China sees positive outcomes at G-20 Seoul summit

0 CommentsPrint E-mail Xinhua, November 13, 2010
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The members appropriately handled the issue in the course of preparations for the summit in a spirit of seeking common ground and reserving differences, Ma said.

During the summit, some members held the view that the G-20 should develop indicative guidelines on measuring individual economies' external imbalances and complete the guidelines as soon as possible within a specified timeframe.

Knowing that this would involve a great amount of very specialized and technical preparatory work, quite a number of G-20 members, including China, suggested that the issue be first thoroughly discussed by experts, Ma said.

Once a mature recommendation is worked out, it will be reported to the meeting of G20 finance ministers and central bank governors, he added.

The summit eventually accepted this approach and reached consensus.

It was decided that the Framework Working Group would be responsible for developing the above-mentioned guidelines, with technical support from the IMF and other international organizations.

The G-20 finance ministers and central bank governors will discuss the progress next year.

Ma said the decision accommodated the concerns of various sides. It does not prejudge the outcome and has reflected the right approach of seeking mutual benefit and win-win results among G-20 members.


The spokesman also summarized Chinese President Hu Jintao's remarks made during the two-day summit, saying that China had taken an active and constructive part in the preparations for the meeting.

Hu arrived in Seoul on Thursday morning for the summit and some bilateral meetings and stayed until Friday afternoon.

He made remarks on the world economic situation and the Framework for Strong, Sustainable and Balanced Growth, development, and reform of international financial institutions.

The Chinese president emphasized that the G-20 "must adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have already achieved and continue to work in concert in a spirit of mutually-beneficial partnership to promote strong, sustainable and balanced growth of the world economy," Ma said.

Hu said it is the common responsibility of G-20 members to promote development, urging them to build a new and more equal and balanced global partnership for development, pay attention to the spillover effect of G-20 macroeconomic policies on developing countries and embrace a new development concept that promotes growth through development and overcomes risks through cooperation, Ma said.

The Chinese president also pointed out that the reform of international financial institutions is a long and dynamic process.

Quota and voting power reforms are just a starting point. We should continue to push for fair and merit-based selection of the management of the international financial institutions and support the IMF in its efforts to strengthen the monitoring and early warning of capital inflows, Ma quoted Hu as saying.

Hu left on Friday for the 18th Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) in Yokohama, Japan.

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