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Hu addresses commodity prices, energy, food security in G-20 summit speech

Xinhua, November 5, 2011

• Chinese President Hu Jintao gives a speech at the Group of Twenty (G20) summit in Cannes, France, Nov. 4, 2011. [Xinhua]

  Chinese President Hu Jintao on Friday delivered a speech at the G-20 summit on key issues such as the fluctuation of staple commodity prices, energy and food security and employment.

  On the issue of the fluctuation of staple commodity prices, Hu noted that the G-20 needs to focus on the following three aspects:

  First, seek a proper balance between the stabilization of staple commodity prices and the promotion of world economic growth.

  The G-20 needs to adopt measures to expand productive capacity, stabilize supply and demand, strengthen supervision,increase the transparency of market transactions and curb speculation so as to maintain the stability of staple commodity prices at a reasonable level.

  Second, achieve an equitable balance between the stability of staple commodity prices and the ensuring of global energy and food security.

  The G-20 should take concerted actions in such areas as the real economy, and trade and finance, and establish an advanced promotion system for the research and development of energy and agricultural technologies, he said.

  Hu said the G-20 should also build a fair, equitable and non-discriminatory international trading system so as to promote the sound, stable and orderly development of the international staple commodity market.

  Third, strike a right balance between the stabilization of staple commodity prices and the promotion of international development and cooperation. The G-20 nations should promote technology transfers and financial support for the developing economies, and help them to ensure energy security and food security.

  Hu said China has been persistent in realizing energy security and food security on its own.

  With regard to the energy sector, by giving priority to thrift, relying on domestic resources, encouraging diverse patterns of development and protecting the environment, China is working to build a stable, economical, clean and safe energy supply system, said Hu.

  The Chinese leader also said his country has been striving to implement the policy of food self-sufficiency by expanding agricultural investment, improving farm irrigation facilities and ramping up development in agricultural science and technology so as to elevate the food and overall agricultural productivity.

  Speaking of employment, Hu said G-20 members should give priority to stabilizing and expanding employment, especially employment among the youth and the vulnerable in socioeconomic development, adding that they should promote employment through growth and maintain growth through employment.

  China has always taken boosting full employment as a major task to ensure and improve people's livelihood and it is also an important measure to increase domestic demand, said Hu.

  He added that the implementation of employment-first strategies and active employment policies has maintained generally stable employment, which is also a key contribution to world economic recovery and unemployment reduction.

  During the G-20 summit, the Chinese president held talks and exchanged views on bilateral ties and cooperation within the G-20 framework with a number of foreign leaders and heads of international organizations such as British Prime Minister David Cameron, German Chancellor Angela Merkel, Japanese Prime Minister Yoshihiko Noda, Turkish Prime Minister Recep Tayyip Erdogan as well as Pascal Lamy, Director-General of the World Trade Organization.

   

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