BEIJING, March 29 (Xinhua) -- Chinese Vice Premier
Wang Qishan has called on the international community to "act together" at the
upcoming London summit to get through the global financial crisis, in an article
published by the British newspaper The Times on Friday.
In the article entitled "G20 must look beyond the
needs of the top 20," with a subtitle "China believes the developing world
should have a stronger say in how the international financial system is run,"
Wang urged all heads of states to be present at the G20 London summit to "act
together to get through the time of hardship."
After the financial crisis broke out, China was quick
to put in place a decisive plan to boost domestic demand, advance economic
restructuring and improve people's well-being, which have started to produce
results, said the vice premier.
However, the Chinese economy still faces severe
challenges, including to meet the demanding goal of maintaining economic growth
by boosting domestic demand, ensuring employment and readjusting the economic
structure. China also has to cope with shrinking external demand caused by the
global economic downturn and trade and investment protectionism, Wang said.
"China will continue to take forceful measures to
maintain steady and fast economic growth and contribute its share to an early
recovery of the world economy," Wang pledged in the article.
Since the G20 summit in Washington last year, said
Wang, China has provided a lot of assistance and support through a variety of
means to a number of countries and regions, and played a part in the creation of
significant Asian and global economic and trade initiatives.
The Chinese leader stressed the significance of the
international community to enhance coordination and cooperation to overcome the
current difficulties.
"Efforts should be made to expand trade and
investment cooperation to bolster economic growth, step up cooperation among
small and medium-size businesses to ensure employment stability, and strengthen
cooperation in energy conservation and emissions' reduction, environmental
protection and development of new energy technologies to nurture growth points
for the world economy," Wang suggested.
He firmly rejected trade and investment protectionism
of all kind. "The international community should recognize that the trend
towards economic globalization is irreversible and should take credible steps to
reject all forms of trade and investment protectionism," he said.
Wang also called on the international financial
system to be reformed, "with the focus on readjusting the governance structure
of international financial institutions and increasing the representation and
voice of developing countries." He asked the London summit to set a clear goal,
timetable and road-map for such reform.
To prevent similar crisis from happening again, Wang,
also a Chinese economic expert, suggested prudent regulation of all financial
markets and institutions involved to be tightened and regulatory coordination
and cooperation at both the regional and international levels to be increased.
On the hot topic of increasing financial resources
for the International Monetary Fund (IMF), he said China supports the increase
as far as the fund is safe and reasonable returns can be ensured.
"China is ready to play an active part in exploring
ways to raise resources and will contribute to this effort within its ability,"
Wang said. He asked the IMF to mobilize resources through the "quota-based"
system as well as voluntary contributions, striking a balance between the rights
and obligations of the contributing countries.
As a return, said the Chinese vice premier, the IMF
must enhance capacity-building, reform governance structure and ensure that the
resources play a significant role in easing the international financial crisis
and countering the global economic downturn. China inclines to see the resources
mainly to be used to help developing countries which are seriously hit by the
crisis, Wang said.
Leaders of the world's 20 largest economies will meet
in London on Thursday to discuss, among other things, a coordinated response to
the current global financial crisis.
BUENOS AIRES, March 29 (Xinhua) --
China will work with Argentina to push for establishing an equitable
international financial system at the Group of 20 (G20) summit later this week,
Chinese Ambassador to Argentina Zeng Gang announces on Sunday.
Both countries will advocate reforms to the financial
multilateral institutions at the summit of the Group of 20 developed and
emerging countries, Zeng said. Full story
LONDON, March 29 (Xinhua) -- There is arguably no
immediate remedy for fixing the sagging world economy. Yet the forthcoming
London G20 summit has drawn worldwide attention, as it aims to make a mark in
putting the global economy on the road to recovery.
So will the London event live up to expectations? Full story
MEDELLIN, Colombia, March 29 (Xinhua) -- The
upcoming G20 summit in London will set the course for the establishment of a new
international financial system, Ibero-American General Secretary Enrique
Iglesias said. Full story
A German policeman detains a
demonstrator during a protest in Berlin, March 28, 2009. Thousands of
demonstrators gathered in Berlin and Frankfurt to protest against
globalisation and deepening global recession. (Xinhua/Reuters
Photo) Photo
Gallery>>>
BERLIN, March 28 (Xinhua) -- Thousands of Germans walked onto streets in Berlin
and Frankfurt on Saturday to protest against the policies taken by governments
in solving the global financial crisis ahead of G20. Full story
ROME, March 28
(Xinhua) -- Global leaders at the G20 summit in London should urge a radical
reform of international financial institutions so as to pave the way for a new
international economic order with a common set of rules and codes of conduct,
Italian experts said in interviews with Xinhua on Friday.
Pierpaolo Benigno, economics and finance professor at
Rome's LUISS University, said he expects "the G20 summit to launch a
recapitalization of the International Monetary Fund." Full story
