Important mission

0 CommentsPrint E-mail China Daily, June 22, 2010
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President Hu Jintao will be in Canada on a state visit from June 23, during the course of which he will participate in the fourth Group of 20 (G20) summit to be held in Toronto on June 26-27.

As the two countries celebrate the 40th anniversary of the establishment of diplomatic ties this year, such a high-level visit presents a good opportunity for both sides to deepen mutual trust, bridge differences and chart its future course.

Hu's participation at the G20 summit indicates the growing importance China attaches to it. In a world that needs to urgently reform its governance and financial structure, international mechanisms like the G20 should play a greater role in rallying global efforts to address these challenges.

To shore up confidence in economic development and better tackle these uncertainties, the G20 summit should usher in new initiatives to enhance communication and coordination on key macro-economic policies among major powers.

The worst economic downturn in decades has laid bare loopholes in the international financial system. It is hoped the Toronto summit will chart a roadmap toward reforming the international financial and supervision system.

Emerging markets and the developing world have been underrepresented in world financial bodies. The World Bank made a significant move in April by lifting the voting power of China to third place, behind only the United States and Japan.

The G20 should urge the International Monetary Fund to complete its quota system reform as soon as possible in order to let emerging economies and developing nations gain better say in its workings.

This is the best way by which these developing nations can contribute to global development and prosperity.

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