Chinese President Hu Jintao on Saturday urged the international community to take all necessary steps to promptly restore market confidence and stop the spread and development of the financial crisis.
"The urgent task now is for the international community to continue to take all necessary measures to promptly restore market confidence and stop the spread and development of the crisis," Hu told a summit meeting of the Group of Twenty (G20) on financial markets and the world economy.
"The international financial crisis has now spread from some parts of the world to the entire globe, from developed countries to emerging markets, and from the financial sector to the real economy," He said.
"It has seriously affected the economic growth and people's livelihood of all countries. It is therefore highly significant that we gather here at this crucial moment to explore ways to maintain international financial stability and promote world economic growth," said the president.
Hu pointed out there are many reasons behind the crisis, and China hopes measures taken by the international community in response to the crisis will produce "the desired results soon."
"To effectively deal with the financial crisis, all countries should strengthen confidence and intensify coordination and cooperation," he stressed.
To deal with the crisis, Hu said major developed countries "should undertake their due responsibilities and obligations, implement macroeconomic policies that are conducive to economic and financial stability and growth both at home and internationally, take active steps to stabilize their own and the international financial markets and safeguard investors' interests."
"Meanwhile, we should all enhance macroeconomic policy coordination, expand economic and financial information sharing, and deepen cooperation in international financial regulation so as to create necessary conditions for stability in both domestic and international markets," Hu added.
President Hu arrived here Friday afternoon for the financial summit at the invitation of U.S. President George W. Bush.
Also attending the meeting are leaders of other G20 members and representatives of some international organizations.
The G20 groups Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, and the European Union and the Bretton Woods Institutions, namely the International Monetary Fund (IMF) and the World Bank.
Source: Xinhua
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