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G20 economic coordination effective: President Hu Jintao

BEIJING, Nov. 10 (Xinhua) -- Chinese President Hu Jintao said in Beijing Tuesday that coordination on macro-economic policy by the Group of 20 (G20) member nations was effective.

Hu made the remarks in a written interview with media of the Republic of Korea (ROK) prior to the fifth G20 Summit scheduled for Nov. 11 and 12 in Seoul.

In September last year, the G20 leaders agreed to establish a framework of strong, sustainable and balanced growth of the world economy, and promote macro-economic policy coordination between developed countries and emerging economies, Hu said.

A year later, with the joint efforts of the G20 member states and the international community, the general picture of world economic recovery was defined, said Hu, adding the most difficult period was over.

Hu said that under the framework of the G20, developed countries and emerging economies were summing up experiences and discussing possible strategic targets to boost strong, sustainable and balanced economic growth.

Since the G20 members were at different stages of development, with different economic levels, Hu said, only when the G20 members fully respected each other's national circumstances and took into account each other's concerns, could their coordination measures be effective.

"The G20 has been an effective mechanism for the international community to cope with the international financial crisis," said Hu.

"The G20 summit is born out of the world demand to jointly promote global economic development and face challenges from the economic and financial sectors," he said.

He said the world economy was recovering slowly, yet remained uneven and uncertain and "global economic growth still faces severe challenges."

Since November 2008, four G20 summits have been held. By formulating measures against the international financial crisis, the summits have played an important role in returning world economy to growth, stabilizing international financial markets and ensuring the confidence of the public and business, he said.

Referring to a series of promises made during the previous four G20 summits, he said many of these measures have already started to be effective, and all parties should fulfill their promises as quickly as possible to secure and expand the influence of the G20.

"G20 members should oppose all forms of protectionism and further eliminate policies and measures blocking free trade and investment, nurturing new growth areas as economic globalization proceeds," Hu said.

He said China would like to keep working with the G20 member nations to ensure that the G20 summits continued producing progressive outcomes.

He believed that as long as developed and developing economies stuck to the spirit of equal, mutually beneficial and comprehensively beneficial partnership, the goal of promoting the world economy to develop in a strong, sustainable and balanced way would be achieved.

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