However, Hu said, thanks to the concerted efforts of the international community and G20 members, progress has been made in the reform of the international financial system in the two years since the outbreak of the financial crisis. China hopes that the international community will work together to further advance the reform of the international financial system and move toward the establishment of a fair, just, inclusive and well-managed international financial order. To achieve the long-term and sound growth of the world economy, he said the international community must address specific issues such as properly managing the relationships between the financial sector and the real economy, between financial innovation and financial supervision and regulation, and between consumption and saving. He said the international community must also, and more importantly, review the fundamental problems in the world economy on a macro level. The most prominent factor in the world's economic imbalance today is the serious development imbalance between the North and the South. The international community should make concerted efforts to build a new and more equal and balanced global partnership for development and encourage developed and developing countries to have more mutual understanding and closer coordination, so as to promote the strong, sustainable and balanced development of the world economy.

In regard to China's policies and measures for dealing with the international financial crisis, Hu said the international financial crisis inflicted on China unprecedented difficulties and challenges. To address its impact and maintain the steady and relatively fast growth of the economy, China quickly adjusted its macroeconomic policies, resolutely adopted a proactive fiscal policy and moderately relaxed monetary policy, put in place a package plan to boost domestic demand and stimulate economic growth, significantly increased government investment, implemented industrial readjustment and reinvigoration plans on a large scale, energetically promoted scientific innovation and technological upgrading, raised social welfare benefits by a substantial margin and introduced a more active employment policy. As a result, the Chinese economy in 2009 and 2010 maintained steady and relatively fast growth and contributed to the economic recovery of the region and the world. Looking ahead, China will take scientific development as its main theme and focus on transforming its economic development pattern at a faster pace. China will implement a proactive fiscal policy and a prudent monetary policy, speed up economic restructuring, vigorously strengthen indigenous innovation, make good progress in energy conservation and pollution reduction, continue to deepen reform and opening-up, work hard to ensure and improve people's livelihood, build on China's achievements in addressing the international financial crisis, maintain steady and relatively fast economic growth, and promote social stability and harmony. China will pursue the win-win strategy of opening-up and stands ready to work with the United States and the international community as a whole to intensify practical cooperation, properly handle various risks and challenges, and make a greater contribution to the overall recovery of the world economy.

When answering questions about the future role of the US dollar and the issue of making the RMB an international currency, Hu said the current international currency system is the product of the past. As a major reserve currency, the US dollar is used a great deal in global commodity trading as well as in most investment and financial transactions. The monetary policy of the United States has a major impact on global liquidity and capital flows and, therefore, the liquidity of the US dollar should be kept at a reasonable and stable level.

Hu pointed out that it takes a long time for a country's currency to be widely accepted in the world. China has made an important contribution to the world economy in terms of total economic output and trade, and the RMB has played a role in world economic development. But making the RMB an international currency will be a fairly long process. Ongoing pilot programs for RMB settlement of cross-border trade and investment transactions are a concrete step that China has taken to respond to the international financial crisis, with the purpose of promoting trade and investment. They fit in well with market demand as evidenced by the rapidly expanding scale of these transactions.