China's Hu urges reforms, leaves for G20: report
Chinese President Hu Jintao called for reform of the world financial system and efforts against trade protectionism, before leaving on Wednesday for the G20 economic summit in London, state press reported.world Updated: Apr 01, 2009 10:15 IST
Chinese President Hu Jintao called for reform of the world financial system and efforts against trade protectionism, before leaving on Wednesday for the G20 economic summit in London, state press reported.
"The international financial system should undergo necessary reforms in an all-round, balanced, gradual and effective manner to prevent a similar crisis in the future," Xinhua news agency quoted Hu as saying.
China has repeatedly called for reform of the global financial system, which it sees as dominated by developed countries, and has urged that developing nations be given a greater say.
In his comments to Xinhua on Tuesday, Hu said China would work with others attending the summit of leaders from the Group of 20 industrialised and developing nations to help the meeting yield "positive and practical" results.
China has declined to say what specific proposals it might bring to Thursday's summit in London, which will look at how to deal with the global economic crisis.
People's Bank of China Governor Zhou Xiaochuan called recently for the US dollar -- the global reserve currency since World War II -- to be replaced with a different standard run by the International Monetary Fund.
China has signalled it would like to discuss the proposal during the meeting, although the United States and Britain, among others, have reacted coolly.
A large Chinese delegation of economic and political leaders, including Zhou and Commerce Minister Chen Deming were travelling with Hu, according to Xinhua.
Hu is also due to meet US President Barack Obama on the sidelines of the summit.