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Seoul (AFP) Nov 12, 2010 Chinese President Hu Jintao called Friday on the United States to adopt responsible policies as he presented a plan at the Group of 20 summit for achieving strong and balanced global growth. Hu made the remarks on the final day of a two-day summit of the world's 20 largest rich and emerging economies in Seoul which has been dominated by a Sino-US row over currency policies. "Major reserve-currency economies must carry out responsible policies and keep their exchange rates relatively stable," Hu said, according to the text of his G20 speech on the Xinhua news agency which a Chinese official confirmed. In the finger-pointing over global economic instability, China and the United States often refrain from naming each other directly, but the reference to the "major reserve-currency economy" indicates America and the dollar. "The world community should improve the framework for strong, sustainable and balanced growth and promote cooperative development... champion open trade and promote coordinated development," Hu said. "The world community should reform the financial system and promote stable development... narrow the development gap and promote balanced development." Hu, US President Barack Obama and other G20 leaders were grafting a deal to tackle huge imbalances in world trade between surplus and deficit nations. Beijing -- averse to any limits on its booming exports -- has steadfastly opposed a US proposal to impose firm targets on national current accounts. Hu spoke of the need to "promote balanced development".
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G20 leaders kick off stormy summitSeoul (AFP) Nov 11, 2010 The world's 20 biggest rich and emerging powers were locked late Thursday in anguished talks on fixing distortions that threaten global growth, as their leaders kicked off a fractious summit. The United States, striving to recover from its worst economic crisis in decades, locked horns anew with exporting giants China and Germany over a plan to rebalance skewed trade between deficit and surp ... read more |
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