Los Cabos, June 19 (Xinhua-ANI): The world's 20 leading industrialized and developing nations need to seek new progress while ensuring stability, Chinese president Hu Jintao said Monday.
In a speech delivered at the G20 summit here, Hu said that while there has been some improvement in growth prospects, the world economy is still facing prominent destabilizing factors and uncertainties.
New risks are emerging and building up as the underlying causes of the international financial crisis are yet to be removed, he said.
"Faced with this situation, we need to consolidate what we have achieved in countering the financial crisis, and maintain economic and social stability and development," he said. "At the same time, we should endeavor to make new progress while ensuring stability."
In a more detailed five-point proposal, the Chinese president said the G20 members should be firmly committed to promoting steady recovery of the world economy.
At present, securing growth, increasing jobs and promoting stability should still be the top priority of G20 members, Hu said, emphasizing the need for "a spirit of unity and win-win cooperation" in addressing the systemic risks in the world economy and strengthening the hard-won momentum of economic recovery.
On Europe's debt crisis, Hu said: "We should continue to support in a constructive and cooperative way the efforts of some European countries to resolve the debt issue and bring their economies back on the track of steady growth as soon as possible."
The Chinese president called for stronger macroeconomic policy coordination and sufficient attention to the national conditions and legitimate concerns of different countries.
Secondly, Hu said, the G20 members should be firmly committed to deepening the reform of the international financial system.
"The urgent task now is to implement the 2010 quota and governance reform of the IMF," Hu said, stressing the need to increase the representation and voice of developing countries, strengthen international financial supervision and regulation, improve the international monetary system, and build an international reserve currency system with stable value, rule-based issuance and manageable supply.
"Third, we should be firmly committed to promoting the healthy growth of international trade," Hu said.
Warning of the negative impact of slowing international trade growth on the world economy, Hu called for concerted efforts to foster a free, open, fair and just environment for global trade and stressed the need to oppose all forms of protectionism, keep bilateral and regional free trade arrangements open and inclusive, and uphold and strengthen the multilateral trading regime.
In addition, G20 countries need to pay attention to the issue of value chain in international trade, and should also look at the so-called "trade imbalance" in a more objective and sensible way, he said. (Xinhua-ANI)
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