Source: CCTV.com

04-02-2009 10:10

Special Report:   G20 Summit in London

Just ahead of his departure for London, President Hu said China will make its own contribution to the recovery of the world economy. Here is a review of China's latest comments on key world economic issues.

President Hu said China will make its own contribution to  the recovery of the world economy.

In a change from its previous low-key participation, China is speaking up this time. Ahead of the summit's opening, the central bank governor Zhou Xiaochuan made several suggestions, including a new international reserve system to replace the US dollar. Vice Premier Wang Qishan has stressed China firmly rejects trade and investment protectionism,and called on the international community to "act together" at the Summit.

China's expectations for this meeting include rebuilding consumer trust and reforming financial institutions.

He Yafei, Vice Foreign Minister, says, "the G20 meeting should work out specific timetables and road maps in order to increase the voices and representation of emerging economies and developing countries. "

China's growth target of 8 percent this year shines through the depressing economic clouds. Although the World Bank has lowered its forecast of the country's growth to 6-and-a-half percent, the figure remains outstanding. There are wide-spread expectations that China could help more in dealing with the financial crisis.

Richard Davies, Vice Chancellor of Swansea University, says, "China is in a position to be able to invest around the world, develop new partnership around the world."

China continues to call for more voice and votes for developing countries. It also supports increasing financial resources for the International Monetary Fund. And in return, the IMF must enhance capacity building and reform governance structure.

Professor Ngaire Woods of University of Oxford says, "what institutions need mostly immediately is more resources, and one country best positioned to provide resources is China, arguing for more representative is an excellent strategy."

Experts have pointed out most developing countries may not benefit directly from the summit as they are not at the table. But big emerging economies like China are preparing to stand up for something the smaller developing countries need, which is definitely a good sign.

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Editor:Qin Yongjing