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China cooperating in tackling financial crisis

(Xinhua)
Updated: 2009-04-03 16:44

China has adopted a policy of global cooperation during the past few months as the international financial crisis continues to pose grave challenges to the world economy.

In one of its latest efforts, China, along with the world's other major economies, at the high-profile G20 summit in London, pledged to restore global confidence and seek sustainable economic recovery.

Faced with the crisis, China has made necessary policy adjustments at home, unveiling a number of fiscal stimulus packages and employing a policy of easing monetary restraints.

China also has acted as a responsible member of the international community by engaging in many bilateral and multilateral initiatives with an aim to restore the global economy.

Working within G20

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China also has been working constructively within the G20 framework to calm the financial upheaval.

The crisis, though originating with the US subprime mortgage crisis, has spread to the far corners of the world and has affected many industries apart from the financial sector.

Many believe the turmoil, global by nature, must be dealt with on a multilateral basis. The G20, consisting of advanced economies and also major emerging economies, is considered the most appropriate platform for formulating an international response to the turmoil.

Chinese President Hu Jintao told Xinhua ahead of the summit, which ended Thursday, that the G20 is an important, effective platform for the global community to discuss ways to end the crisis.

Unlike the G8, which is made up of major advanced economies plus Russia, the G20 accounts for 90 percent of the world output, 80 percent of international trade volume and two-thirds of the world's population.

In addition, the G20 reflects the redistribution of the world's economic power as major emerging economies work as equal partners with the major advanced economies to cope with the trouble.

Hu met with a number of leaders of other G20 countries, including US President Barrack Obama, British Prime Minister Gordon Brown, Russian President Dmitry Medvedev and French President Nicolas Sarkozy.

Those meetings were believed to expand the common ground between China and the other G20 members and strengthen cooperation in boosting economic growth and reforming the international monetary system.

Promoting bilateral,regional cooperation

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