Hu Jintao: The response of the international financial system to conduct a comprehensive and balanced reform

G-20 leaders of the financial markets and the world economic summit on the 15th in the U.S. capital Washington. President Hu Jintao attended the meeting and delivered an important speech.



   The summit in the United States to convene the National Building Museum. Conference to be held in two stages, the main topics include: assessment of the international community in response to the current financial crisis, the progress made to discuss the financial crisis causes together to promote global economic development initiatives to explore the field of regulation to strengthen the international financial norms, promote the Reform the international financial system.



   8:00 local time, Hu Jintao attended the meeting with the leaders of the other members have arrived in the National Building Museum, U.S. President George W. Bush meet here. Before the meeting, the leaders posed for the collective. 9:20, the beginning of the meeting, Bush presided over the meeting, leaders of various countries around the topic.



   Hu Jintao delivered a speech entitled "Working together to ride out the storm" an important speech. Hu Jintao pointed out that the current international financial crisis, from local to global development, transfer from the developed countries to emerging markets from spreading to the financial sector entities in the economic field, to the countries of the world economic development and people's lives seriously affected. At this critical juncture, we are here to discuss the maintenance of international financial stability and promoting world economic growth initiatives, is of great significance. The cause of the financial crisis are many reasons for both economies, macroeconomic policies improper reasons, but also lack of financial supervision. If you do not have a correct understanding, it will be difficult to draw lessons and avoid similar crises in the future. In order to effectively deal with this financial crisis, countries in the world should enhance confidence, strengthen coordination and close cooperation.



   Hu stressed that the international community's task is to continue to take all necessary measures to quickly restore market confidence, to contain the spread of financial crisis and spread. The major developed economies should bear the responsibility and duty, is conducive to the implementation of national and world financial stability and economic development of the macro-economic policies, and their positive and stabilizing the international financial market, safeguarding the interests of investors. At the same time, countries should strengthen coordination of macroeconomic policies, the expansion of economic and financial information exchange, and deepen international cooperation in financial supervision and stability for all countries and international financial markets to create the necessary conditions.



   Hu Jintao pointed out that economic growth is maintained to deal with an important basis for the financial crisis. Countries should adjust the macro-economic policies through the necessary fiscal, monetary means, boost economic growth, to avoid a global recession. Should take measures to stabilize the international energy and food markets to curb speculation, the world's economic development and create good conditions. In particular, the international community should prevent all forms of protectionism in trade and investment, efforts to promote the Doha Round negotiations as soon as possible to achieve positive progress.



   Hu stressed that the international community should carefully summing up the lessons of this financial crisis, in the interests of all stakeholders, in full consultation on the basis of the international financial system to carry out the necessary reforms. The international financial system reform should adhere to the establishment of a fair, just, inclusive and orderly international financial order and the new direction and strive to create a favorable global economic environment for the healthy development of the system. The international financial system reform should adhere to a comprehensive, balanced, progressive, practical results. Comprehensive, is to design, it is necessary to improve the international financial system, monetary system, financial institutions, but also improve the international financial rules and procedures, it is necessary to reflect the financial supervision and the principle of universal law, but also to consider the different stages of development of economies And features. Balance is to overall balance reflects the interests of all parties, the parties to form a more effective participation in decision-making and management mechanisms, especially in the emerging markets and developing countries interests. Progressive, step-by-step is to maintain the international financial market stability, the easier part first and implemented in phases through ongoing efforts to achieve the ultimate goal of reform. Effectiveness is to stress the effect that all reform measures should be conducive to maintaining international financial stability and promoting world economic development will help enhance the well-being of the peoples of the world.



   Hu said that according to the above considerations, we advocate the implementation of the following key reform initiatives. The first is to strengthen international cooperation in financial supervision and improve the international regulatory system. The second is to promote the reform of international financial institutions to improve developing countries in international financial organizations and representative voice. The third is to encourage regional financial cooperation, give full play to the role of regional funding mechanism for relief. The fourth is to improve the international monetary system, promote the steady diversification of the international monetary system.



   Hu stressed that economic globalization conditions, countries in the world economy and finance are becoming increasingly related. The financial crisis not only for the developed countries have serious impact on financial markets, but also the developing countries affected to varying degrees, which continue to expand its influence there. The international community in dealing with financial crises, in particular, pay attention and to minimize the crisis on developing countries, especially the least developed countries the damage caused. It is necessary to help developing countries to maintain financial stability and economic growth and maintain and increase aid to developing countries and maintain economic stability in developing countries.