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China president urges G20 members to stick together

BEIJING (Reuters) - Chinese President Hu Jintao has urged members of the Group of 20 (G20) to stick together and address Europe’s debt crisis in a “constructive and cooperative” way to boost market confidence, state news agency Xinhua reported on Sunday.

China's President Hu Jintao attends a joint news conference with other world leaders during the BRICS summit in Sanya, on the southern Chinese island of Hainan, April 14, 2011. REUTERS/Ed Jones/Pool

In a written interview with Mexican newspaper Reforma ahead of the G20 summit and elections in Greece, Hu said: “In the current world economic environment, the G20 members should stick together in difficult times and pursue win-win cooperation.”

Describing the debt crisis as “an issue of general concern”, Hu said G20 members should address it in a “constructive and cooperative way, encourage and support efforts made by Europe to resolve it and send a signal of confidence to the market”.

Hu also urged all G20 members to continue to advance the reform of the international financial system, meet the target of IMF quota and governance reform, improve the international monetary system and enhance international financial regulation.

“We should continue to oppose protectionism in all forms and advance the Doha round negotiations. We should continue to give high priority to development and promote growth of developing countries so as to increase total global demand,” he said.

Hu urged G20 members to sustain and strengthen “the “hard-won” momentum of economic recovery.

“The world economy is now on the path of recovery and the prospect of economic growth is improving to some extent,” Hu said, adding such recovery is still not firm, and faces acute unpredictability.

“Total global demand remains weak. Growth in major economies is sluggish.”

Commenting on the Chinese economy, Hu said the world’s second-biggest economy will maintain steady and robust growth to make a contribution to global economic growth.

“China’s economy has maintained stable growth,” he said. “Facing a complex and grave external economic environment, China has taken targeted measures to strengthen and improve macroeconomic regulation, accelerate the shift of the growth model, adjust economic structure and build long-term mechanisms to boost domestic demand.”

These efforts are made to ensure that China’s economy is driven by consumption, investment and export so as to ensure steady and robust growth and maintain social harmony and stability, he said.

“We will continue to pursue a proactive fiscal policy and prudent monetary policy and maintain a balance between ensuring steady and robust growth, adjusting economic structure and managing inflationary expectations,” he said. (Reporting by Benjamin Kang Lim; Editing by Sophie Hares)