Gathering Consensus, Boosting Confidence and Promoting Common Development

Foreign Minister Yang Jiechi Introduces the Achievements of President Hu Jintao's Participation in the Seventh Leaders' Summit of G20

From June 18 to 19, 2012, President Hu Jintao attended the seventh leaders' summit of the G20 in Los Cabos, Mexico. After the summit ended, Foreign Minister Yang Jiechi introduced to the accompanying reporters the outcome achieved by Hu during his participation in the event.

Yang said that at present the world economy continues recovering and shows better prospects of growth. But there are still many uncertain and unstable factors, some countries are plagued by the sovereign debt problems, the growth of major economies is sluggish, the total global demand remains weak, the growth of international trade slows down, protectionism is on the rise, commodity prices fluctuate at a high level and inflation is disconcerting. In such context, the summit was held in Los Cabos. Participants mainly discussed the world economic situation, the improvement of international financial system and the issues of development, trade and employment.

Yang pointed out that China has taken an active part in the international efforts to address the financial crisis and President Hu has attended all the successive G20 summits and played a constructive role to promoting the stable recovery of world economy. During the summit in Los Cabos, Hu delivered important speeches and comprehensively elaborated China's position and propositions. Contacting widely and exchanging views with many national leaders there, Hu played a unique and important role.

Hu made detailed analysis of the current economic situation and risks and pointed out that the deep problems causing the international financial crisis have not yet been eradicated while new risks are taking shape and building up. The G20 members should carry forward the spirit of mutual help and win-win cooperation, strive to maintain growth, increase employment and promote stability, boost the stable recovery of world economy, deepen the reform of international financial system, promote the healthy development of international trade, push forward the undertaking of development and advocate sustainable development. The G20 should strengthen macroeconomic policy coordination, push forward technological progress and innovation, implement the IMF's quota and governance reform program, tighten international financial regulation, improve the international monetary system, oppose protectionism and continue to advance the Doha Round negotiations.

Lately, some European countries' sovereign debt problems experienced new complexity. Hu pointed out that to maintain financial stability and economic recovery in the EU which is the world's largest economy has great significance to the recovery and growth of world economy. He believes that Europe has the wisdom and capability to overcome difficulties and maintain economic stability and development. China always supports the stability of euro and Europe's efforts of recovery and growth and is willing to join the international community to help address the European debt issue.

The European national leaders thanked China for its confidence in Europe, support for Europe's integration process and help to overcome difficulties. They expressed aspiration to make active efforts to push forward the Europe-China relations.

Hu urged the summit to pay attention to the development issue. He made it clear that to achieve common development is the only way towards the sustained growth of world economy. We should take seriously the spillover effect of some countries' policy measures to address the international financial crisis on developing countries and push the international community to take effective actions and achieve tangible results of promoting the prosperity and progress of developing countries and narrowing down the South-North gap. We need to strengthen the functions of international financial institutions to promote development and reduce poverty, enhance support for developing countries' foreign trade, increase investment in food security, infrastructure and other development issues, stick to the principle of common but differentiated responsibilities and support countries to choose the path of sustainable development in line with their national conditions.

Hu also attended the meeting of leaders of BRICS countries and met with Mexican President Felipe Calderon and Ethiopian Prime Minister Meles Zenawi to coordinate position with related parties. During the meeting with BRICS leaders, Hu stressed that the G20 should comprehensively listen to the views of emerging markets and developing countries and guarantee their right to development and space of development; unswervingly promote the reform of international economic and financial sectors, raise the representation and voice of emerging markets and developing countries and improve global governance. BRICS leaders indicated that BRICS countries need to step up cooperation on the development issue and push the international community to pay more attention to the development issue and extend greater support and help for infrastructure construction. They also discussed to participate in the capital increase of the IMF and pointed out that to ensure the IMF has adequate resources helps the international community to address the major challenges faced by the international economic and financial sectors. BRICS countries are willing to make contributions to this end. Meanwhile, the IMF should comprehensively implement the 2010 quota and governance reform program on schedule. China supports and has decided to participate in the IMF's capital increase with an amount of US$43 billion.

Calderon noted that Mexico attaches great importance to the propositions and role of China and expects to strengthen coordination and cooperation with China to maintain the legitimate rights and interests of emerging markets and developing countries. Zenawi praised China's sincere support and help for Africa. He said that China is an important partner in the revival and development of Africa and believes that China will play a greater role to promote peace, stability and development of Africa.

During the summit, Hu also met with leaders of the US, France and Germany.

Hu's meeting with US President Barack Obama is the 12th meeting between the heads of state of both countries over the past 3 years. Hu stressed that China and the US must firmly hold onto the building of cooperative partnership, continue to enhance mutual trust and cooperation, properly handle differences and sensitive issues, eliminate interferences and promote the sustained, healthy and stable development of bilateral relations. Obama said that the US is willing to strengthen communication, enhance mutual trust, advance cooperation and jointly explore with China the building of new relations between major powers.

Hu's meeting with French President Francois Hollande is the first meeting between the Chinese and the French heads of state after Hollande took office and has great significance for the future of bilateral ties. Hu comprehensively elaborated propositions on China-France relations and stressed the importance of viewing the China-France comprehensive strategic partnership from a strategic height and long-term perspective. Hollande said that France attaches great importance to the relations with China and the new French government will be firmly committed to the development of bilateral relations.

China and Germany maintain close high-level exchanges. Hu told German Chancellor Angela Merkel during their meeting that China and Germany should deepen pragmatic cooperation, boost stable growth of domestic economy and promote China-EU cooperation and stable recovery of world economy. Merkel expressed hope to strengthen the inter-governmental consultations, enhance cooperation with China and further push forward the bilateral relations.

The Chinese economy is an important part of the world economy and the development of Chinese economy draws close attention widely. Hu stressed that the Chinese economy in general remains stable but faces downside pressure in the context of complicated and severe external economic environment. China will firmly hold the scientific outlook on development, speed up the transformation of economic development mode, continue to implement the proactive fiscal policy and prudent monetary policy, tighten and improve macroeconomic control, vigorously expand domestic demand, protect and improve people's livelihood. China is confident to keep the sound momentum of economic growth and contribute to world economic recovery and development.

The participating leaders spoke highly of China's development achievements. They believe the sustained, stable and relatively fast growth of the Chinese economy is a major contribution to the world economic recovery.

Yang said that Hu's participation in the G20 summit in Los Cabos effectively pushed the international community to build consensus and enhance confidence, provided new impetus for the recovery and growth of world economy and demonstrated the image of China as a growing, cooperative and responsible country. The international media spoke highly of his involvement and widely expressed the view that China has made major contributions to maintaining global financial stability, promoting world economic recovery and advancing common development and is playing an increasingly important role in global governance. Yang finally noted that China will continue to run its own affairs well and work with the international community to boost world development and prosperity.