EMERGING ECONOMIES DEMAND MORE VOICE,
REPRESENTATION
Last Sunday in Sao Paulo, Brazil, finance ministers
and central bank presidents from 20 leading nations agreed to boost emerging
economies' role in negotiations to overhaul the international financial system.
Brazil, Russia, India, China and other developing
countries say the global financial system drawn up by rich nations in the 1940s
has failed to prevent economic crisis, fueling their argument that they should
be given a role in crafting a new solution.
"We'll have to change the tires of the car with the
car moving. This means in 60 to 90 days we'll need the solutions for new
financial regulation," said Brazilian Finance Minister Guido Mantega.
At the G20 summit in Washington, Chinese President Hu
Jintao urged the international community to earnestly draw lessons from the
ongoing financial crisis and undertake necessary reform of the international
financial system through full consultations among all stakeholders.
"Reform of the international financial system should
aim at establishing a new international financial order that is fair, just,
inclusive and orderly and fostering an institutional environment conducive to
sound global economic development," Hu said.
He said the reform should be conducted in a
comprehensive, balanced, incremental and result-oriented manner.
For emerging economies, some took the summit as an
opportunity to raise their voices.
Brazil's President Luiz Inacio Lula da Silva urged
greater say and representation for developing countries in international
economic organizations such as the International Monetary Fund and the World
Bank.
Indian Prime Minister Manmohan Singh called for
changes needed in the global financial architecture to prevent the current
financial crisis from recurring.
With the financial storm close to drawing most
industrialized powers into recession, analysts say emerging economies are
gaining unprecedented clout on the global stage. Some even believe the Western
countries' road to recovery runs through the emerging economies.
World leaders vow to undertake
coordinated action to tackle financial crisis
WASHINGTON, Nov. 15 (Xinhua) -- Leaders from the
world's major developed and emerging economies agreed here on Saturday to
undertake a coordinated action to tackle the ongoing global financial crisis and
explore measures to prevent similar crisis in the future. Full story
G20 summit adopts action plan to
implement principles of financial reform
WASHINGTON, Nov. 15 (Xinhua) -- Leaders attending the
G-20 summit on financial markets and the global economy on Saturday agreed to an
action plan of immediate and medium-term measures to cope with the financial and
economic woes now gripping the world.
The tasks include strengthening transparency and
accountability, enhancing sound regulation, promoting integrity in financial
markets, reinforcing international cooperation, and reforming international
financial institutions. Full story
President Hu: China to play
constructive role in ensuring global economic stability
WASHINGTON, Nov. 15 (Xinhua) -- China will deepen reform
and open wider to the outside world, deliver steady and relatively fast economic
growth, and play a constructive role in ensuring global economic stability,
Chinese President Hu Jintao said here Saturday.
Responding to natural disasters and the global financial
crisis, China has made timely adjustment to its policies and strengthened
macroeconomic regulation, Hu said while addressing a summit of the Group of
Twenty (G20) on financial markets and the world economy. Full story
Chinese president urges help for
developing nations to cope with financial crisis
WASHINGTON, Nov. 15 (Xinhua) -- Chinese President Hu
Jintao on Saturday called for international efforts to help developing countries
and the least developed countries cope with the global financial crisis.
"When coping with the financial crisis, the international
community should pay particular attention to the damage of the crisis on
developing countries, especially the least developed countries (LDCs), and do
all it can to minimize the damage," Hu told a summit meeting of the Group of
Twenty (G20) on financial markets and the world economy. Full story
Chinese president calls for all-out
efforts to restore global market confidence
WASHINGTON, Nov. 15 (Xinhua) -- Chinese President Hu
Jintao on Saturday urged the international community to take all necessary steps
to promptly restore market confidence and stop the spread and development of the
financial crisis.
"The urgent task now is for the international community to
continue to take all necessary measures to promptly restore market confidence
and stop the spread and development of the crisis," Hu told a summit meeting of
the Group of Twenty (G20) on financial markets and the world economy. Full
story
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