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Hu attends G20 crisis summit in Washington

(China Daily)
Updated: 2008-11-15 01:30

President Hu Jintao left for Washington DC on Friday afternoon to attend the G20 summit on financial markets and the world economy at the invitation of US President George W. Bush.

The meeting aims to grapple with the global financial crisis and lay the groundwork for the reform of the global financial system.

China, with nearly $2 trillion in foreign exchange reserves and being relatively less scathed by the crisis, is well positioned to be one of the few major economies that can maintain credible growth in 2009.

Hu is expected to make it clear to the world that China is ready to work with other countries, but the most important step Beijing can take is to keep its own economy stable.

Leaders from the G20 nations, which include major developed and developing economies, agreed late last month to hold the summit against the backdrop of a worsening financial crisis and a worldwide slowdown.

It will focus on "understanding the causes of the global crisis and developing principles for reforming our financial and regulatory systems", Bush said in New York on Thursday.

He noted the necessity to strengthen cooperation among the world's financial authorities. "To better reflect the realities of today's global economy, both the IMF and World Bank should modernize their governance structures," he said.

There are conflicting ideas about how to deal with the problem, what reforms are needed and what should fall under global regulations.

Here is a summary of the approaches advocated by various countries:

France: French President Nicolas Sarkozy, holder of the European Union's rotating presidency, and British Prime Minister Gordon Brown are pushing for an overhaul of the world's financial architecture and support European measures to stabilize banks and restore confidence to markets.

Sarkozy said on Thursday that the US dollar should no longer be seen as "the only global currency" as it has since World War II.

United Kingdom: Gordon Brown's agenda includes coordination of fiscal stimulus packages, a cleanup of the banking system, a reinforced surveillance role for the IMF, demands for banks to pass on interest rate cuts to customers, and a new push for a world trade deal.

Germany: German Chancellor Angela Merkel says there can be "no more blind spots" in international markets.

Germany expects that the Washington meeting will set out general themes to be addressed and will set up working groups, with results to be produced within a year.

United States: George W. Bush says the free market is the best answer to the world's economic crisis, preemptively warning foreign leaders not to crush global growth with the weight of intrusive oversight.

"We must recognize that government intervention is not a cure-all," Bush said on Thursday, setting his own tone for the summit. "Our aim should not be more government. It should be smarter government."

Japan: Prime Minister Taro Aso is likely to summarize details of the government's latest fiscal stimulus package and reassure global leaders of the health of Japan's financial system.

The G20 represents 80 percent of global GDP, 75 percent of international trade and 70 percent of the global population.

Agencies - China Daily