| | | | | Chinese President Hu Jintao delivered speech at the G20 meeting over the weekend that a reform of the international financial system, as well as global efforts to help developing countries cope with the ongoing financial crisis is required.
Reform of the international financial system should aim at establishing a new international financial order that is fair, just, inclusive and orderly, and fostering an institutional environment conducive to sound global economic development.
The heads of 20 major developed and developing economies gathered in Washington DC to discuss how to grapple with the crisis and try to lay the groundwork for reforming the global financial system.
HU said that we should strengthen international cooperation in financial regulation and improving international regulatory mechanisms, advance reform of international financial institutions as well as the representation mechanism in the decision-making process in international financial organizations, encourage regional financial cooperation and enhancing the role of a regional assistance funding mechanism and reformthe international currency system and steadily pushing forward the diversification of the international currency regime.
Hu also called for international efforts to help developing and least developed countries cope with the global financial crisis.
"The Chinese government has adopted measures to boost economic development, including lowering the required reserve ratio, cutting deposit and lending rates, and easing the corporate tax burden," Hu said.
The country "has taken an active part in international cooperation to deal with the financial crisis and played a positive role in maintaining international financial stability and promoting the development of the world economy", he said.
The basic structure of the international financial regime will remain unchanged, but there will be some changes in such issues as closer cooperation in better regulating the markets, he said.
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