Chinese president says reform should be advanced to build fair, just financial order

Source: Xinhua | 04-03-2009 09:06

LONDON, April 2 (Xinhua) -- Chinese President Hu Jintao on Thursday urged the international community to work for a fair, just, inclusive and well-managed international financial order.

"We should do so in a comprehensive, balanced and incremental manner and lay emphasis on concrete results," said Hu in a speech at the second Group of 20 (G20) summit in London.

The president made a six-point proposal for further advancing reform of the current financial order.

First, efforts should be made to strengthen cooperation in financial regulation, formulate as soon as possible universally accepted standards and norms of international financial regulation, improve codes of conduct and regulatory regimes for rating agencies, and establish an early warning mechanism that covers the whole world, the major international financial centers in particular to enhance early response capabilities.

Second, international financial institutions should give more assistance to developing countries.

International and regional financial institutions should actively expand financing channels and mobilize resources by multiple means.