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Beijing Review Exclusive
Special> Global Financial Crisis> Beijing Review Exclusive
UPDATED: April 5, 2009 NO. 14 APR. 9, 2009
All in the Same Boat
Chinese President Hu Jintao builds international consensus to tackle the financial crisis

Chinese President Hu Jintao called for joint efforts to minimize the impact of the global financial crisis and restore world economic growth while meeting with foreign leaders in London on April 1, the day before the G20 summit.


LOOKING INTO THE FUTURE: Chinese President Hu Jintao meets with British Prime Minister Gordon Brown in London on April 1 before the G20 summit (LIU WEIBING) 

"All countries across the world are in the same boat of the world economy, and all onboard must work together to fight against the current difficulties," he said at a meeting with British Prime Minister Gordon Brown. "Only through joint efforts can the boat sail through the financial turmoil safe and sound, the negative effect of the financial crisis be reduced to the minimum and an early recovery of the world economy be made possible."

Hu suggested that priority be given to stabilizing the international financial market as soon as possible, promoting the role of the financial sector in boosting the real economy and bolstering the confidence of the public and enterprises, according to a news release from China's Foreign Ministry.

Countries should adopt economic stimulus measures in light of their own national conditions, strengthen coordination in macroeconomic policies and jointly ensure development, employment and people's well-being, he said.

They should also curb trade and investment protectionism, thereby lessening the harm done by the international financial crisis to all countries, especially developing countries, he added. He also called for comprehensive, balanced, gradual and effective reforms of the international financial system.

The financial crisis has exposed the flaws in the current international economic and financial system, particularly its failure to cope with risks and problems that emerged from economic globalization, he said.

It has become the consensus of the international community to reform the international economic and financial governance structure to provide a sound system that can guarantee long-term and stable world economic development, he said.

Addressing bilateral relations, Hu said both China and Britain should look at their relations from a strategic perspective and strengthen communication and coordination on issues concerning the long-term development of the world in the 21st century.

They should give full play to the role of bilateral mechanisms such as the economic and financial dialogue, the interaction group on bilateral relations and the strategic dialogue, he said.

The two countries should strive to fulfill the goal of increasing bilateral trade volume to $60 billion by 2010, he said, adding that they should appropriately handle issues bearing on each other's core interests.

At a meeting with Russian President Dmitry Medvedev, Hu said China and Russia should coordinate their stands within the G20 framework and push forward reforms of the international financial system.

The two sides can have in-depth exchanges through bilateral mechanisms on maintaining the stability of their economic and financial systems and financial markets and jointly coping with the international financial crisis, he said.

They should advance major joint projects in natural gas, nuclear energy and other fields in the spirit of deepening practical cooperation, he said.

A new starting point

While meeting with French President Nicolas Sarkozy, Hu summarized the development of China-France relations since the two countries established diplomatic relations 45 years ago.

He said developing relations of long-term stability and friendship between China and France serves the interests of both the Chinese and French nations and is conducive to world peace, stability and prosperity. Given their different social systems, cultures and levels of economic development, it is natural for them to disagree on some issues. Hu therefore called on the two countries to properly resolve their disputes based on the principles of mutual respect, equality and non-interference in each other's internal affairs.

As permanent members of the UN Security Council, China and France should play an important role in addressing global challenges and work together to promote world peace and development.

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