Chinese president makes proposal for tackling global financial crisis at BRIC summit

YEKATERINBURG, Russia, June 16 (Xinhua) -- Chinese President Hu Jintao Tuesday presented a four-point proposal for dealing with the ongoing global financial crisis at the first summit meeting of BRIC countries which groups Brazil, Russia, India and China.

Chinese President Hu Jintao (2nd R) poses for a group photo  together with Brazilian President Luiz Inacio Lula da Silva  (1st L), Russian President Dmitry Medvedev (2nd L), and Indian  Prime Minister Manmohan Singh during the first formal meeting  of BRIC (Brazil, Russia, India and China) leaders in  Yekaterinburg, Russia, on June 16, 2009.

    First, BRIC countries should commit themselves to bringing about an early recovery of the world economy, Hu said.

    "We should work hard to overcome the difficulties and try to take the lead in recovering from the global financial crisis," he said, adding "This is not only for our own need, but also contributes to world economic recovery."

    BRIC countries should solve the long-existing structural problems in their economic development and change their development pattern in an effort to improve the quality and level of their economic development , while striving to resume world economic growth.

    He also urged BRIC countries to continue to open their markets, make use of their mutually complementary strength and expand economic and trade cooperation.

    "We should also firmly oppose protectionism, jointly safeguard the normal and orderly flow of commodities, services and personnel worldwide, and help ensure that the Doha round of global trade talks would achieve a comprehensive and balanced outcome as soon as possible," he added.

Second, BRIC countries should commit themselves to pushing forward the reform of international financial system, Hu said.

    To establish a new international financial order that is fair, equitable, inclusive and well-managed, and provide guarantee for the sustainable development of the global economy in terms of system and mechanism conforms with the trend of the historical development and is in the fundamental interest of all parties, he said.

    BRIC countries should improve the international financial supervision mechanism and ensure the effective participation of the developing countries in world financial supervision organizations such as the Financial Stability Board, Hu said.