Chinese President Hu Jintao and British Prime Minister Gordon Brown reached broad consensus on tackling the international financial crisis, promoting the reform of the world financial system and enhancing bilateral relations when they met here Wednesday.
Chinese President Hu Jintao (R) meets with British Prime Minister Gordon Brown in London, Britain, on April 1, 2009. (Xinhua/Liu Weibing)
The two leaders were meeting ahead of a Group of 20 summit on the financial crisis, a follow-up to last November's meeting in Washington. The summit is scheduled for Thursday.
This was the second meeting between the two leaders in less than five months. Hu and Brown met at the G20 Washington summit and discussed bilateral relations and ways of tackling the financial crisis.
Hu said the upcoming London G20 summit, which brings together world leaders to discuss measures to tackle the financial crisis, is of great importance for boosting confidence of the people and businesses, stabilizing the world financial market and reviving global economic growth.
With the international financial market still in turbulence, the world financial crisis continues to spread and go deeper and is taking a heavier toll of the world's real economy, Hu noted.
It is a daunting challenge for the international community to cope with the crisis and strive for a recovery of the world economy, the Chinese president said.
"All countries across the world are on a same boat of world economy, and all on board must work together to fight against the current difficulties," he said. "Only through joint efforts can the boat sail through the financial turmoil safe and sound, and the negative effect of the financial crisis be reduced to the minimum and an early recovery of world economy is made possible."
Chinese President Hu Jintao (3rd R) meets with British Prime Minister Gordon Brown (2nd L) in London, Britain, on April 1, 2009. (Xinhua/Yao Dawei)Photo Gallery>>>
During the meeting, Hu made a four-point proposal to address the complicated international economic situation. First, to stabilize the world financial market as soon as possible; second, to adopt economic stimulus plans in line with a country's specific conditions; third, to curb trade and investment protectionism; and fourth, to reform the world financial regime in an all-round, balanced, gradual and effective manner.
China appreciates and supports the positive measures Britain has taken to combat the financial crisis, and will continue to assume a responsible attitude to work with Britain and other G20 members so that the London summit will yield positive results, said the Chinese president.
Hu said the financial crisis fully reflected the deficiency of the current economic and financial system, particularly its failure to manage risks and solve problems accumulated in the process of economic globalization.
"It has become the consensus of the international community to reform the world's economic and financial governance structure so as to provide a sound system that can guarantee a long-term and stable world economic development," Hu said.
Brown said he hoped the summit would boost the confidence of the international community, help resolve the existing problems in the world economy and play a role in reviving the global economy.
He said he was convinced that with the joint efforts of Britain, China and other countries present at the summit, the summit would make substantive progress in stabilizing the international financial market, stimulating world economic growth, reforming international financial institutions, and helping emerging economies and developing countries.
Britain supports replenishing the resources of the International Monetary Fund, expanding capital liquidity and reforming the governance structure of international financial institutions, Brown said.
The two leaders also discussed bilateral relations.
Substantial progress in bilateral ties has been made in recent years thanks to the joint efforts of both sides, Hu said. China attaches great importance to developing relations with Britain, regarding China-Britain ties as one of the most important bilateral relations between large countries, he said.
To advance bilateral ties, Hu said both sides should deal with bilateral relations from a strategic perspective, strengthen communication and coordination on issues concerning the long-term development of the world in the 21st century.
The president said both countries should adhere to the right course of bilateral ties and bring into full play such mechanisms as the China-British economic and financial dialogue, bilateral interaction panel and strategic dialogue.
Hu also urged substantive cooperation in all fields with Britain and increased bilateral trade and investment, setting the goal of a bilateral trade volume of 60 billion U.S. dollars in 2010.
He said both sides should keep the overall bilateral relations in mind, and respect and handle appropriately issues that concern each other's core interests.
Brown said that despite the impacts of the international financial crisis, Britain still expects to make its utmost efforts to meet the bilateral trade target.
He said Britain will continue holding dialogues with China on climate change and other important issues.
The London summit brings together leaders of the G20 countries, as well as representatives of international organizations and financial institutions to work cooperatively to restore financial stability and stimulate global economic growth.
The G20 consists of China, Argentina, Australia, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, and the European Union.