Chinese President Hu Jintao has attended the weekend summit of the Group of Twenty (G20) aimed at tackling the world financial crisis, and his participation at the meeting has "practical significance," said Chinese Foreign Minister Yang Jiechi on Sunday.

President Hu discussed with other G20 leaders the root causes of the financial crisis and measures for enhancing financial institution supervision and pushing forward reforms on the world financial system, Yang said.

"During the meeting, Hu had expounded on China's views on efforts to promote cooperation of the world community in restoring financial market stability and promoting world economic growth," he said.

China's "constructive role" in the summit meeting and the measures it has been taking to safeguard world financial stability and expand world economic growth have been hailed by world leaders and media, Yang said.

Hu urged the international community to take all necessary steps to promptly restore market confidence and stop the spread and development of the financial crisis.

Hu called on major developed economies to "undertake their due responsibilities and obligations" and the world's nations to strengthen coordination in macroeconomic policies and deepen cooperation in international financial supervision to stabilize their national and the world financial markets.

The Chinese president also called for necessary fiscal and monetary measures to promote growth and avert a worldwide recession.

China advocates reforms on the international financial system based on full consultation of all parties concerned, Yang said.

"Hu's proposals at the meeting aimed at tackling the current financial problems would also have a bearing on the future," Yang noted.

"They have reflected the concerns of the world community and stressed international cooperation in facing up with the unfolding crisis," he said.

President Hu also briefed the summit about major measures taken by the Chinese government to ensure China's economic development and financial stability.

Hu stressed that the 10 measures announced recently by the Chinese government to expand China's domestic demand will boost not only China's development but also the world's economic growth.

Steady and relatively fast growth of China's economy is in itself an important contribution to international financial stability and world economic growth, Hu said.

Hu also stressed that China, as a responsible member of the international community, will continue to take part in international cooperation in maintaining international financial stability and promoting world economic development.

China supports the need for international financial institutions to enhance their financing capacity in accordance with changing international market situations, and increase aid to developing countries affected by the current financial crisis, Hu added.

At the summit, Hu also proposed the direction for future reforms of the international financial system.

Hu listed four priorities in reforming the international financial system -- stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system.

China circulated its position paper among participants at the summit to promote China's stand and viewpoints on reforms of the international financial system.

President Hu called for international efforts to help developing countries and the least developed countries cope with the global financial crisis.

"When coping with the financial crisis, the international community should pay particular attention to the damage of the crisis on developing countries, especially the least developed countries (LDCs), and do all it can to minimize the damage."

It is necessary to help developing countries maintain financial stability and economic growth, sustain and increase assistance to developing countries, maintain economic and financial stability in developing countries, and raise the representation and voice of developing countries in international financial organizations, he said.

On the sidelines of the summit, the Chinese president also met with Russian President Dmitry Medvedev, Brazilian President Luiz Inacio Lula da Silva, British Prime Minister Gordon Brown and Australian Prime Minister Kevin Rudd and other G20 leaders.

They reached important consensus on bilateral ties, strengthening cooperation and making common efforts in dealing with the world financial crisis.

(Xinhua News Agency November 17, 2008)