The Sixth G20 Summit Opens in Cannes Hu Jintao Attends the Summit and Delivers an Important Speech

On November 3, 2011, Chinese President Hu Jintao attended the first session of the sixth G20 Summit in Cannes, France.

The sixth G20 Summit opened in Cannes, France on November 3, 2011. Chinese President Hu Jintao attended the Summit and delivered an important speech. He pointed out that the G20 should carry forward the spirit of standing together in times of adversity and pursuing win-win cooperation and work to promote world economic growth and financial stability. China has made efforts to maintain the strong growth of its domestic economy, which has helped boost the economic and social development of relevant countries and stabilize the international economic and financial situation.

The two-day event was held in the Cannes film festival palace convention center. Participants mainly discussed the world economic situation, how to promote the strong, sustainable and balanced growth of world economy, global economic governance, development and financial supervision.

The Summit kicked off at 13:00 local time. President of the host country-France Nicolas Sarkozy chaired the event. G20 leaders made speeches on the theme.

Delivering an important speech with the title of Promoting Growth Together and Seeking Win-win Cooperation, Hu pointed out that we should watch the current world economic situation closely, world economic recovery remains uncertain and unstable and risks and challenges are on the rise. As a major platform for international economic cooperation, the G20 should carry forward the spirit of standing together in times of adversity and pursuing win-win cooperation. At this critical moment, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges and promote global economic growth and financial stability. To that end, he raised 5 points of proposal.

First, maintaining balance while boosting growth. Among the three objectives of strong, sustainable and balanced growth, priority should be given to strong growth. In particular, as the world economy faces serious risks and market is volatile, to maintain growth and boost growth should be the top priority of the G20 leaders. We should work to expand production and increase employment in order to create a solid foundation for the economic recovery of countries.

Second, seeking win-win cooperation. We should step up solidarity, release a strong signal of seeking win-win cooperation and enhance confidence of the international community in world economic recovery. We should strengthen communications and coordination, try to develop policy measures which support and supplement each other, properly handle the risks of sovereign debt and large-scale disordered cross-border capital flows, control fluctuations of bulk commodity prices, effectively ease the global inflation pressure and avoid the offset of the effects of economic policies of countries.

Third, improving governance in the process of reform. We should push forward the reform of international monetary system steadily, expand the use of the IMF’s Special Drawing Rights and reform its basket of currencies. We should continue to hold high the banner of free trade, oppose trade and investment protectionism, reiterate the promise of not taking new trade protectionism measures and be committed to building a fair, reasonable and non-discriminatory international trade system. We should push for a more reasonable and transparent pricing and regulating mechanism of bulk commodities to make bulk commodity prices fair and stable.

Fourth, promoting innovation-driven growth. We should constantly improve and innovate the concepts, systems and modes of economic and social development. We should make full use of the basic role of market in allocating resources but should never tolerate greed or cut-throat competition. We should allow the government to fully play its role of macro-control and maintaining social justice and fairness and at the same time avoid being unrealistic and trying to take on everything. We should promote production and consolidate the material basis of social development and at the same time focus more on rational distribution of income. We should enhance social productivity and at the same time improve people’s livelihood.

Fifth, boosting common prosperity in the process of development. We should explore solutions to development imbalance, implement the Seoul Development Consensus for Shared Growth, continue to tap the economic growth potential of emerging markets and developing countries and stimulate global demand. We should continue to raise the voice of emerging markets and developing countries in global economic governance and create an enabling environment for the growth of developing countries. We should step up efforts to build more fair and balanced new global development partnership and strengthen North-South and South-South dialogue. As a developing country, China is willing to conduct mutual help with other developing countries and make joint efforts to promote lasting peace and common prosperity in the world.

He announced that China is willing to grant zero tariff treatment to 97% of taxable products of the least developed countries which have diplomatic relations with China within the framework of South-South cooperation in order to help them grow.

He pointed out that this year marks the 10th anniversary of China’s accession to the WTO. The Chinese economy has developed by leaps and bounds and made increasing contributions to world economic growth over the past ten years. As the world economic situation remains complex and volatile, China is strengthening and improving macro control in a targeted manner with focus on stabilizing prices, readjusting structure, maintaining people’s livelihood and promoting harmony. Its economy has shifted from the stimulus policy-driven to organic growth pattern and China’s national economy continues moving in the direction expected by macro control measures. Meanwhile, China still faces numerous challenges to maintain stable and relatively fast economic growth. We must seriously treat and carefully address those challenges. We firmly believe that the future of Chinese economic growth, with our own hard work and the understanding and support of the international community, is bright. The stable and relatively fast growth of the Chinese economy is undoubtedly beneficial to the development of world economy.

Prior to the Summit, Hu attended the welcome ceremony. He then participated in the working luncheon and took group photos with other leaders during the Summit.

He attended the working dinner in the evening.

Wang Qishan was also present at the Summit.

Leave a Reply