Hu presents 4-point proposal for world economy
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"We should encourage various economies to draw on each other's strengths for mutually beneficial growth."
Second, the world community should champion open trade and promote coordinated development, Hu emphasized.
"We must be firmly committed to free trade, to the consensus reached at previous G20 summits, and to the effort of opposing all forms of protectionism and removing existing trade protectionist measures," he said.
"We should substantially reduce trade and investment barriers, broaden common interests, properly handle frictions and differences through dialogue on an equal footing, lift unreasonable restrictions on high-tech exports and jointly foster a free, open, equitable and just global trading environment."
"We should honor out commitments and work for comprehensive and balanced outcomes at the Doha Round negotiations in order to attain the goals of the development round at an early date and establish an open and free global trading system," he added.
Third, the world community should reform the financial system and promote stable development, Hu said.
"We should continue to push for fair and merit-based selection of the management of international financial institutions, and enable more people from developing countries to take up mid-level and senior management positions," he said.
"We should support the International Monetary Fund (IMF) in its effort to strengthen the monitoring and early warning of capital flows... and address the systemic and fundamental problems in the international financial system."
He also asked to improve the international monetary system and build an international reserve currency system with stable value, rule-based issuance and manageable supply.
"The major reserve currency issuing economies should adopt responsible policies, maintain relative stability of exchange rates and help enhance the resilience of emerging market economies and developing countries against financial risks, thus easing and gradually removing the fundamental problems behind foreign exchange liquidity risks," he said.
Fourth, the world community should narrow the development gap and promote balanced development, the Chinese president stressed.
"We must endeavor to build a new and more equal and balanced global partnership and encourage developed and developing countries to have more mutual understanding and closer coordination rather than follow the old path of trading accusations and public confrontation," he said.
G20 members, he added, should pay attention to the spillover effect of their macroeconomic policies, expand common interests and embrace "a new development concept that promotes growth through development and overcomes risks through cooperation."
Underscoring the need to address the issue of development "from a macro and strategic perspective," the president said the group should advocate new ways of development and reduce artificial barriers to technology transfer in order to create conditions for developing countries to achieve green and sustainable development at an early date.
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