bank governors from the Group of 20 (G20) major industrial and emerging economies closed their annual meeting here Sunday, vowing to jointly tackle the global financial crisis.

The G20 has "a critical role to play in ensuring global financial and economic stability," said a joint statement released at the end of the two-day meeting. Full story

G20 agrees to promote fiscal incentives to avoid recession

SAO PAULO, Nov. 9 (Xinhua) -- Top finance officials of the Group of 20 (G20) nations have agreed that tax cuts and increased government spending are necessary to avoid a recession, Brazilian Finance Minister Guido Mantega said on Sunday.

However, each country will take actions according to its own situation, he told a press conference. Full story

G20 proposes joint action on global financial crisis

SAO PAULO, Nov. 9 (Xinhua) -- The Group of 20 (G20) industrialized and emerging economies agreed Sunday that joint action and greater controls were necessary to tackle the international financial crisis.

The G20 has "a critical role to play in ensuring global financial and economic stability," G20 finance ministers and central bank governors said in a joint statement at the end of a two-day meeting here. Full story