Economy

G20 economic coordination effective: President Hu Jintao

(Xinhua)
Updated: 2010-11-10 14:30

BEIJING - Chinese President Hu Jintao said in Beijing Tuesday that coordination on macro-economic policy by the Group of 20 (G20) member nations was effective.

Hu made the remarks in a written interview with media of the Republic of Korea (ROK) prior to the fifth G20 Summit scheduled for Nov 11 and 12 in Seoul.

In September last year, the G20 leaders agreed to establish a framework of strong, sustainable and balanced growth of the world economy, and promote macro-economic policy coordination between developed countries and emerging economies, Hu said.

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A year later, with the joint efforts of the G20 member states and the international community, the general picture of world economic recovery was defined, said Hu, adding the most difficult period was over.

Hu said that under the framework of the G20, developed countries and emerging economies were summing up experiences and discussing possible strategic targets to boost strong, sustainable and balanced economic growth.

Since the G20 members were at different stages of development, with different economic levels, Hu said, only when the G20 members fully respected each other's national circumstances and took into account each other's concerns, could their coordination measures be effective.

He believed that as long as developed and developing economies stuck to the spirit of equal, mutually beneficial and comprehensively beneficial partnership, the goal of promoting the world economy to develop in a strong, sustainable and balanced way would be achieved.