Developing nations seek common development at G20

PITTSBURGH, United States, Sept. 25 (Xinhua) -- At the Group of20 (G20) economic summit concluded here Friday, major developing nations jointly stressed the importance of promoting common development.

COMMON DEVELOPMENT

China put the view that unbalanced development was a typical phenomenon in the process of economic globalization and it would take time before the issue could be solved in an incremental and orderly way that avoided sharp fluctuations in the world economy.

It said attention must be paid to the development of developing nations, and the least-developed nations in particular and it hoped the summit could achieve positive results in this regard.

The Chinese government has unveiled a series of measures aimed at assisting developing nations in agriculture, food, education, health, clean energy and waiving debt.

VOTING POWER IN INT'L MONETARY BODIES

There was a common appeal by newly emerging markets in the G20 and the developing nations to increase their voting rights in international monetary institutions.

At the meeting of the BRIC ministerial meeting held early this month, Brazil, Russia, India and China proposed the reform of the International Monetary Fund (IMF) and the World Bank should be focused on distributing more quotas and shares to newly emerging markets and developing nations.

"We should follow through on the timetable and the roadmap agreed upon at the London summit, increase the representation and voice of developing countries and push for substantive progress in the reform," said Chinese President Hu Jintao at the Pittsburgh summit.

He urged world leaders to improve the existing decision-making process and mechanism in international financial institutions, and encourage more extensive and effective participation of all parties.

"We should move forward the reform of the international financial supervisory and regulatory regime," Hu said.